TMT Investments PLC Revaluation of investment in Pipedrive, Inc. (2126N)
May 14 2015 - 8:11AM
UK Regulatory
TIDMTMT
RNS Number : 2126N
TMT Investments PLC
14 May 2015
14 May 2015
TMT INVESTMENTS PLC
("TMT" or the "Company")
Revaluation of investment in Pipedrive, 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 Pipedrive, Inc. ("Pipedrive") has recently
completed a US$9 million equity financing round led by Bessemer
Venture Partners, a prominent global venture capital fund.
As a result, TMT's convertible notes in Pipedrive have been
converted into Pipedrive's equity, and TMT now holds approximately
5.71% of Pipedrive's fully-diluted equity capital.
The transaction represents an approximately US$1.82 million (or
235%) uplift in the fair value of TMT's investment in Pipedrive,
compared to the latest reported amount as of 31 December 2014.
TMT's original investments in Pipedrive consisted of US$325,000
and US$450,000 unsecured convertible promissory notes in Pipedrive
completed in July 2012 and September 2013 respectively.
Alexander Selegenev, Executive Director of TMT, commented: "We
are delighted with the significant positive revaluation of yet
another of our portfolio companies. The US$1.82 million uplift in
the fair value of our investment in Pipedrive represents
approximately 6.5 cents in additional net asset value per TMT
share. Together with the recently announced revaluation of our
shareholding in Wrike, which added approximately 8.3 cents in
additional net asset value per TMT share, the revaluation of our
investment in Pipedrive is a perfect illustration of how IFRS-based
valuations can lag behind the actual underlying valuations of
early-stage businesses in the fast-growing technology sector."
About Pipedrive:
Founded in 2010, Pipedrive (www.pipedrive.com) provides simple,
intuitive sales management software to small businesses. The
company is based in both the U.S. and Estonia and has 77 employees
serving more than 10,000 paying customers worldwide. Pipedrive has
raised US$13.4 million in funding backed by Bessemer Venture
Partners, Paua Ventures, Rembrandt Venture Partners, Monashees
Capital, AngelPad, Storm Ventures, TMT Investments, and angel
investors.
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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