TMT Investments PLC Revaluation of investment in Wrike, Inc. (4167M)
May 07 2015 - 2:01AM
UK Regulatory
TIDMTMT
RNS Number : 4167M
TMT Investments PLC
07 May 2015
7 May 2015
TMT INVESTMENTS PLC
("TMT" or the "Company")
Revaluation of investment in Wrike, Inc.
TMT Investments PLC, which invests in high-growth internet-based
companies across a variety of sectors, is pleased to announce that
its portfolio company Wrike, Inc. ("Wrike") has recently completed
a US$15 million equity financing round led by Scale Venture
Partners, a prominent US venture capital fund.
As a result, TMT now holds approximately 3.68% of Wrike's
fully-diluted equity capital worth approximately $4.3 million. The
transaction represents an approximately US$2.3 million (or 116%)
uplift in the fair value of TMT's investment in Wrike, compared to
the latest reported amount reported as of 31 December 2014.
TMT originally invested US$1.0m in Wrike in June 2012.
Alexander Selegenev, Executive Director of TMT, commented: "We
are delighted that our expectations of seeing a number of
significant positive portfolio revaluations announced in our 2014
Annual Report started to materialize so quickly. Wrike's ability to
manage complex digital work with ease is driving its expansive
growth, which has accelerated since the launch of its enterprise
offering in 2013. The company is now adding over US$1.5 million in
new annualised recurring revenue every month. We look forward to
continued growth at Wrike."
Founded in 2007 and headquartered in Mountain View, Wrike
(www.wrike.com) is a SaaS-based work platform with over 8,000
organizations using its paid product. It has raised a total of
US$26 million from Bain Capital Ventures, Scale Venture Partners,
DCM Ventures and TMT Investments. Wrike has been translated into
ten languages and is sold in 120 countries. Awarded Cool Vendor
status by Gartner in 2014, Wrike was named as one of the Best
Places to Work by San Francisco Business Times/Silicon Valley
Business Journal and one of the Top 100 Workplaces by the Bay Area
News Group in 2015.
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
Richard Morrison/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 net assets of over US$37m and has invested in just under 40
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
END
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