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Investment in 365 Agile

30 Oct 2014 07:02

RNS Number : 6616V
MXC Capital PLC
30 October 2014
 

MXC Capital plc

("MXC" or the "Company")

Investment in 365 Agile

MXC is pleased to announce that it has made its second investment, providing up to £1m of funding to 365 Agile Limited ("Agile").

Marc Young, CEO of MXC said: "We are pleased to be backing the management team in 365 Agile in building an exciting software enabled mobile working solutions business. The team have a good track record in having previously built Documotive, a successful software business that was acquired by Castleton Technology plc ("Castleton"), another MXC backed enterprise in a deal announced today."

MXC has committed to provide up to £1m of funding to Agile which will be structured as a blend of equity and debt and will result in MXC owning 25% of the issued share capital of 365 Agile (the "Investment"). MXC will benefit from certain minority protections in the Agile shareholder agreement.

Highlights of the Investment:

· The product is a native application that has been designed from the ground up as a mobile solution utilising best in breed technology:

o It operates across the IOS (Apple), Android and Windows 8x platforms and is available in iTunes, Google Play and the Windows App Stores

o the solution has proprietary technology around both the single pane of glass interface and the business process layer that links the product to a company's back-office systems.it offers users a comprehensive mobile working solution drawing information from back office systems

· Proven use in the social housing sector and exclusive distribution agreement with Documotive, a leading supplier of document management software to housing associations

· The product has the functionality to build share data from the 'Internet of Things' and Big Data applications

 

The Investment is subject to completion of the Acquisition of Documotive Limited by Castleton which is expected to occur on or around 18 November 2014.

MXC Capital plc

Marc Young

+44(0)20 7965 8149

Zeus Capital Limited (Nominated adviser and broker)

Tim Metcalfe/John Depasquale/John Treacy

+44 (0)20 7533 7727

Newgate Threadneedle

Josh Royston / John Coles

+44 (0)20 7653 9850

About MXC Capital

MXC is a specialist merchant bank with a track record of investing in and advising companies in the TMT sector. We bring together a deep knowledge of technology, first-hand experience of managing companies in the sector, an ability to make meaningful investments and a highly experienced corporate advisory team in support, all of which we combine to grow shareholder value.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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