The last time we wrote about hi-res music-tech firm MQA was in November, when it was winning certification for its new wireless-audio codec. However, there is less positive news to report now, announced via a statement just before Easter weekend.
“Following the recent positive reception to MQA’s latest technology (SCL6), there has been increased international interest in buying MQA Ltd. At the same time, MQA’s main financial backer is seeking an exit,” explained the company.
“In order to be in the best position to pursue market opportunities and expedite this process, the company has undergone a restructuring initiative, which includes entering into administration and is comparable to Chapter 11 in the US.”
MQA, whose technology is used by digital music services including Tidal, Nugs·net, HDtracks and Onkyo Music, added that “during this process, MQA continues to trade as usual alongside its partners”.
MQA’s customers go beyond music services: it also works with hardware firms and broadcasters among other clients.
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