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TMT Investments PLC - Jersey-headquartered technology companies investor - Agrees to dispose of its entire stake in portfolio company Pipedrive Inc, a customer relationship management solutions firm, to Vista Equity Partners for approximately USD41 million in cash. This follows Pipedrive's signing of a definitive conditional agreement regarding a majority investment from US investment firm Vista. Disposal represents an approximately USD29.1 million valuation uplift in the value of TMT's investment in Pipedrive and will results in a significant rise in TMT's net asset value equivalent to around USD1 per share before adjustments for operating expenses, impairments, and other items. This represents an increase in NAV of around 29% from the June 30 figure of USD3.46 per share.
Since publishing its interim results in September, TMT has invested GBP500,000 in UK recruitment industry-focused video platform Hinterview Ltd; as well as USD1.0 million in education technology firm StudyFree Inc and a further USD700,000 in ad campaign monitoring solution firm Ad Intelligence Inc.
Executive Director Alexander Selegenev says: "With Vista's investment in Pipedrive, we will have achieved our largest cash exit to date, totalling USD41 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."
Current stock price: USD4.52; up 10% on Thursday.
Year-to-date change: up 6.4%
By Anna Farley; annafarley@alliancenews.com
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