TIDMLEG
RNS Number : 1851L
Legendary Investments PLC
17 July 2017
17 July 2017
Legendary Investments PLC
("Legendary" or the "Company")
VirtualStock Holdings Limited ("VS") completes strategic funding
round with Notion Capital ("Notion"), a trading name of The Fund
Incubator Limited
Legendary announces that its investee company, VS, has attracted
an investment of GBP4.5m from Notion Capital, a leading European
B2B SaaS Venture Capital firm, to support its next phase of growth.
The round values VS at GBP66m.
VS's goal is to transform global B2B supply chains and
marketplaces through its ability to seamlessly and rapidly connect
systems together. VS's core platform ("The Edge") is already used
by leading retailers including Tesco, John Lewis, Sainsbury's,
Argos and Dixons Carphone to support their digital and omni-channel
strategies. The Edge brings increased transparency and simplicity
to a company's supply chain meaning customers can take advantage of
the ever-increasing opportunities that an omni-channel environment
presents.
As well as the country's leading retailers, VS also counts the
leading NHS Trusts amongst its clients. VS also has a partnership
with NHS Shared Business Services to bring The Edge to the NHS to
help realise up to GBP1bn of annual savings through transforming
the end-to-end procurement process.
Founded in 2009, Notion Capital is a leading European venture
capital firm focused on enterprise SaaS and Cloud companies.
Notion's partners are best known for founding and building
MessageLabs, one of the world's largest SaaS exits at its $700m
sale to Symantec in 2008. The firm backs exceptional enterprise
software entrepreneurs who Notion believes have the potential to
transform large, global markets. Notion has made 45 investments to
date.
The investment will enable VS to accelerate its already rapid
growth in its core retail and health sectors, and support further
expansion into new geographic markets and sectors, establishing the
business as a global player enabling its clients to deliver digital
supply chain transformation fast.
Following this investment, Legendary's stake in VS is 6.8%.
Andrew Mills, CEO at VirtualStock said: "We are delighted that
Notion Capital has chosen to invest in our business as we believe
they are the best possible partners for us. Its team brings unique
experience having founded and exited MessageLabs and also has built
the "Notion Platform" to support their portfolio businesses through
a range of value added services.
The investment comes at a very exciting time as we continue to
grow our market share in retail and are poised to become the de
facto catalogue and procure-to-pay solution within the NHS. We will
now be in a position to accelerate our growth, enhance our
portfolio of solutions and expand into new markets. We look forward
to further investment in our clients, staff and supplier base,
including creating further high quality UK tech sector jobs in the
M4 'silicon corridor' over the next year."
Stephen Chandler, Managing Partner at Notion Capital said:
"Digital supply chain is a hot topic, and for good reason.
VirtualStock delivers an agile supply chain technology platform
that allows its clients to quickly adapt to the challenges of
digitisation without turning to traditional systems integration,
thereby reducing cost and risk while accelerating benefits.
VirtualStock has already demonstrated this in two important sectors
and has accumulated an impressive portfolio of clients. They are
now superbly placed to scale rapidly and we believe that they will
become another UK technology success story."
Zafar Karim, Executive Chairman of Legendary, said: "We are
pleased that Notion has recognised the value and potential of VS.
Notion invests in B2B SaaS & Cloud Services companies with high
growth potential and global ambition
VS continues to make progress in its core targeted markets. As
well as benefitting from the investment by Notion, it will benefit
from their experience and expertise. We look forward to continuing
to work with VS and Notion to help VS realise its potential."
- ENDS -
Zafar Karim
Legendary Investments / Thomas 020 8201
PLC Reuner 3536
Colin Aaronson
Grant Thornton / Harrison 020 7383
UK LLP Clarke 5100
Beaufort Securities 020 7382
Limited Elliot Hance 8300
About VirtualStock Holdings Limited:
VirtualStock is a leading British SaaS company that aims to
transform global enterprise supply chains and marketplaces. Its
flagship product The Edge has been successful in delivering supply
chain optimisation for leading retailers, the NHS, suppliers and,
ultimately, their customers.
The Edge delivers best-in-class eProcurement functionality,
including an Amazon-style B2B marketplace, full procure-to-pay
(P2P), product information management (PIM), catalogue management,
order management, inventory management, e-invoicing, track and
trace, and analytics. The platform is GS1(1) and PEPPOL(2)
certified.
(1) GS1 is an international organisation that develops and
maintains supply chain standards in healthcare, retail, transport
and logistics and more.
(2) PEPPOL (Pan European Public Procurement On-Line) is a system
which provides organisations and its suppliers with a standardised
connection for eOrdering, eInvoicing, electronic Credit Notes and
Advance Shipping Notifications.
www.virtualstock.co.uk
About Notion Capital:
Notion is a venture capital firm focused on high-potential
businesses in the Enterprise Cloud Computing and
Software-as-as-Service (SaaS) markets. The Notion team has unique
expertise and experience in the Cloud Computing market having
founded, built and exited two highly successful businesses in the
space - Star and MessageLabs. The Notion portfolio includes
Currency Cloud, Dealflo, DemystData, GoCardless, MoveGuides,
NewVoiceMedia, Triptease and Workable.
www.notioncapital.comwww.notioncapital.com
About Legendary Investments PLC:
Legendary Investments PLC is a proactive investment company that
focuses on making investments in and assisting companies which
exhibit the potential to generate returns of many multiples through
capital appreciation. Typically, Legendary invests in small
companies where there are clear catalysts for value appreciation
and the companies are operating in sectors exhibiting long term
growth. Examples of such sectors include technology, energy and
natural resources.
www.leginvest.com
Disclaimers:
None of the Notion funds referred to herein is open to
investment from members of the general public. Past performance is
not an indicator of future performance and the value of investments
can go up as well as down.
Notion Capital is a trading name of The Fund Incubator Limited -
registered in Scotland Co No SC21868. MBM COMMERCIAL, 5th Floor 125
Princes Street, Edinburgh, Scotland, EH2 4AD. Authorised and
Regulated by the Financial Conduct Authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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