Primorus Investments PLC Engage Technology Partners Update (2204O)
01 Octubre 2019 - 1:00AM
UK Regulatory
TIDMPRIM
RNS Number : 2204O
Primorus Investments PLC
01 October 2019
Primorus Investments plc
("Primorus" or the "Company")
Engage Technology Partners Update
Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to
provide shareholders with an update on its investment in the SaaS
("Software as a Service") end-to-end workforce software vendor
Engage Technology Partners ("Engage") by way of an update received
by Primorus from Engage. Primorus has invested a total of
GBPGBP1.45m in Engage in several tranches of equity and one of
convertible debt.
This update follows on from information provided during a
meeting with Howard Hughes, the CEO of Engage on 26 September.
Please note that some areas of content discussed were previously
deemed commercial in confidence however Engage have kindly allowed
us to transmit some of the information for the benefit of Primorus
shareholders.
A summary of the key points is set out below:
-- As previously reported, significant platform revenue increase
(+69% for the year) and on track with annual revenue forecasts.
Strong cash burn reduction, on track to reach a 60% reduction by
the end of October 2019 and probably over 70% by year end.
-- Development, for one of the largest recruitment companies in
the UK, of an innovative recruitment software solution, embedding
the Engage Platform.
-- In discussions to form a partnership with one of the leading
professional social networks.
-- Emergence of the first digital network effects (viral
referral sales), putting Engage in a position to carry on its
revenue increase this year, and to scale up and grow exponentially
once its fully automated self-service solution is finalised.
-- Upgraded collaboration with Jumio, a US-based global online
mobile payments and identity verification company. Engage invited
to become a Global Partner, giving the Company access to some of
the world's largest companies.
-- In advanced stages of transition from software business to a
pure SaaS platform, with the introduction of SaaS global best
practices across all the teams.
Alastair Clayton, Executive Director commented - "As summarised
above it is clear to us that the bulk of the work to transform
Engage from a software developer and seller to a pure SaaS platform
has been completed. Closely watched metrics including revenue and
cash burn are continuing to trend in their respective right
directions and it is evident to us that Engage are now being
conservative with respect to revenue forecast into 2020."
"Several potentially game-changing deals with household names in
food service and construction appear to be close to commencing
commercial rollout. Wisely in our opinion, Engage have chosen to
leave these out of current revenue forecasts on the basis that once
tangible we may see very welcome revenue upgrades later this year
and early next whilst maintaining cashflow discipline."
"Add to this the enhanced partnership growth model with the
likes of Jumio and a household name in global professional social
networking we see the remainder of 2019 about both delivering on
the core business and potentially several upgrades to outlook for
2020 and beyond."
"We will now consider potential further investment in Engage as
funds become available from the Zuuse Loan Note settlement which is
due soon."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments plc: +44 (0) 20 7440 0640
Alastair Clayton
Nominated Adviser: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker: +44 (0) 20 3657 0050
Turner Pope Investments (TPI)
Zoe Alexander/Andy Thacker
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END
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