Noventiq and Corner Growth Sign Letter of Intent
09/02/2023 14:15
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RNS Number : 4912P Softline Holding PLC 09 February 2023
Softline Holding plc
("Noventiq" or the "Company")
Noventiq and Corner Growth Acquisition Corp. Sign Letter of Intent for a
Business Combination
9 February 2023, London, UK and Palo Alto, CA - Noventiq (LSE: SFTL)
(Noventiq, or the Company), the global digital transformation and
cybersecurity solutions and services provider headquartered in London and
currently operating in almost 60 countries, and Corner Growth Acquisition
Corp. (Nasdaq: COOL) ("Corner Growth"), a special purpose acquisition company
backed by veteran technology investors, today announced the signing of a
letter of intent ("LOI") and an exclusive term sheet to proceed with a
potential business combination that would result in the combined company being
publicly-listed on the Nasdaq.
Noventiq and Corner Growth expect to finalize their definitive Business
Combination Agreement in the coming weeks and plan to announce additional
details at that time.
Noventiq has been engaged in a process of evaluating long-term options with
the aim to deliver greater value, transparency, certainty, and liquidity to
shareholders. The Company's board of directors ("Board") believes that a
listing on the Nasdaq in the United States, by way of a business combination
with Corner Growth, is a positive and natural next step for the Company, and
is in the best interests of its shareholders. The recent announcement to
re-domicile the Company in the Cayman Islands is also intended to ensure that
the transaction can be completed in a timely manner and is structured in a
manner customary to international investors.
The Board believes that the current price of Noventiq's listed Global
Depository Receipt (GDRs) is not a fair reflection of the value of the
Noventiq Group and that there continues to be very limited trading volume in
Noventiq GDRs on the London Stock Exchange. Nasdaq is a leading global stock
market with a respected technology heritage, which Noventiq and Corner Growth
believe is the strongest fit for Noventiq as it continues to strengthen its
position as a leading global digital transformation and cybersecurity
provider.
Jacques Guers, Chairman of the Board of Directors of Noventiq Group noted:
"Today's announcement is a significant step towards our objective to realise
the true fundamental value of Noventiq for all of our stakeholders. We have
built a great company with a very strong track record for growth, and a
partnership with Corner Growth is an exciting move as we look ahead to a
potential listing on Nasdaq. Corner Growth's team has a strong history with
companies in the emerging markets, helping to generate added sales channels,
contract opportunities, and access to significant customer networks at the
highest levels."
Marvin Tien, Co-Chairman & CEO of Corner Growth said:
"Noventiq fits perfectly within our investment strategy to back leading global
technology companies. Corner Growth's relationships in the Asia-Pacific
region, over two decades of investment experience, and its acute understanding
of the risks, benefits, and successful execution of cross-border transactions
both validate our reputation as a leading technology investor and position
this transaction to close successfully, adding significant value as a
long-term partner to Noventiq."
Additional Information
Noventiq's related supporting materials, including the recent announcement to
re-domicile the company to the Cayman Islands, are published in the Investor
Relations section of Noventiq's website at
https://noventiq.com/investor-relations
(https://noventiq.com/investor-relations)
About Noventiq
Noventiq is the brand name of Softline Holding plc, a leading global solutions
and services provider in digital transformation and cybersecurity,
headquartered in London. Noventiq enables, facilitates and accelerates the
digital transformation of its customers' businesses, connecting over 75,000
organisations from all industries with hundreds of best-in-class IT vendors,
and delivering its own services and solutions.
The Company delivered turnover of approximately US$1.1 billion in the fiscal
year of 2021. The Company´s c. 5,700 employees work in almost 60 countries
throughout Asia, Latin America, Europe, The Middle East and Africa - with a
focus on markets with significant growth potential.
Additional information about the Company can be found
here: https://noventiq.com/investor-relations
(https://noventiq.com/investor-relations)
About Corner Growth Acquisition Corp.
Corner Growth Acquisition Corp. (Nasdaq: COOL) is a special purpose
acquisition company (SPAC) focused on partnering with a high growth technology
company. Corner Growth's mission is to deliver value to its investors by
providing a compelling alternative to a traditional public offering. Corner
Growth is uniquely positioned to deliver on its value-add approach given its
management team's history, experience, relationships, leadership and track
record in identifying and investing in disruptive technology companies across
all technology verticals.
Corner Growth also brings a group of highly respected investment
professionals, with strong track records and deep individual experience in
SPAC and de-SPAC processes, a rolodex of premier public market investors, and
a team of advisors who offer experience and access to networks across a broad
functional and physical geography.
Noventiq Contacts:
Steven Salter
Global Investor Relations VP
IR@noventiq.com (mailto:IR@noventiq.com)
Rocio Herraiz
Global Head of Communications
pr@noventiq.com (mailto:pr@noventiq.com)
Corner Growth Contacts:
Kevin Tanaka, Director of Corporate Development
Corner Growth Acquisition Corp.
kevin@cornercapitalmgmt.com (mailto:kevin@cornercapitalmgmt.com)
Brian Ruby, ICR
Brian.ruby@icrinc.com (mailto:Brian.ruby@icrinc.com)
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