TIDMPIRI
RNS Number : 3060A
Pires Investments PLC
01 June 2021
01 June 2021
Pires Investments plc
("Pires" or the "Company")
Getvisibility secures new funding
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology, is pleased to announce an
update and further investment in Getvisibility, an artificial
intelligence-based data discovery, classification and protection
platform company that Pires is invested in, both directly and
through its investment in Sure Valley Ventures ("SVV"). Recent
cyber security incidents have led to a substantial increase in
demand for Getvisibility's systems to discover and protect
sensitive corporate and personal data.
Getvisibility has secured a EUR1.1 million equity funding round
led by a new lead investor Herb Hribar, a director of ScienceLogic,
Inc., a leading provider of AI-based operations technology which
recently completed its own US$105 million funding round. This
funding round also comprised follow-on investment from existing
investors and the conversion of outstanding convertible loans into
equity, including participation from Pires, SVV, Enterprise
Ireland, Zefone Limited (trading as Smarttech247) and Manifold
Investments Limited.
Pires is investing EUR62,000 to maintain its current
shareholding, with t his new funding taking place at a significant
premium to the valuation at which Pires made its original
investment of EUR250,000 in March 2020. Following this funding,
Pires will have a total interest of circa 10% in Getvisibility
(comprising a direct interest of 5.4% and an indirect interest of
4.4%). The consideration for this further investment has been
satisfied from Pires' existing cash resources.
Herb Hribar has also now joined the board of Getvisibility as
Chairman to support its customer and partner activities in the
United States. Mr Hribar is an experienced telecom, media and
technology executive and has been employed by private equity and
venture capital firms to lead turn-around projects as Chief
Executive/Chief Operating Officer in Europe and the United States.
These include Eircom, Kabel Deutscland Gmbh, Cablecom Switzerland,
Verio and Interliant. He has also held senior roles at Ameritech
and Sprint International.
The funds raised will be used to enhance the company's
go-to-market capability in addition to deepening its technology and
research know-how in order to accelerate the disruption of the
industry's approach to understanding and protecting its valuable,
sensitive and regulated data. The company is accelerating customer
growth and is also now servicing customers in Europe and the MENA
region. Getvisibility also recently expanded its product offering
by adding Google's platform capabilities and a new Data Breach Risk
report which will help businesses measure and benchmark their
security and data governance capabilities.
Pires has a circa 20% interest in SVV, a venture capital fund
focused on investing in the software technology sector with a
specific focus on Artificial Intelligence, the Internet of Things
and Immersive Technologies.
Herb Hribar, Chairman of Getvisibility, commented:
"I am delighted to be joining the terrific team at
Getvisibility. Ronan and Mark are exceptional technologists as well
as business leaders and have created a company that I believe will
transform and disrupt the rapidly growing data confidentiality and
protection space. Given recent events, we are all aware of the
dangers posed by cyber criminals. Getvisibility addresses these
threats and enables our customers to identify and eliminate
vulnerabilities before they cause harm. With this investment, we
can build on the foundation already well established to accelerate
growth of customers and technology."
Peter Redmond, Chairman of Pires, commented:
"We are delighted with the appointment of Herb Hribar as
Chairman of Getvisibility and the recent funding round. His wealth
of knowledge as a telecoms industry veteran will prove invaluable
and we wish him all the best in this new role. Pires is also
pleased to be making a further investment in Getvisibility. Through
their industry-leading AI capabilities, we believe that they are
well positioned to capitalise on the expected growth in this
sector."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Peter Redmond, Chairman
Nicholas Lee, Director
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray/Ludovico Lazzaretti
Joint Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Duncan Vasey/Lucy Williams Tel: +44 (0) 20 7469 0936
Joint Broker
Tennyson Securities Tel: +44 (0) 20 3167 7221
Peter Krens
Financial media and PR
Yellow Jersey Tel: +44 (0) 20 3004 9512
Sarah Hollins
Henry Wilkinson
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company
providing investors with access to a portfolio of next generation
technology businesses with significant growth potential.
The Company is building an investment portfolio of high-tech
businesses across areas such as Artificial Intelligence ("AI"),
Internet of Things ("IoT"), Cyber Security, Machine Learning,
Immersive Technologies and Big Data, which the Board believes
demonstrate evidence of traction and the potential for exponential
growth, due to increasing global demand for development in these
sectors.
For further information, visit: https://piresinvestments.com/
.
About Getvisibility
Getvisibility is an artificial intelligence security company
addressing the substantial and increasing problem which
corporations face in storing, sorting, accessing and protecting
data. Getvisibility has developed and launched a software platform
using artificial intelligence that delivers visibility over a wide
range of data.
Getvisibility, a leader in data visibility and control, uses
state-of-the-art artificial intelligence ("AI") to classify and
secure unstructured information, allowing organisations to quickly
visualise their data footprint where new and changing data risks
have become evident, thus allowing for proactive data management
and security. Its dual-approach provides flexibility to employees
to manually classify data whilst also being created with
suggestions and automated checking. Getvisibility also provides
risk and compliance assessments as well as enforcing protection on
sensitive data.
Further details about Getvisibility can be found at
https://www.getvisibility.com/ .
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