Last checked at 16 Aug 2018 07:00
RNS | 16 August 2018 |
Mercia Technologies PLC
("Mercia", the "Company" or the "Group")
nDreams secures multi-million dollar contract with high profile global technology firm
Mercia Technologies PLC (AIM: MERC), the national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce that nDreams Limited ("nDreams") has won a multi-million dollar contract with one of the world's foremost virtual reality ("VR") technology companies.
This new contract for nDreams, a leading European developer and publisher focused on VR gaming and experiences content, represents the company's most significant contract win to date.
Mercia, which holds a 45.6% direct equity stake in nDreams, initially financed nDreams' pivot from developing content for PlayStation Home Virtual Worlds to successfully becoming a specialist in virtual reality content provision. Following early support from Mercia's managed funds, Mercia made its first direct investment into nDreams in December 2014. Since then nDreams has been working with the leading global names in the VR industry including Sony PlayStation, Oculus, HTC, Google and Microsoft.
Dr Mark Payton, Chief Executive Officer of Mercia Technologies PLC, said: "This contract is not only highly significant for nDreams, as it reinforces the substantial potential value of this exciting VR business, but it is also a reflection of the wider inherent value held in the Mercia direct investment portfolio.
Today's announcement, which follows the recent Oxford Genetics announcement, is the second multi-million pound contract which Mercia's two largest direct investments by value have recently secured and taken together, demonstrate the tangible commercial progress which the portfolio is making. We expect to announce further positive news from our direct investment portfolio in due course."
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information, please contact:
Mercia Technologies PLC | +44 (0)330 223 1430 |
Mark Payton, Chief Executive Officer |
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Martin Glanfield, Chief Financial Officer |
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www.merciatech.co.uk |
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Cenkos Securities plc | +44 (0)20 7397 8900 |
Stephen Keys (NOMAD and Joint Broker) |
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Canaccord Genuity Limited | +44 (0)20 7523 8000 |
Simon Bridges, Emma Gabriel (Joint Broker) |
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Buchanan | +44 (0)20 7466 5000 |
Bobby Morse, Chris Lane, Stephanie Watson |
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www.buchanan.uk.com |
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About Mercia Technologies PLC
Mercia is a national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions. Mercia benefits from 19 university partnerships and offices across the Midlands, the North of England and Scotland providing it with access to high quality, regional deal flow. Mercia Technologies PLC is quoted on AIM with the epic "MERC".
Mercia's 'Complete Capital Solution' initially nurtures businesses via its third-party funds (now with circa £400million under management following recent mandate wins) and then over time Mercia can provide further funding to its 'Emerging Stars' by deploying direct investment follow-on capital from its own balance sheet. Since its IPO in December 2014, Mercia has invested over £63million directly across its portfolio of 'Emerging Stars'.