The cross-border deal brings a platform serving four of Australia's top five national governing bodies under ASG's buy-and-build model, signaling continued PE appetite for sports registration and operations software.
Alpine Software Group, a portfolio company of Alpine Investors, has entered a binding agreement to acquire PlayHQ, a Melbourne-based sports technology company that provides registration, administration, and game-day software to governing bodies, clubs, and leagues. The transaction is subject to customary regulatory approvals.
Drake Star acted as exclusive financial advisor to PlayHQ, completing the competitive international process in three months. Financial terms were not disclosed.
What PlayHQ Does
PlayHQ operates as the digital infrastructure layer for community sports organizations. The platform handles registration, payments, fixture scheduling, live scoring, compliance tracking, and participant engagement across the full "sports pyramid"—from national governing bodies down to local clubs and individual participants.
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, including the AFL, Basketball Australia, Cricket Australia, and Netball Australia.
Scale metrics underscore the platform's reach: 11 million registrations processed and 3.1 million games scheduled. PlayHQ 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 competition formats including mixed netball, adult basketball, AFL9s, touch rugby, and futsal. According to PlayHQ, 70% of TeamPay's customers already used the platform, making integration straightforward.
The Acquirer's Model
ASG, founded in 2016 and headquartered in Walnut Creek, California, acquires vertical SaaS companies and provides operational support while maintaining independent operations. The firm has acquired more than 45 businesses across eight verticals.
The operating model is familiar to PE-backed software roll-ups: provide shared financial reporting systems, leadership talent, and expertise while measuring each business against standard SaaS metrics including LTV/CAC ratio and the Rule of 40. Portfolio companies retain operational independence and existing leadership.
CEO Tim MacKinnon and the current PlayHQ leadership team will remain post-close.
ASG CEO Steve Reardon framed the acquisition thesis around PlayHQ's technical architecture and growth potential: "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."
Strategic Rationale
For ASG, PlayHQ represents entry into sports technology through a platform with established governing body relationships and international footprint. The acquisition aligns with ASG's vertical SaaS focus while opening a new category.
For PlayHQ, the deal provides capital and operational resources to accelerate international expansion. Chairman James Sutherland noted 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 burden angle is worth noting. Community sports organizations rely heavily on volunteer administrators who manage registrations, scheduling, and compliance alongside their regular lives. Software that reduces that friction has a clear value proposition—and stickiness once embedded in organizational workflows.
What This Signals for the Market
The PlayHQ transaction reinforces several themes in youth and community sports M&A:
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 a platform, and expansion opportunities across sports and geographies.
Cross-border deals are active. ASG acquiring an Australian company reflects global buyer interest in sports tech assets regardless of headquarters location. Drake Star, which advised on the transaction, noted this was its second Australian tech advisory mandate since 2024.
Vertical SaaS roll-ups are targeting sports. ASG's 45+ company portfolio spans multiple verticals, and sports technology now joins 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 both revenue stability and credibility for expansion into new sports and markets. These relationships are difficult to replicate and create defensible market position.
