MWave enters administration

Online IT retailer MWave has entered external administration, according to the Australian Investments and Securities Commission (ASIC).

Joint administrators Antony Resnick and Henry Lo Leung Kwok from dVT Group were appointed on 13 June to Esel Pty Ltd the company trading as Mwave.

It is not yet known how much is owed to secured and non-secured creditors or the reason behind the appointment of administrators.

At the time of publishing, Mwave has not placed any notification on its website or social media channels about it entering administration. ARN has reached out for comment to the administrators and Mwave.

The retailer is well known among gaming enthusiasts and PC builders and won Ecommerce Partner of the Year at Schneider Electric’s Australia and New Zealand partner of the year awards for 2023.

Additionally, in December 2020 it attracted investment from Anacacia Capital, which at the time opened up its access to a broader investor base and board to support its growth plans.

While the amount wasn’t revealed, Anacacia indicated it stemmed from its $300 million Private Equity III LP fund.

It also has dabbled frequently in winning federal government tenders over the last 15 years, as listings on AusTender show Mwave has won a collective $2.4 million across 61 tenders.

Founded by Victor Lee in 2006, Mwave supplies consumers and businesses with computer hardware, ranging from fully built devices to individual components, as well as other peripheral devices and video gaming-related products.

It has a range of vendors under its belt, including Apple, Western Digital, MSI, AORUS, ASUS, Lexar, LG, Ubiquiti Networks, AMD, APC, HyperX, Philips, TP-Link, Brother, D-Link, Intel and Logitech, among others.

At one point, Mwave was recognised as one of the top fastest growing e-retailers in the industry.

Prior to Mwave, Lee co-founded the distributor Anyware but sold out of the company back in 2010.

It has now been reported that Online PC and tech retailer Mwave, has stated that “The digiDirect Group has acquired” the business.

In its online Business Update FAQ, the retailer said it “will continue to trade from our Lidcombe headquarters for the time being before eventually transferring Mwave operations to The digiDirect Group’s headquarters in South Strathfield, Sydney.”

“Under the new management, our vision is to build on the Mwave operation that customers know and love and utilise the resources and expertise within The digiDirect Group,” MWave said. “The digiDirect Group and its subsidiary companies, has a long history and stellar reputation of serving its customers and broader industry with excellence on a consistent basis.

“Mwave will be no exception to this.”

Three weeks ago, The digiDirect Group CEO Shant Kradjian posted on LinkedIn that it had acquired James Bennett, one of “Australia’s largest bookseller to the nation’s libraries”.

MWave joins the James Bennett, Booktopia and digiDirect, as part of The digiDirect Group