RCS - RiverFort Global Opp - Update on investment in Smarttech247

Riverfort Global OpportunitiesAnnouncement

24/01/2022 14:00

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RNS Number : 4155Z  RiverFort Global Opportunities PLC  24 January 2022

 

 

24 January 2022

 

 

 

 

RiverFort Global Opportunities plc

 

("RGO" or the "Company")

 

Update on investment in Smarttech247

 

RGO notes today's announcement by Conduity Capital plc (AQSE:NFT)
("Conduity"), with regard to Smarttech247 ("Smarttech"), a company in which
RGO holds an investment.

 

Conduity announced 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").

 

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.

 

More information on Smarttech247 can be found on its website at
www.smarttech247.com (http://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.

 

 

Philip Haydn-Slater, Non-executive Chairman of RGO commented:

 

"We are very pleased with the progress that Smarttech247 is continuing to make
in developing its business in an exciting and fast-growing sector, and that
this progress has been clearly demonstrated by the reporting of an excellent
set of financial results.  This further demonstrates the value that can be
achieved by investing in attractive pre-IPO situations."

 

 

 

 

Enquiries:

 

 Pires Investments plc        Tel: +44 (0) 20 3368 8978

 Philip Haydn-Slater

 Nicholas Lee, Director

 Joint Broker                 Tel: +44 (0) 20 7562 3351

 Peterhouse Capital Limited

 Lucy Williams

 Joint Broker                 Tel: +44 (0) 20 7186 9950

 Shard Capital Partners LLP

 Damon Heath

 

 

 

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