RCS - Pires Investments - Smarttech247 announces Intention to Float on AIM
01/12/2022 07:12
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RNS Number : 2300I Pires Investments PLC 01 December 2022
1 December 2022
Pires Investments plc
("Pires" or the "Company")
Investment in Smarttech247 Group plc
Smarttech247 announces its Intention to Float 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 fund's ("SVV1") investment in Smarttech247 Group
plc ("Smarttech247").
Pires is pleased to note the announcement by Smarttech247 of its intention to
seek admission of its shares to trading on AIM, a market of the London Stock
Exchange.
· Smarttech247 is a multi-award-winning, AI-based cybersecurity
organisation. It is led by a highly experienced board and management team,
with its head office located in Cork, Republic of Ireland and a client base
predominantly in Europe and the USA.
· Smarttech247 aims to provide security solutions to a growing list of
blue-chip clients (B2B) utilising an automated Managed Detection and Response
Platform. The company's services target proactive prevention for clients and
utilise the latest methodology in the cloud, big data analytics and machine
learning, as well as incident response teams, to protect enterprises as they
migrate to cloud-based IT operations.
· The company has demonstrated a return on investment for clients that
have implemented its platform.
· Smarttech247 has a diverse portfolio of blue-chip customers that
includes pharmaceutical, technology, industrial and services companies.
· Two new proprietary technologies, ThreatHub and VisionX were launched
in 2022, in addition to NoPhish in 2021.
· 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.
· 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 has raised approximately £3.67 million of new funds to support
its continued expansion into new products and geographies, development of its
proprietary technology and for general working capital purposes. The directors
of the company believe that a listing will give Smarttech247 greater
visibility and credibility in overseas geographies, including the USA and
Europe, and will support its growth plans in the short and long term.
Smarttech247 has recently launched two new proprietary security software as a
service products; VisionX in June 2022 and ThreatHub in August 2022. VisionX
is the Smarttech247 automated security operations centre platform which is a
cybersecurity offering providing 24/7 proactive threat detection and response,
using cloud data analytics, machine learning and an incident response
capability. VisionX has won two multi-year contracts within months of launch;
one of which is with a US-based Fortune 500 corporation.
Admission is expected to take place on or around 15 December 2022.
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:
"The investment in Smarttech247 was originally made in May 2021 and we
recently reported that the company was actively progressing a listing. We
are therefore very pleased that it has now formally announced its intention to
list, particularly against the background of the current difficult market
conditions for new listings. This is clearly a function of the quality of
the company. We look forward to updating the market further once the
Smarttech247 shares commence trading in the next couple of weeks.
"This is a further demonstration of the progress that SVV1 is making in terms
of creating value for its investors as the fund now enters its realisation
phase and we are looking forward to further progress in this regard in the
short to medium term."
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/)
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