RCS - Pires Investments - Smarttech247 admitted to trading on AIM
15/12/2022 08:44
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RNS Number : 8326J Pires Investments PLC 15 December 2022
15 December 2022
Pires Investments plc
("Pires" or the "Company")
Investment in Smarttech247 Group plc
Smarttech247 admitted to trading on AIM
Pires Investments plc (AIM: PIRI), the investment company focused on
next-generation technology, is pleased to provide an update in relation to the
first Sure Valley Ventures ("SVV") fund's ("SVV1") investment in Smarttech247
Group plc ("Smarttech247").
Pires is pleased to note the announcement by Smarttech247 Group plc
("Smarttech247") of the admission of its shares to trading on the London Stock
Exchange's AIM market today, being 15 December 2022 and its first day of
dealings, extracts from which are set out below.
Key Highlights
· Smarttech247 is a multi-award-winning, AI-based cybersecurity
organisation led by a highly experienced Board and management team, with its
head office in Cork, Republic of Ireland and a client base predominantly in
Europe and the USA.
· The company is profitable and cash generative and has achieved
significant revenue growth in FY21 (20% over projected revenue and 50% growth
compared to FY20) and expects continued growth in FY22.
· Smarttech247 provides security solutions to a growing list of
blue-chip clients (B2B) utilising an automated Managed Detection and Response
Platform. The Group's services target proactive prevention for clients and
utilise the latest methodology in cloud, big data analytics and machine
learning, as well as incident response teams, to protect enterprises as they
migrate to cloud-based IT operations.
· Smarttech247's diverse portfolio of customers includes
pharmaceutical, technology, industrial and services companies.
· The company has demonstrated a return on investment for clients using
its platform. Forrester Consulting determined that the VisionX product
provides in excess of a 300% ROI and €2 million net of present value (NPV),
providing customers with a "payback" on investment within 6 months.
· Smarttech247 is highly focused on innovation and operational
excellence, and has exciting plans to continue to expand its Research and
Development department in order to further enhance its security technologies.
Two new proprietary technologies ThreatHub and VisionX were launched in 2022,
in addition to NoPhish in 2021.
As announced on 1 December 2022, Smarttech247 has successfully raised gross
proceeds of £3.67 million, through a placing of 12,385,828 new ordinary
shares at the placing price of 29.66 pence per share. Based on the placing
price, Smarttech247's market capitalisation is approximately £36.80 million
at admission.
Further information on Smarttech247 can be found on the company's website,
www.smarttech247.com (http://www.smarttech247.com) .
Pires has a combined direct and indirect interest of circa 20% in SVV1, a
venture capital fund focused on investing in the software technology sector
with a specific focus on Artificial Intelligence, the Internet of Things,
Cyber Security, Machine Learning, Immersive Technologies and Big Data.
Nicholas Lee, Director of Pires, commented:
"We are very pleased that Smarttech247 has now completed its listing on AIM
against the background of current difficult market conditions. This is further
demonstration of the returns that can be generated from the Company's
investment in SVV1 and we are looking forward to more of the same as the fund
continues into its realisation phase."
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Financial media and PR Tel: +44 (0) 20 3004 9512
Yellow Jersey
Sarah Hollins
Henry Wilkinson
Annabelle Wills
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company providing investors
with access to a portfolio of next generation technology businesses with
significant growth potential.
The Company is building an investment portfolio of high-tech businesses across
areas such as Artificial Intelligence, Internet of Things, Cyber Security,
Machine Learning, Immersive Technologies and Big Data, which the Board
believes demonstrate evidence of traction and the potential for exponential
growth, due to increasing global demand for development in these sectors.
For further information, visit: https://piresinvestments.com/
(https://piresinvestments.com/)
About Smarttech247
Smarttech247 is a multi-award winning automated MDR (Managed Detection &
Response) company. Its platform is trusted by international organisations and
provides threat intelligence with managed detection and response to provide
actionable insights, 24/7 threat detection, investigation and response.
The company's service is geared towards proactive prevention and it achieves
this by utilising the latest in cloud, big data analytics and machine
learning, along with an experienced incident response team.
Smarttech247's offices are located in Ireland, United Kingdom, Romania, Poland
and the USA.
For further information, visit: www.smarttech247.com
(http://www.smarttech247.com)
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