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LONDON (Alliance News) - Venture capital firm TMT Investments PLC said on Wednesday it will dispose of its entire holding in work management platform Wrike Inc for USD22.9 million.
The holding will be sold to US private equity firm Vista Equity Partners at a significant uplift compared to its valuation of USD8.4 million at the end of June 2018. At the end of November, Wrike signed an agreement to receive an undisclosed investment from Vista Equity Partners.
In addition, TMT will impair its investment in online curated shopping mall by 66%, reducing the fair value of of firm's investment by USD3.5 million to USD1.8 million.
The combined result of the disposal and impairment is an uplift in TMT's net asset value by 37.5 US cents per share, from USD2.75 as at June 30.
"Following Vista's partnership with Wrike, we are delighted to have achieved our largest cash exit to date. Wrike has always been one of our largest portfolio stars, and we are very pleased at having identified such a talented and professional team, led by CEO and founder Andrew Filev, as Wrike's very first institutional investor back in 2012," said TMT Executive Director Alexander Selegenev.
"Accordingly, we have taken the decision to impair the carrying value of Wanelo to more accurately reflect Wanelo's likely current valuation. Having originally invested only USD350,000 in Wanelo in 2011, the new impaired value of USD1.8 million still represents significant potential upside for TMT," Selegenev added.
Shares in TMT Investments were up 0.9% at USD2.23 on Wednesday.
