Business
Investment in Engage Technology Partners Limited
Investment in Engage Technology Partners Limited.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 4801H Primorus Investments PLC 13 March 2018 \n\nPrimorus Investments plc\n(\"Primorus\" or the \"Company\")\n \nFurther GBP500,000 Investment in Engage Technology Partners Limited\n \nPrimorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to announce it has today, by way of subscription at GBP22 per share, invested a further GBP500,000 in Engage Technology Partners Limited (\"Engage\").\n \nIn September 2017 the Company invested, by way of subscription at GBP15 per share, GBP400,000 in Engage on a pre-new money valuation of GBP15m as part of a fully subscribed GBP5.25m funding round. Following this further subscription, Primorus will hold a total of 49,394 shares in Engage, representing circa 3.6% of the issued share capital.\n \nThe subscription price of GBP22 per share represents a 46% premium to the September 2017 placement price of GBP15 per share and represents a portion of rolling GBP4m capital raise by Engage. \n \nAlastair Clayton, Executive Director commented - \"Since our initial investment in September 2017, sales of the Engage platform have shown strong growth and we have recently been informed by management that over 44 corporate clients are signed up to the platform, thereby mandating the product use to their supply chains and service providers. Active users of the platform include large construction companies, well known high-street restaurant chains, numerous small and mid-sized agencies as well as larger labour supply companies across the UK.\"\n \nHe added - \"As a purely SaaS offering with a now proven viral sales model, we see Engage as a priority investment for Primorus with the potential to deliver an outstanding return for our shareholders on either a trade sale and or IPO basis. Subject to available funds, Primorus will likely participate further in this rolling GBP4m raise that is due to close at the end of April/Early May. We have been informed it is the intention of Engage that this round will be the last funding round before a possible IPO and that discussions with City brokers to support an IPO in late 2018 or early 2019 have commenced.\"\n \nAbout Engage\n \nFounded in 2013, Engage builds software to assist with finding, hiring, compliance and paying of the rapidly growing contingent workforce in the UK. Their platform supports the...