Business
New Investments
New Investments.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 5705P Primorus Investments PLC 01 September 2017 \n\nPrimorus Investments plc\n(\"Primorus\" or the \"Company\")\nNew Investments\nPrimorus Investments plc (AIM: PRIM, NEX: PRIM) announces that it has made three new investments, as detailed below:\nEngage\nPrimorus has invested, by way of subscription, £400,000 in Engage Technology Partners Limited (\"Engage\") on a pre-new money valuation of £15m as part of a fully subscribed £5.25m funding round. Founded 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 entire workflow, and simultaneously services employers, recruitment agencies, payroll companies, accountants and workers. Having everyone in the supply chain sharing the same platform makes a difficult, expensive, and error-prone process simple and more cost effective. \nAt present the recruitment industry is fragmented by dozens of software suppliers providing only part of the functionality required, to one customer at a time. This generates duplication of effort, administration errors and fraud as data is re-keyed and passed manually between parties. Engage's solution to this is a SaaS platform hosted on Amazon Web Services, available securely via the Cloud on any internet device, by the whole market, simultaneously. \nEngage is sold via a referral and viral sales model and does not have a marketing budget as part of its business model. Its directors believe it is already challenging the large enterprise-based incumbents via a low-cost SaaS model of charging £1.99 per worker per week.\nEngage has rapidly gone from a minimally viable product to a fully saleable and scalable SaaS platform which has built up an impressive and rapidly growing customer base including many household names. The current funding round is largely being deployed to allow for more product automation in roll-out to customers with a view to providing a fully automated process by January 2018.\nAn AIM IPO is planned to take place in 2018. In the year ended 31 May 2017, Engage incurred a loss of £1.71m and intends to break even in the current financial year.\nFOMO Money\nPrimorus has invested, by way of subscription, A$400,000 (approximately £240,000) in FOMO Money Pty Ltd (\"FOMO Money\")...