ReSolve, the boutique business advisory firm, has been appointed as administrators to Vastari Group Limited.
Established in 2012, Vastari has been working at the forefront of cloud computing technology to build a scalable, automated service to facilitate exhibition exchange. Vastari’s main business is a fully developed, fully automated online Collections and Exhibitions Portal (“Vastari CEP”). Since the CEP platform is fully automated, the business has a low-cost base, is low risk, requires little working capital and minimal human intervention.
Vastari CEP had seen “significant activity” over the years, with 1200+ collectors and over 4000 active users. At its peak in 2019, there was over $12bn (£9.5bn) worth of assets for hire on CEP, putting the platform in a market-leading position in facilitating exhibition exchanges, working with the likes of The Barbican, The Smithsonian, and La Cuitat, amongst others.
Resolve said the business was negatively impacted by Covid-19 and the subsequent lockdowns which hurt the Museum, Arts and Culture industry, as closures were enforced globally and the demand for circulating exhibitions suddenly stopped. With this, Vastari CEP also saw a sharp drop in activity which led to management fully automating the platform and establishing Vastari Labs Limited (“Vastari Labs”) in June 2021.
Vastari Labs is a NFT consultancy arm established as a separate company to respond to the demand for nonpartisan expertise in the NFT space for cultural institutions.
ReSolve said it is now offering buyers the opportunity to purchase the business and assets of Vastari CEP and the shares of Vastari Labs.
Lee Manning, partner at ReSolve and joint administrator, said: “Prior to the pandemic, Vastari’s platform was the go-to exhibition exchange platform, used by prestigious and internationally recognised institutions within the industry. Vastari Labs is also breaking new ground and providing value added advice and services in the rapidly evolving and fast-growing NFT sector.
“Vastari has received widespread acclaim, recognition and awards and has developed a significant market presence in the Arts and Exhibitions industry. We feel that, with the right owners, Vastari CEP and Vastari Labs could be very significant contributors to the ongoing development of the industry.”