Revaluation of investment in Wrike, Inc.

RNS Number : 4167M

TMT Investments PLC

07 May 2015

 

7 May 2015

TMT INVESTMENTS PLC

("TMT" or the "Company")

Revaluation of investment in Wrike, Inc.

TMT Investments PLC, which invests in high-growth internet-based companies across a variety of sectors, is pleased to announce that its portfolio company Wrike, Inc. ("Wrike") has recently completed a US$15 million equity financing round led by Scale Venture Partners, a prominent US venture capital fund.

As a result, TMT now holds approximately 3.68% of Wrike's fully-diluted equity capital worth approximately $4.3 million. The transaction represents an approximately US$2.3 million (or 116%) uplift in the fair value of TMT's investment in Wrike, compared to the latest reported amount reported as of 31 December 2014.

TMT originally invested US$1.0m in Wrike in June 2012.

Alexander Selegenev, Executive Director of TMT, commented: "We are delighted that our expectations of seeing a number of significant positive portfolio revaluations announced in our 2014 Annual Report started to materialize so quickly.  Wrike's ability to manage complex digital work with ease is driving its expansive growth, which has accelerated since the launch of its enterprise offering in 2013.  The company is now adding over US$1.5 million in new annualised recurring revenue every month. We look forward to continued growth at Wrike."

Founded in 2007 and headquartered in Mountain View, Wrike (www.wrike.com) is a SaaS-based work platform with over 8,000 organizations using its paid product.  It has raised a total of US$26 million from Bain Capital Ventures, Scale Venture Partners, DCM Ventures and TMT Investments.  Wrike has been translated into ten languages and is sold in 120 countries.  Awarded Cool Vendor status by Gartner in 2014, Wrike was named as one of the Best Places to Work by San Francisco Business Times/Silicon Valley Business Journal and one of the Top 100 Workplaces by the Bay Area News Group in 2015.

For further information contact:

TMT Investments Plc Mr. Alexander Selegenev www.tmtinvestments.com	[phone] [e-mail]
ZAI Corporate Finance Ltd. NOMAD and Broker Richard Morrison/Irina Lomova	[phone]
Kinlan Communications David Hothersall	Tel. [phone] [e-mail]

About TMT Investments

TMT Investments PLC invests in high-growth, internet-based companies across a variety of sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has net assets of over US$37m and has invested in just under 40 companies to date. The company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com

 

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