Mercia Technologies PLC Further significant fund realisation achieved
05 October 2017 - 5:00PM
RNS Non-Regulatory
TIDMMERC
Mercia Technologies PLC
05 October 2017
RNS Reach 5 October 2017
Mercia Technologies PLC
("Mercia" or the "Group")
Further significant fund realisation achieved
Mercia Technologies PLC (AIM: MERC), the national investment
group focused on the funding and scaling of innovative technology
businesses with high growth potential from the UK regions, is
pleased to announce that one of its third party managed funds, the
RisingStars Growth Fund ("Fund"), has completed a further cash
realisation from Blue Prism Group plc, representing to date a 55x
return on the Fund's original investment.
Blue Prism (AIM: PRSM), a global leader in Robotic Process
Automation, listed on AIM in March 2016 at 78.0pence per share,
with a market capitalisation of GBP49.0million. Today, the UK-based
software company is valued at in excess of GBP600.0million. The
aggregate cash return to date for the Fund totals GBP49.1million
which provides a 55x return on the original GBP900,000 invested.
This excludes the potential value of the remaining 4.9% stake still
held in Blue Prism by the Fund.
Blue Prism is located in one of Mercia's core investment regions
in the North West of England and received initial investment from
the Fund (which is managed by Enterprise Ventures Limited ("EV"), a
Mercia wholly owned subsidiary). The investment is led by Julian
Viggars, Head of Technology Investments at Mercia, who has been
personally involved with Blue Prism since the early seed rounds in
2004.
As with many of Mercia's managed funds, the Group will benefit
from a modest profit share/ carried interest. Mercia does not have
a direct stake in Blue Prism as the Fund's investment occurred
prior to Mercia's acquisition of EV.
Julian Viggars, Head of Technology Investments at Mercia
Technologies PLC, said:
"Our support of Blue Prism illustrates the use of patient
capital at its best as it was identified by our team at an early
stage in 2004. Blue Prism's market capitalisation has risen by more
than 12x since listing, generating significant returns for the Fund
which has retained a holding and we will remain a supportive
investor as the company continues to grow its market leading
position. This is an excellent example of Mercia's Complete Capital
Solution delivering significant shareholder returns through the
identification of exciting technology investment opportunities with
growth potential."
For further information, please contact:
Mercia Technologies PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatech.co.uk +44 (0)330 223 1430
Cenkos Securities plc
Stephen Keys, Camilla Hume (NOMAD) +44 (0)20 7397 8900
Buchanan
Bobby Morse, Victoria Hayns, Stephanie Watson
www.buchanan.uk.com +44 (0)20 7466 5000
About Mercia Technologies PLC
Mercia is a national investment group focused on the funding and
scaling of innovative technology businesses with high growth
potential from the UK regions. Mercia benefits from 18 university
partnerships and offices across the Midlands, the North of England
and Scotland providing it with access to high quality, regional
deal flow. Mercia Technologies PLC is quoted on AIM with the epic
"MERC".
Mercia's 'Complete Capital Solution' initially nurtures
businesses via its third party funds (now with circa
GBP336.5million under management following recent mandate wins) and
then over time Mercia can provide further funding to its Emerging
Stars by deploying direct investment follow-on capital from its own
balance sheet. Since its IPO in December 2014, Mercia has invested
over GBP41.0million directly across its portfolio of 'Emerging
Stars'.
This information is provided by RNS
The company news service from the London Stock Exchange
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