Pires Investments PLC Smarttech247 - update on investee company
04 Agosto 2021 - 8:14AM
RNS Non-Regulatory
TIDMPIRI
Pires Investments PLC
04 August 2021
4 August 2021
Pires Investments plc
("Pires" or the "Company")
Smarttech247 - update on investee company
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology, is pleased to provide an
update on its investment in Sure Valley Ventures ("SVV") in
relation to Smarttech247, one of the companies within the SVV
portfolio.
Pires is pleased to note today's announcement by Conduity
Capital plc ("Conduity") regarding the possible reverse takeover of
Smarttech247 (incorporated in the Republic of Ireland as Zefone
Limited), in order to effect a listing of that company. The
valuation ascribed to Smarttech247 is significantly higher than the
valuation at which SVV invested at earlier in the year, reflecting
the rapid progress that this company has made in recent months and
the increasing focus on the cybersecurity sector.
Conduity 's announcement stated that it has entered into
non-binding heads of agreement to work towards the possible
acquisition of Smarttech247 for a total consideration of GBP33.5
million, to be satisfied by the issue of new ordinary shares in
Conduity ("Proposed Acquisition"). Should such a transaction
proceed on the currently envisaged terms, it would be classified as
a reverse takeover in accordance with the AIM Rules for Companies.
The Proposed Acquisition remains subject to contract and
satisfactory completion of the necessary due diligence and, at this
stage, there is no guarantee that the Proposed Acquisition will
complete.
Smarttech247 is an established global artificial
intelligence-based cybersecurity business specialising in automated
managed detection and response. It recently announced that it had
been awarded a multi-year contract for managed cybersecurity
services by a Fortune Global-1000 advanced manufacturing company,
employing over 100,000 staff and has just been awarded a purchase
order under this contract to the value of EUR6 million for plant
level operational technology cybersecurity services.
Pires has a combined direct and indirect c. 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. When
realisations are made within the SVV portfolio, the proceeds are
distributed to the fund's investors. Pires has a 13% direct holding
in SVV.
Peter Redmond, Chairman of Pires commented:
"We are pleased to see the progress that Smarttech247 is making,
both commercially and towards its IPO. We look forward to further
developments in due course. This investment clearly demonstrates
SVV's ability to identify high-growth potential opportunities
within the cybersecurity sector."
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Peter Redmond, Chairman
Nicholas Lee, Director
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
Annabelle Wills
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, Internet
of Things, 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/
.
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