TIDMTMT
RNS Number : 1661F
TMT Investments PLC
12 November 2020
12 November 2020
TMT INVESTMENTS Plc
("TMT" or the "Company")
US$41 million disposal of TMT's interest in Pipedrive and
portfolio update
TMT Investments Plc (AIM: TMT.L), the venture capital company
investing in high-growth technology companies, is pleased to
announce that its portfolio company Pipedrive, Inc. (" Pipedrive"),
a leading sales CRM solution ( www.pipedrive.com ), has today
announced that it signed a definitive conditional agreement
regarding a majority investment from Vista Equity Partners
("Vista"), a leading US investment firm that focuses exclusively on
enterprise software, data and technology-enabled businesses (the
"Transaction").
As part of the Transaction, TMT has agreed to dispose of its
entire holding in Pipedrive to Vista for a cash consideration of
approximately US$41 million (the "Disposal").
The Disposal represents a substantial valuation uplift of
approximately US$29.1 million (or 245%) in the value of TMT's
investment in Pipedrive prior to the Disposal, being the sum of the
previous reported amount as of 30 June 2020 plus the value of
Pipedrive shares acquired by TMT in July 2020.
The Disposal will result in a significant increase in the
Company's net asset value ("NAV"), equivalent to approximately US$1
per share (before adjustments for the Company's ongoing operating
expenses, accrued bonus, potential future revaluations/impairments,
and similar items). This represents a material uplift in the
Company's NAV of approximately 28.8% from the previously stated
figure of US$3.46 per share as of 30 June 2020.
The completion of the Transaction, and hence the Disposal, is
subject to various conditions being satisfied, which includes,
inter alia, certain competition approvals, with the parties
anticipating completion of the Transaction and receipt of funds by
the Company in connection with the Disposal before the end of 2020.
Further announcements will be made as appropriate in this
regard.
As Pipedrive is a private company, the profits of Pipedrive are
not publicly available.
New investments
The Company has also made the following investments since the
publication of its Interim's for the six months ended 30 June 2020
on 15 September 2020:
-- GBP500,000 in Hinterview Limited, a UK-based specialist video
platform for the recruitment industry (
https://hello.hinterview.com ) ;
-- US$1,000,000 in StudyFree, Inc., an EdTech SaaS platform that
connects students with international opportunities and helps them
secure financing through scholarships and grants (
www.international.studyfree.org/ ); and
-- Additional US$700,000 in Ad Intelligence Inc., trading as
RetargetApp, an online solution aimed at monitoring ad campaigns
and automatically managing daily budgets, audience and bids to
improve the quality of retargeting ( https://retargetapp.com ).
Alexander Selegenev, Executive Director of TMT, commented:
" With Vista's investment in Pipedrive, we will have achieved
our largest cash exit to date, totalling US$41 million. Pipedrive
is the second unicorn in our portfolio and has always been one of
our portfolio stars. As one of Pipedrive's earliest institutional
investors, we are very pleased to have identified such a talented
and professional team early on in 2012. In 2012-13 we invested a
total of US$0.78 million in Pipedrive. Founded in Estonia in 2010,
Pipedrive is today used by sales teams at more than 95,000
companies worldwide .
The Board believes that a total cash return of over 51 times on
our original investments in Pipedrive, serves as yet another
example of our proven ability to achieve significant capital growth
for our shareholders, by identifying and investing in early stage
high-growth tech companies with high exit potential, which
shareholders would otherwise be unable to access.
The Disposal will result in a material increase in the Company's
cash position. As the Company has a strong pipeline of new
investment opportunities, it will continue to seek to invest in
fast-growing tech companies focused on promising market segments
and backed by dedicated founders. TMT will keep shareholders
updated of developments in this regard as appropriate."
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
TMT Investments Plc +44 (0)1534 281 800
Alexander Selegenev (Computershare - Company Secretary)
Executive Director
www.tmtinvestments.com alexander.selegenev@tmtinvestments.com
Strand Hanson Limited (Nominated
Adviser)
Richard Tulloch / James Bellman +44 (0)20 7409 3494
Hybridan LLP (Broker)
Claire Louise Noyce +44 (0)20 3764 2341
Kinlan Communications +44 (0)20 7638 3435
David Hothersall davidh@kinlan.net
About TMT Investments Plc
TMT Investments Plc invests in high-growth technology companies
across a number of core specialist sectors and has a significant
number of Silicon Valley investments in its portfolio. Founded in
2010, TMT has invested in over 60 companies to date and has net
assets of US$101m as of 30 June 2020. The Company's objective is to
generate an attractive rate of return for shareholders,
predominantly through capital appreciation. The Company is traded
on the AIM market of the London Stock Exchange.
www.tmtinvestments.com .
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November 12, 2020 09:28 ET (14:28 GMT)
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