Last checked at 1 Jul 2021 07:00
1 July 2021
TMT INVESTMENTS PLC
("TMT" or the "Company")
Portfolio Update
TMT Investments Plc (AIM: TMT.L), the venture capital company investing in high-growth technology companies, is pleased to announce the following developments in the Company's portfolio since the publication of the Company's portfolio update on 12 May 2021.
Revaluations
The Company has had the following portfolio revaluations since the publication of its portfolio update on 12 May 2021:
· PandaDoc, a proposal automation and contract management software provider (www.pandadoc.com), completed a new equity funding round. The transaction represented a revaluation uplift of US$10.4 million (or 286%) in the fair value of TMT's investment in PandaDoc, compared to the previous reported amount as of 31 December 2020.
· 3S Money Club Limited, a UK-based bank challenger providing corporate clients with multi-currency bank accounts (www.3s.money), completed a new equity funding round. The transaction represented a revaluation uplift of US$1.9 million (or 306%) in the fair value of TMT's investment in 3S Money, compared to the previous reported amount as of 31 December 2020 (adjusted for the value of TMT's additional investments made in 3S Money in the first half of 2021).
· Klear, an influencer marketing platform (www.klear.com), was acquired by Meltwater B.V., a leading global SaaS provider of media intelligence and social analytics, for US$17.8 million in a combination of cash and earn-out. TMT's total expected cash proceeds from this disposal is US$0.5 million. The transaction represented a revaluation uplift of US$0.4 million (or 232%) in the fair value of TMT's investment in Klear, compared to the previous reported amount as of 31 December 2020.
The above revaluations will result in a combined increase in the Company's NAV equivalent to approximately US$0.43 per share (before adjustments for the Company's ongoing operating expenses, accrued bonus, potential future revaluations/impairments, and similar items). This represents an uplift in the Company's NAV of approximately 7.1% from the previously stated figure of US$6.10 per share as of 31 December 2020.
New investments
The Company has made the following new and further investments since the publication of its portfolio update on 12 May 2021:
· US$500,000 in Cyberwrite Inc., a cyber risk assessment platform that calculates the financial and benchmarked cyber risk of businesses worldwide (www.cyberwrite.com);
· US$2,000,000 in CloudBusiness Inc., trading as Synder, an accounting solution for e-commerce businesses (www.synderapp.com); and
· €500,000 in Outvio, a fulfilment and delivery platform for the e-commerce industry (www.outvio.com).
As of 30 June 2021, TMT had approximately US$22.8 million of cash and cash equivalents on its balance sheet, and the Company continues to research and identify suitable investment opportunities. The Company has invested a total of US$14.6 million in 2021 to date.
Alexander Selegenev, Executive Director of TMT, commented:
"We are delighted to be announcing a significant uplift in TMT's net asset value of 7.1% compared to the previously stated figure of US$6.10 per share as of 31 December 2020 together with three new investments in sectors we know well: cybersecurity and e-commerce. These are sectors that are experiencing remarkable growth, and TMT's focus is on adding shareholder value by investing in companies operating innovative and globally scalable business models within strong growth sectors. We believe our investments in Cyberwrite, Synder and Outvio have this potential. We are also pleased to note that TMT's portfolio company Klear has been acquired by Meltwater, a leading global SaaS provider of media intelligence and social analytics, which represents TMT's 11th full exit, underlining TMT's proven ability to invest in companies with strong exit potential.
"With over 40 companies currently held in its portfolio, thanks to TMT's publicly traded shares quoted on the London Stock Exchange's AIM market, TMT provides a liquid route to invest in a globally diversified portfolio of hard-to-access, fast-growing, privately held technology companies. We look forward to keeping shareholders updated on further developments in due course."
For further information contact:
TMT Investments PLC Alexander Selegenev Executive Director www.tmtinvestments.com
| +44 (0)1534 281 800 (Computershare - Company Secretary)
alexander.selegenev@tmtinvestments.com
|
Strand Hanson Limited (Nominated Adviser) James Bellman / James Dance
| +44 (0)20 7409 3494 |
Cenkos Securities plc (Joint Broker) Russell Cook / Ben Jeynes
| +44 (0)20 7397 8900 |
Hybridan LLP (Joint Broker) Claire Louise Noyce
| +44 (0)20 3764 2341 |
Kinlan Communications David Hothersall
| +44 (0)20 7638 3435 davidh@kinlan.net |
About TMT Investments PLC
TMT Investments PLC invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has invested in over 70 companies to date and has net assets of US$178 million as of 31 December 2020. The Company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The Company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.