24 Jan 2022 07:00
Reach Announcement - non-regulatory
24 January 2022
CONDUITY CAPITAL PLC
("Conduity" or "the Company")
Update regarding the proposed reverse takeover of Smarttech247
Introduction
Further to its announcement dated 4 August 2021, Conduity is pleased to announce that it continues to make good progress with the proposed reverse takeover of Smarttech247, which is incorporated in the Republic of Ireland as Zefone Limited (the "Proposed Transaction").
Information on Smarttech247
Smarttech247 is an established company in automated managed detection and response cybersecurity - a managed security service that provides threat intelligence, threat hunting, security monitoring, incident analysis, and incident response with a significant AI overlay - with a successful track record of revenue growth and profitability and is positioned at the intersection of three major cybersecurity growth markets:
• Security threat incidents;
• Growth of cloud adoption amongst both large and small-medium enterprises; and
• Proliferation of cyber-security data generation that needs to be integrated.
Smarttech247 recently reported audited results for the year ended 31 July 2021, comprising revenue of €7.2 million and profit before tax of €1.2 million. These figures represent a significant increase of 49.8% and 50.8% respectively on the prior year. Smarttech247 was recently ranked as a top 50 Technology Company in Ireland by Deloitte and was also a runner up for the Impact Award.
Smarttech247 has over 100 technology partners, including IBM, Microsoft, Tanium and Crowdstrike, and 50 clients based in Europe and the USA. Smarttech247 has contracts with enterprises that include the Institute of Cancer Research UK, Aryzta Global and the Royal College of Surgeons Ireland.
Smarttech247 will hold a cybersecurity event, Zero Day Con, on 10 March 2022 in Dublin where government officials from NCIS US will speak, alongside of Chief Information Officer of the Institute of Cancer Research UK Adrian Cottrell, General Manager IBM Security Mary O'Brien and more.
More information on Smarttech247 can be found on its website at www.smarttech247.com.
The Proposed Transaction remains subject to contract, satisfactory completion of the necessary due diligence and certain shareholder approvals. At this stage, there is no guarantee that the Proposed Transaction will complete.
Greg Collier, Chairman of Conduity, commented:
"We are very excited with the progress that Smarttech247 is continuing to make in developing its business in an important and fast-growing sector, and that this progress has been clearly demonstrated by the reporting of an excellent set of financial results. We look forward to progressing the transaction to completion in the short term."
Ronan Murphy, CEO of Smarttech247, commented:
"2021 was another exceptional year of year-on-year growth for Smarttech247. Our innovative ADMR solutions for our clients have received national recognition and I am delighted by the performance of the team that we have built at Smarttech247. We continue to work with the board of Conduity to progress the transaction to completion in the coming months to enable us to achieve a public listing of Smarttech247 in London and to accelerate our growth plans."
~ End ~
For further information please contact:
Conduity Capital Plc Gregory Collier, Non-Executive Chairman www.conduitycapital.co.uk
| +44 (0) 7830 182501 |
SPARK Advisory Partners Limited (Financial Adviser) Mark Brady www.sparkadvisorypartners.com
| +44 (0) 203 368 3551 |
Peterhouse Capital Limited (Broker) Eran Zucker/Lucy Williams www.peterhousecap.com | +44 (0) 207 496 0930 |
Fortified Advisory (Adviser to Smarttech247) Mark Wheeler www.fortifiedadvisory.com
| +44 (0) 20 3883 4446 |