Allied Minds PLC Disposal of portfolio company (8191Q)
01 November 2021 - 6:00PM
UK Regulatory
TIDMALM
RNS Number : 8191Q
Allied Minds PLC
01 November 2021
1 November 2021
Allied Minds
Portfolio company disposal
Allied Minds plc (LSE: ALM, "the Group"), the IP
commercialisation company focused on early stage company
development within the technology sector, has disposed of portfolio
company Spark Insights, Inc. to Concirrus, a private UK-based
insurance technology company. The disposal is valued at $700,000
USD and will be paid in Concirrus stock.
Spark Insights is an advanced analytics company developing
predictive analytics for the insurance industry through the use of
artificial intelligence, smart data, and remote sensing. However,
as previously reported, due to challenges posed by COVID-19, it has
faced delays in fundraising for the continuing operation of the
business. Therefore a sale offers the best return for the company
and its shareholders.
To date, Allied Minds has invested $3.7m USD in Spark Insights.
As at 6 October 2021, Allied Minds' issued and outstanding
ownership of Spark Insights was 70.44% and fully-diluted ownership
was 60.00%. 95% of Allied Minds' portfolio value is held within its
top three portfolio companies, with Federated Wireless, Inc.
driving the ultimate terminal value. This disposal has no impact on
the terminal value of the Group's portfolio.
For more information, please contact:
Allied Minds plc c/o Instinctif Partners
Harry Rein
Instinctif alliedminds@instinctif.com
Tim Linacre / Rozi Morris / Joe
Quinlan
About Allied Minds
Allied Minds plc is an IP commercialisation company focused on
early stage company development within the technology sector. With
origination relationships that span US federal laboratories,
universities, and leading US corporations, Allied Minds
historically created, and now operates and funds, a portfolio of
companies to generate long-term value for its investors and
stakeholders. Based in Boston, Allied Minds supports its businesses
with capital, management, expertise and shared services. For more
information, please visit www.alliedminds.com .
About Concirrus
Concirrus was founded on a passion to harness the IoT and vast
datasets to uncover insights that could create a more sustainable
future for commercial insurance. Specifically built for commercial
insurance by leading insurance practitioners and technologists, its
suite of AI analytics and digital capabilities are empowering the
market. Today, Concirrus is helping commercial insurance clients to
accelerate their digital strategies. Its highly configurable
datasets, AI analytics, cutting-edge risk modelling and cloud-based
architectural solutions, allow clients to build enterprise-grade
solutions that deliver ongoing value. www.concirrus.ai
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