Mercia Technologies PLC New Direct Investment in W2 Global Data Solutions (3861F)
October 29 2018 - 3:00AM
UK Regulatory
TIDMMERC
RNS Number : 3861F
Mercia Technologies PLC
29 October 2018
RNS 29 October 2018
Mercia Technologies PLC
("Mercia")
New Direct Investment into W2 Global Data Solutions
Mercia Technologies PLC (AIM: MERC), the national investment
group focused on the identification, creation, funding and scaling
of innovative technology businesses with high-growth potential from
the UK regions, is pleased to announce a new direct investment into
W2 Global Data Solutions Limited ("W2"). Mercia's GBP2.0million
investment is part of a GBP3.0million funding round alongside the
Development Bank of Wales.
Mercia now has a direct equity holding of 17.4% in W2 and this
direct investment follows on from initial funding rounds by
Mercia's third-party managed funds.
W2's software-as-a-service ("SaaS") tools provide real-time
identity verification services to help organisations prevent fraud
and money laundering, a market estimated to grow from $14.4billion
in 2016 to $33.2billion in 2021. The company targets firms in the
regulated, government and business communities across the globe and
is primarily focused on the gaming, payments and foreign exchange
markets with multi-year revenue contracts. Mercia's investment will
support the business in further expanding its global sales and
marketing plans as well as broadening and accelerating product
development.
Founded in 2011 by CEO Warren Russell, W2 has consistently
achieved over 100 per cent year on year revenue growth and now
employs 42 people. It has also rapidly grown its client base, which
includes goHenry, Caxton and Wirecard.
Warren Russell, CEO of W2, said: "Thanks to the continued
proactive support from Mercia, we will be able to expand our
position within the market and step up our international sales
plans. W2 has experienced significant growth in revenues to date
and this additional funding will facilitate the continued expansion
of the business."
Julian Viggars, Chief Investment Officer of Mercia Technologies
PLC, said: "Having initially backed W2 through our managed funds,
we are delighted to continue to support the business and its highly
experienced management team as it becomes the latest Emerging Star
to join our direct investment portfolio. SaaS technology continues
to be one of Mercia's key areas of focus and we see significant
potential for delivering shareholder value over the medium term as
W2 continues to grow."
For further information, please contact:
Mercia Technologies PLC +44 (0)330 223 1430
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial
Officer
www.merciatech.co.uk
Cenkos Securities plc +44 (0)20 7397 8900
Stephen Keys (NOMAD and Joint Broker)
Canaccord Genuity Limited +44 (0)20 7523 8000
Simon Bridges, Emma Gabriel (Joint
Broker)
Buchanan +44 (0)20 7466 5000
Bobby Morse, Chris Lane, Stephanie
Watson
www.buchanan.uk.com
About Mercia Technologies PLC
Mercia is a national investment group focused on the funding and
scaling of innovative technology businesses with high growth
potential from the UK regions. Mercia benefits from 19 university
partnerships and offices across the Midlands, the North of England
and Scotland providing it with access to high quality, regional
deal flow. Mercia Technologies PLC is quoted on AIM with the epic
"MERC".
Mercia's 'Complete Capital Solution' initially nurtures
businesses via its third-party funds (now with circa GBP400million
under management) and then over time Mercia can provide further
funding to its 'Emerging Stars' by deploying direct investment
follow-on capital from its own balance sheet. Since its IPO in
December 2014, Mercia has invested over GBP63million directly
across its portfolio of 'Emerging Stars'.
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contact rns@lseg.com or visit www.rns.com.
END
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