TIDMMERI
RNS Number : 6972M
Merian Chrysalis Investment Co. Ltd
13 May 2020
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, any member state of the European Economic Area
(other than the United Kingdom), Canada, Australia, Japan or the
Republic of South Africa.
Merian Chrysalis Investment Company Limited
13 May 2020
Merian Chrysalis Investment Company Limited (the "Company")
Portfolio Update
-- Investment in Featurespace Limited
-- Completion of follow-on investments in Embark Group Limited and Secret Escapes Limited
-- Update on portfolio composition
Investment in Featurespace Limited
The Company is pleased to announce an investment of GBP20
million as part of a GBP30 million funding round conducted by
Featurespace Limited ("Featurespace"), alongside other existing
investors in the round including Highland Europe, MissionOG, TTV
Capital and IP Group.
Featurespace is a world leader in financial crime risk
management for fraud and anti-money laundering ("AML").
Featurespace invented adaptive behavioural analytics and created
the ARIC Risk Hub platform, which utilises real-time machine
learning software that risk scores events in more than 180
countries to prevent fraud and financial crime.
ARIC Risk Hub uses advanced, explainable anomaly detection to
enable financial institutions to automatically identify risk, catch
new fraud attacks and identify suspicious activity in real-time.
This differs from most other fraud/AML systems that are based on
discrete rules that are non-adaptive to emerging threats, and thus
require continual retraining to ensure optimisation. More than 30
major global financial institutions are using ARIC Risk Hub to
protect their business and customers, including four of the five
largest banks in the UK. Customers include HSBC, TSYS, Worldpay,
RBS NatWest Group, Contis, Danske Bank, ClearBank, Permanent TSB
and Betfair.
Richard Watts, portfolio manager, comments:
"Featurespace has developed truly innovative technology and
provides financial institutions with a world-class solution in the
fast growing fraud detection and prevention market. We are
delighted to announce this fantastic addition to the Merian
Chrysalis portfolio and we look forward to supporting the
Featurespace team as they continue to grow and develop the
business."
Completion of follow-on investments in Embark Group Limited and
Secret Escapes Limited
The Company also confirms that its follow-on investment of
GBP12.2 million (announced November 2019) has now completed,
enabling Embark to close its acquisition of Sterling ISA Managers
Limited and Zurich Investment Services Limited.
As part of a wider funding round, the Company has also made a
GBP2.6 million follow-on investment in Secret Escapes Limited. This
funding will ensure the business is well placed to navigate the
Covid-19 environment and focus on long-term value generation.
Update on portfolio composition
As a result of its investments in Featurespace, Embark Group
Limited and Secret Escapes Limited, the Company's capital is
approximately 88% per cent invested.
Nick Williamson, portfolio manager, comments:
"Merian Chrysalis entered 2020 well capitalised. This position
has given us the opportunity to invest in Featurespace, an asset
we've been tracking for over a year, while preserving adequate
flexibility to support our existing portfolio assets across a range
of probable Covid-19 related trading scenarios. As well as being a
tremendously exciting asset in its own right, Featurespace's
software model continues to diversify the portfolio's thematic
exposure, an ambition that we set out at IPO."
For further information, please
contact:
Merian Global Investors:
Amelie Shepherd +44 (0) 20 7332 8345
Liberum:
Gillian Martin / Owen Matthews +44 (0) 20 3100 2000
Maitland Administration (Guernsey)
Limited:
Hannah Le Page +44 (0) 1481 749364
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be available on the Company's
website at https://www.merian.com/chrysalis/ . Neither the content
of the Company's website, nor the content on any website accessible
from hyperlinks on its website for any other website, is
incorporated into, or forms part of, this announcement nor, unless
previously published by means of a recognised information service,
should any such content be relied upon in reaching a decision as to
whether or not to acquire, continue to hold, or dispose of,
securities in the Company.
This announcement may include "forward-looking statements". All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
the Company's financial position, business strategy, plans and
objectives of management for future operations (including
development plans and objectives relating to the Company's products
and services) are forward-looking statements.
Forward-looking statements are subject to risks and
uncertainties and accordingly the Company's actual future financial
results and operational performance may differ materially from the
results and performance expressed in, or implied by, the
statements. These factors include but are not limited to those
described in the formal Prospectus. These forward-looking
statements speak only as at the date of this announcement. The
Company expressly disclaims any obligation or undertaking to update
or revise any forward-looking statements contained herein to
reflect actual results or any change in the assumptions, conditions
or circumstances on which any such statements are based unless
required to do so by the Financial Services and Markets Act 2000,
the Listing Rules or Prospectus Rules of the Financial Conduct
Authority or other applicable laws, regulations or rules.
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END
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