Sale of Tessian

Schroders Capital Global Innovation

31 October 2023

 

Schroders Capital Global Innovation Trust plc

Sale of Tessian

Schroders Capital Global Innovation Trust plc (the "Company") announces that its portfolio company Tessian, the innovative email cybersecurity company, has entered into a definitive agreement to be acquired by Proofpoint - a people-centric cybersecurity and compliance company. The agreement is expected to close in late 2023 to early 2024, subject to customary closing conditions and required regulatory approvals. Details of the transaction were not disclosed.

In May 2021, the Company made a $6.75m investment into Tessian as part of its $65m Series C funding round to accelerate its mission of quantifying and preventing human risk in enterprises across the globe. Tessian's Series C round was led by March Capital, a U.S.-based venture capital and growth equity firm, with participation from existing shareholders including Sequoia Capital, Accel, Balderton Capital and Latitude.

Tim Creed, Lead Portfolio Manager, and Harry Raikes, Co-Portfolio Manager commented: " It has been a pleasure working closely with Tim Sadler, CEO, and the Tessian team over the past two years and we wish them all the best in their next chapter. We hope to be able to share more details with the Company's investors when the transaction closes."

Enquiries:

Schroder Investment Management Limited

Shilla Pindoria (Company Secretary)	0207 658 6000
Augustine Chipungu (Press)	0207 658 2106
John Spedding (Head of Investment Trusts)	0207 658 3206

 

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