REG - Primorus Investments - Investee Company Update – Payapps Limited

Primorus InvestmentsAnnouncement

26/01/2024 07:00

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RNS Number : 9852A  Primorus Investments PLC  26 January 2024

Primorus Investments plc

 

("Primorus" or the "Company")

 
 Investee Company Update - Payapps Limited

 

Primorus Investments plc (AIM: PRIM) notes the announcement by Autodesk Inc.
("Autodesk") in relation to the conditional acquisition of Payapps Limited
("Payapps") (the "Acquisition"), an investee company of Primorus.

 

Autodesk has signed a definitive agreement to acquire Payapps, a leading
global provider of construction payment and compliance management solutions
(the "Acquisition").

 

Autodesk is a US based international software company that makes software
products and services for a variety of different industries.  Autodesk
reported unaudited revenues of US$1,414 million in the three months ended 31
October 2023.

 

With this Acquisition, Autodesk customers will benefit from leveraging
technology that eases the burden of construction payment management in a
process that is simpler, faster, and more efficient for all construction
project stakeholders. The Acquisition further reinforces Autodesk's belief
that how project teams build should be just as rewarding as what they built -
and improving processes and workflows is paramount to improving the industry.

 

Autodesk's proposed Acquisition of Payapps has not been completed; the
completion of the proposed acquisition of Payapps is uncertain and is subject
to the satisfaction or waiver of various conditions. Prior to the completion
of the proposed Acquisition, Payapps and Autodesk will continue to operate as
separate companies.

 

The full text of the announcement by Autodesk is available at:
    https://adsknews.autodesk.com/en/news/autodesk-to-acquire-payapps/
(https://adsknews.autodesk.com/en/news/autodesk-to-acquire-payapps/)

 

 

 

Primorus holds 3,065,068 ordinary shares of Payapps representing approximately
2% of the issued share capital of Payapps.

 

 

 

For further information please contact:

 

 Primorus Investments plc

 Matthew Beardmore, Chief Executive Officer   +44 (0)20 8154 7907

 Nominated Adviser

 Cairn Financial Advisers LLP                 +44 (0) 20 7213 0880

 James Caithie / Sandy Jamieson

 

 

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