The cross-border deal brings a platform serving four of Australia's top five sports governing bodies under ASG's buy-and-build model.
Alpine Software Group, a portfolio company of Alpine Investors, has agreed to acquire PlayHQ, a Melbourne-based sports technology company that provides registration, administration, and game-day software to governing bodies, clubs, and leagues. The deal is subject to regulatory approvals, and financial terms weren't disclosed.
Drake Star advised PlayHQ and ran the competitive international process in three months.
What PlayHQ Does
PlayHQ is the digital infrastructure layer for community sports organizations. The platform handles registration, payments, scheduling, live scoring, compliance tracking, and participant engagement, from national governing bodies down to local clubs.
The company serves nine sports across four countries: Australia, New Zealand, UK, and Canada. In Australia, PlayHQ counts four of the top five national governing bodies for team sports as customers: AFL, Basketball Australia, Cricket Australia, and Netball Australia.
The scale is significant: 11 million registrations processed and 3.1 million games scheduled. The platform maintains ISO 27001 certification for data protection and PCI-compliant payment processing.
In March 2025, PlayHQ acquired TeamPay, Australia's game-day payment platform. The deal added pay-per-game functionality for casual formats like mixed netball, adult basketball, AFL9s, touch rugby, and futsal. According to PlayHQ, 70% of TeamPay's customers were already on the platform, which made integration straightforward.
The Acquirer's Model
ASG was founded in 2016 and is headquartered in Walnut Creek, California. The firm acquires vertical SaaS companies, provides operational support, and lets them run independently. It has acquired more than 45 businesses across eight verticals.
The playbook is standard for PE-backed software roll-ups: shared financial reporting, leadership talent, and operational expertise while measuring each business against SaaS metrics like LTV/CAC and the Rule of 40. Portfolio companies keep their existing leadership and operational independence.
CEO Tim MacKinnon and the current PlayHQ team will stay on after close.
ASG CEO Steve Reardon on the thesis: "PlayHQ is exactly the kind of company we get excited about: modern, well-built software with the architecture to scale, led by a team with deep expertise and a clear vision around how automation can reduce volunteer burden, engage participants and grow participation."
Why the Deal Makes Sense
For ASG, PlayHQ is an entry point into sports technology through a platform with established governing body relationships and an international footprint. It fits the vertical SaaS focus while opening a new category.
For PlayHQ, the deal brings capital and operational resources to accelerate international expansion. Chairman James Sutherland said the company's "first chapter was focused on building a product that served the needs of Australian administrators, volunteers and participants." The ASG partnership enables "scaling globally, innovating, and delivering a digital experience community sport will rely on for the next decade and beyond."
The volunteer angle matters. Community sports organizations depend on volunteer administrators who handle registrations, scheduling, and compliance alongside their regular lives. Software that reduces that burden has a clear value proposition and real stickiness once it's embedded in how an organization operates.
Takeaways for the Market
Registration and operations software remains attractive
PlayHQ joins a growing list of sports registration platforms drawing PE interest. The category offers recurring revenue, high switching costs once governing bodies adopt, and expansion opportunities across sports and geographies.
Cross-border deals are happening
ASG acquiring an Australian company reflects global buyer appetite for sports tech regardless of where the company is headquartered. Drake Star noted this was its second Australian tech advisory mandate since 2024.
Vertical SaaS roll-ups are entering sports
ASG's 45+ company portfolio spans multiple verticals, and sports technology is now part of the mix. Other vertical SaaS acquirers may follow as the category matures.
Governing body relationships are strategic assets
PlayHQ's contracts with AFL, Basketball Australia, Cricket Australia, and Netball Australia provide revenue stability and credibility for expansion. Those relationships are hard to replicate and create a defensible market position.
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