Strategic Investment in DataWorks Ltd

RNS Number : 8258Y

Merit Group PLC

18 May 2021

 

Merit Group plc ("Merit Group")

Strategic Investment in DataWorks Ltd ("DataWorks")

18^th May 2021

Merit Group plc, the data and intelligence business, announces that it is making a strategic investment in DataWorks, a new technology company specialising in web data collection at scale. The investment will give Merit access to market leading technology focussed on the important and fast growing e-commerce market.

Under the terms of agreements signed today, Merit Group will take an equity stake of 10.9% in DataWorks for a total consideration of €600k payable in two tranches in the current financial year. Merit Group will become the first client of DataWorks giving it a licence to utilise the DataWorks platform.

Con Conlon, a Merit Group Executive Director, will join the DataWorks Board. Merit Group, which is investing in DataWorks alongside Enterprise Ireland, will fund the share acquisition from its existing cash resources.

DataWorks is a technology company focussed on the creation and deployment of a market leading web data integration engine. Web data is useful information that exists on websites which companies collect and use to inform them about their customers and market trends and provide a competitive edge over their rivals. DataWorks' platform and technology, which is focussed on the e-commerce market, has the ability to gather very large data sets from multiple sites and geographies in real time.

Con Conlon, Director of Merit Group plc, said;

"Merit Group's investment in DataWorks builds on our existing strengths in data and intelligence and is a demonstration of Merit Group's strategy to invest in technology that helps us to be an expert guide in a data rich world. The DataWorks licence agreement gives us the opportunity to offer our clients the benefits of very large data sets in the important eCommerce space.

"We are excited to be partnering with DataWorks and look forward to offering the company's game changing technology solution to our clients."

Allen ONeill, Founder of DataWorks, commented;

"We are delighted to have the Merit Group, alongside Enterprise Ireland, providing capital. Merit's expertise in data and intelligence as well as its proven sales engine will be of great benefit to us as we scale our business.

"DataWorks' proprietary technology is far ahead of the current competition and is unique in the marketplace. It provides a compelling opportunity for customers, putting them fully in control of their data whilst dramatically lowering the cost of collecting large volumes of data at extreme scale."

DataWorks will market its new technology as a platform on a subscription model, giving clients full control of, and access to, their own data. The team driving DataWorks are highly experienced and respected industry leaders, with unique and proven specialist expertise in the market.

For further information contact:

Merit Group plc

Mark Smith - Non-Executive Chairman                                            020 7593 5500

www.meritgroupplc.com

Canaccord Genuity Limited (Nomad and Broker)

Bobbie Hilliam  020 7523 8150

Georgina McCooke

DataWorks Ltd

Allen ONeill  [e-mail]

About Merit Group

Merit Group is a data and intelligence business. The Group uses proprietary technology and Artificial Intelligence (AI) to gather and enhance complex and hard to acquire data whilst using its team of experts to provide analysis and intelligence covering a wide range of political, regulatory and business data.

 

END

 

 

ACQSFUSAWEFSEEI