Business
Engage Technology Investor Update
Engage Technology Investor Update.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 5934G Primorus Investments PLC 07 November 2018 \n\nPrimorus Investments plc\n(\"Primorus\" or the \"Company\")\nEngage Technology Investor Update Received\n \nPrimorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to provide shareholders with an update on its investment in the SaaS (\"Software as a Service\") end-to-end workforce software vendor Engage Technology Partners (\"`Engage\") by way of an update received by Primorus from Engage. Primorus has invested a total of GBP£1.4m in Engage made up of GBP£400,000 at £15 per share and GBP£1.0m at £22 per share. \n \nThis update follows on from information provided in the Primorus Q3 Report announced on 24 October 2018 and please note that some areas of content of the Engage Report is deemed commercial in confidence however Engage have kindly allowed us to transmit some of the information for the benefit of Primorus shareholders. \n \nHighlights;\n· Strong construction market penetration via VMS (\"Vendor Management System\") sales to Tier 1 construction companies. Post-period reporting 75 live Corporate Clients with a further 17 contracted pending going live.\n \n· Significant corporate interest from global software vendors and aggregators in Engage products and the Engage platform. Discussions with multi-party potential corporate investors accelerate.\n \n· Collaboration with California-based Jumio to incorporate and integrate their global RTW (\"Right To Work\") verification solution into the Engage platform. \n \n· Completed several keenly awaited critical first version self-serve product units including OSP (\"Outsourced Payroll Product\") and PAYE for Temps allowing the entire platform to attain a level of self service across the offering.\n \n· A product scaling refinement has reduced the run-rate average monthly revenues to below management forecasts. Pleasingly product engineering has already mitigated this specific issue.\n \n· Projected platform revenues expected to accelerate into Q1 2019 and point of maximum product development spend reached in October and cashflows heading back towards breakeven in 2019.\nAlastair Clayton, ...