Business
US$41m disposal of interest in Pipedrive
US$41m disposal of interest in Pipedrive.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1661F\n TMT Investments PLC\n 12 November 2020\n \n \n \n \n 12\n November 2020\n \n \n \n \n \n TMT INVESTMENTS Plc\n \n \n (\"TMT\" or the \"Company\")\n \n \n \n \n \n US$41 million disposal of TMT's interest in Pipedrive and portfolio update\n \n \n \n \n \n TMT Investments Plc (AIM: TMT.L), the venture capital company investing in high-growth technology companies, is pleased to announce that \n its portfolio company Pipedrive, Inc. (\"\n Pipedrive\"), \n a leading sales CRM solution (\n \n \n www.pipedrive.com\n \n \n ), has today announced that it signed a definitive conditional agreement regarding a majority investment from Vista Equity Partners (\"Vista\"), a leading US investment firm that focuses exclusively on enterprise software, data and technology-enabled businesses (the \"Transaction\").\n \n \n \n \n \n As part of the Transaction, TMT has agreed to dispose of its entire holding in Pipedrive to Vista for a cash consideration of approximately US$41 million (the \"Disposal\").\n \n \n \n \n \n \n The Disposal represents a substantial valuation uplift of approximately US$29.1 million (or 245%) in the value of TMT's investment in Pipedrive prior to the Disposal, being the sum of the previous reported amount as of 30 June 2020 plus the value of Pipedrive shares acquired by TMT in July 2020.\n \n \n \n \n \n The Disposal will result in a significant increase in the Company's net asset value (\"NAV\"), equivalent to approximately US$1 per share (before adjustments for the Company's ongoing operating expenses, accrued bonus, potential future revaluations/impairments, and similar items). This represents a material uplift in the Company's NAV of approximately 28.8% from the previously stated figure of US$3.46 per share as of 30 June 2020.\n \n \n \n \n \n The completion of the Transaction, and hence the Disposal, is subject to various conditions being satisfied, which includes, inter alia, certain competition approvals, with the parties anticipating completion of the Transaction and receipt of funds by the Company in connection with the Disposal before the end of 2020. Further announcements will be made as appropriate in this regard.\n \n \n \n \n \n As Pipedrive is a private company, the profits of Pipedrive are not publicly av...