TMT Investments PLC Additional investment in Pipedrive, Inc. (2937O)
September 18 2013 - 5:25AM
UK Regulatory
TIDMTMT
RNS Number : 2937O
TMT Investments PLC
18 September 2013
18 September 2013
TMT INVESTMENTS PLC
("TMT" or the "Company")
Additional investment in Pipedrive, Inc.
TMT Investments PLC, which invests in high-growth,
internet-based companies across a variety of sectors, is pleased to
announce the completion of an additional investment in Pipedrive,
Inc. ("Pipedrive").
Incorporated in Delaware and headquartered in California,
Pipedrive (www.pipedrive.com) has developed powerful online sales
management software aimed at businesspeople who want to actively
drive their sales process and spend less time on administration.
Pipedrive currently employs 21 people in its offices in California
and Estonia. Its paying customer base has tripled in the past 12
months, and the software is used by thousands of paying customers
in over 100 countries, with the US, Brazil, the UK, Canada and
Australia being the biggest markets.
TMT's original investment in Pipedrive was completed on 30 July
2012 and consisted of a US$325,000 unsecured convertible promissory
note in Pipedrive (the "First Note").
TMT's new investment consists of a US$450,000 unsecured
convertible promissory note in Pipedrive (the "Second Note") on the
following terms:
-- Interest rate - the higher of 2.0% per annum or the US applicable federal rate;
-- Term - the Second Note will be repayable in whole or in part
at par at TMT's option on 30 September 2015;
-- Conversion -
o Automatic conversion: any outstanding principal and unpaid
accrued interest on the Second Note will be automatically converted
into Pipedrive's equity securities upon the earliest of (i) closing
of the next equity financing, or (ii) change of control of
Pipedrive, in either case at an equity valuation equal to the lower
of (a) 80% of the equity valuation of Pipedrive applicable to the
next equity financing or change of control, or (b) US$17,000,000
for the whole of Pipedrive's fully diluted equity capital.
o Optional conversion: any outstanding principal and unpaid
accrued interest on the Second Note may be converted after 30
September 2015 at TMT's option at an equity valuation equal to
US$17,000,000 for the whole of Pipedrive's fully diluted equity
capital.
Alexander Selegenev, Executive Director of TMT Investments PLC,
commented: "In the past year, Pipedrive has demonstrated exciting
growth, in terms of both operating and financial results. We
believe the company and its team have all the potential to maintain
these growth rates and therefore are pleased to participate in
Pipedrive's latest financing round."
Definitive agreements for the transaction were entered into, and
the transaction was completed, yesterday.
For further information contact:
TMT Investments Plc +44 1534 281 843
Mr. Alexander Selegenev alexander.selegenev@tmtinvestments.com
www.tmtinvestments.com
ZAI Corporate Finance Ltd.
NOMAD and Broker
Marc Cramsie/Irina Lomova +44 20 7060 2220
Kinlan Communications Tel. +44 20 7638 3435
David Hothersall davidh@kinlan.net
About TMT Investments
TMT Investments PLC invests in high-growth, internet-based
companies across a variety of sectors and has a significant number
of Silicon Valley investments in its portfolio. Founded in 2010,
TMT has raised USD28m and invested in 26 companies to date. The
company's objective is to generate an attractive rate of return for
shareholders, predominantly through capital appreciation. The
company is traded on the AIM market of the London Stock Exchange.
www.tmtinvestments.com
This information is provided by RNS
The company news service from the London Stock Exchange
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