Investee Smarttech247 - admission to AIM

RNS Number : 8358J

RiverFort Global Opportunities PLC

15 December 2022

 

15 December 2022

RiverFort Global Opportunities plc

("RGO" or the "Company")

Investment in Smarttech247 Group plc - admission to AIM

RGO is pleased to note the announcement by Smarttech247 Group plc ("Smarttech247") of the admission of its shares to trading on AIM and first day of dealings, extracts from which are set out below:

Key Highlights

· Smarttech247 is a multi-award-winning, AI-based cybersecurity organisation. It is led by a highly experienced Board and management team, with its head office located in Cork, Republic of Ireland and a client base predominantly in Europe and the USA.

· The Company is profitable and cash generative and has achieved significant revenue growth in FY21 (20% over projected revenue and 50% growth compared to FY20) and expects continued growth in FY22.

· Smarttech247 provides security solutions to a growing list of blue-chip clients (B2B) utilising an automated Managed Detection and Response Platform. The Group's services target proactive prevention for clients and utilise the latest methodology in cloud, big data analytics and machine learning, as well as incident response teams, to protect enterprises as they migrate to cloud-based IT operations.

· Smarttech247 has a diverse portfolio of blue-chip customers that includes pharmaceutical, technology, industrial and services companies.

· The Company has demonstrated a return on investment for clients that have implemented its platform. Forrester Consulting determined that the VisionX product provides in excess of a 300% ROI and €2 million net of present value (NPV), providing customers with a "payback" on investment within 6 months.

· Smarttech247 is highly focused on innovation and operational excellence, and has exciting plans to continue to expand its Research and Development department in order to further enhance its security technologies. Two new proprietary technologies ThreatHub and VisionX were launched in 2022, in addition to NoPhish in 2021.

As announced on 1 December 2022, Smarttech247 has successfully raised gross proceeds of £3.67 million for the Company, through a Placing of 12,385,828 new Ordinary Shares at the Placing Price of 29.66 pence per share. Based on the Placing Price, the Company's market capitalisation is approximately £36.80 million at Admission.

RGO's holding in Smarttech247 currently comprises 7,642,006 ordinary shares, representing a 6.16% shareholding in the company which, based on the placing price of 29.66 pence, is currently valued at £2,266,619.  This shareholding is subject to an orderly marketing restriction for a 12 month period from the date of Admission.

Further information on Smarttech247 can be found on the company's website which is www.smarttech247.com.

Philip Haydn-Slater, Non-executive Chairman commented:

"We congratulate Smarttech247 on its successful listing in difficult market conditions.  Smarttech247 has to date delivered an attractive return to the Company and we look forward to continued progress at the company in the near future."

The Directors of the Company are responsible for the release for this announcement.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

For more information please contact:

RiverFort Global Opportunities plc		[phone]
Philip Haydn-Slater, Non-executive Chairman
Nominated Adviser		[phone]
Beaumont Cornish
Roland Cornish/Felicity Geidt
Joint Broker		[phone]
Shard Capital Partners LLP
Damon Heath/ Erik Woolgar
Joint Broker		[phone]
Peterhouse Capital Limited
Lucy Williams

 

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