9 Apr 2024 12:12
Augmentum Fintech Plc - Portfolio Company Onfido Acquired by EntrustAugmentum Fintech Plc - Portfolio Company Onfido Acquired by Entrust
PR Newswire
LONDON, United Kingdom, April 09
9 April 2024
Augmentum Fintech plc
Portfolio Company Onfido Acquired by Entrust
Augmentum Fintech plc (LSE: AUGM) (the “Company”), Europe’s leading publicly listed fintech fund, notes the announcement by Entrust that they have completed their acquisition of Onfido, a portfolio investment of the Company.
Augmentum’s understanding of the terms of the transaction implies a valuation of the Company’s investment in Onfido at £10.1 million (30 September 2023: £9.7 million representing 3.6% of the value of the portfolio).
The Company initially invested in Onfido the AI-powered digital identity verification business in March 2018 with a £4.0 million investment as part of a US$50 million funding round, with a further £3.7 million in December 2019. This exit will represent a multiple of 1.3x cost and an IRR of 6%.
The sale to Entrust, a global leader in identity, payments, and data security solutions, is Augmentum’s sixth exit, each of which has been at or above the Company’s holding value.
This announcement does not constitute or describe an updated NAV of the Company.
Enquiries
| Augmentum FintechTim Levene (Portfolio Manager)Martha Horrox (Marketing and IR) | +44 (0)20 3961 5420martha@augmentum.vc |
| Quill PRNick Croysdill, Sarah Gibbons-Cook(Press and Media) | +44 (0)20 7466 5050press@augmentum.vc |
| Peel Hunt LLPLiz Yong, Huw Jeremy(Investment Banking) | +44 (0)20 7418 8900 |
| Singer Capital MarketsHarry Gooden, Robert Peel, James Fischer(Investment Banking) | +44 (0)20 7496 3000 |
| Frostrow Capital LLPPaul Griggs (Company Secretary) | +44 (0)20 3709 8733 |
About Augmentum Fintech
Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. Augmentum is the UK’s only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth.
Augmentum Fint. (AUGM)