TIDMPIRI
Pires Investments PLC
01 December 2022
1 December 2022
Pires Investments plc
("Pires" or the "Company")
Investment in Smarttech247 Group plc
Smarttech247 announces its Intention to Float on AIM
Pires Investments plc (AIM: PIRI), the investment company
focused on next-generation technology, is pleased to provide an
update in relation to the first Sure Valley Ventures fund's
("SVV1") investment in Smarttech247 Group plc ("Smarttech247").
Pires is pleased to note the announcement by Smarttech247 of its
intention to seek admission of its shares to trading on AIM, a
market of the London Stock Exchange.
-- 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.
-- Smarttech247 aims to provide security solutions to a growing
list of blue-chip clients (B2B) utilising an automated Managed
Detection and Response Platform. The company's services target
proactive prevention for clients and utilise the latest methodology
in the cloud, big data analytics and machine learning, as well as
incident response teams, to protect enterprises as they migrate to
cloud-based IT operations.
-- The company has demonstrated a return on investment for
clients that have implemented its platform.
-- Smarttech247 has a diverse portfolio of blue-chip customers
that includes pharmaceutical, technology, industrial and services
companies.
-- Two new proprietary technologies, ThreatHub and VisionX were
launched in 2022, in addition to NoPhish in 2021.
-- Forrester Consulting determined that the VisionX product
provides in excess of a 300% ROI and EUR2 million net of present
value (NPV), providing customers with a "payback" on investment
within 6 months.
-- 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 has raised approximately GBP3.67 million of new
funds to support its continued expansion into new products and
geographies, development of its proprietary technology and for
general working capital purposes. The directors of the company
believe that a listing will give Smarttech247 greater visibility
and credibility in overseas geographies, including the USA and
Europe, and will support its growth plans in the short and long
term.
Smarttech247 has recently launched two new proprietary security
software as a service products; VisionX in June 2022 and ThreatHub
in August 2022. VisionX is the Smarttech247 automated security
operations centre platform which is a cybersecurity offering
providing 24/7 proactive threat detection and response, using cloud
data analytics, machine learning and an incident response
capability. VisionX has won two multi-year contracts within months
of launch; one of which is with a US-based Fortune 500
corporation.
Admission is expected to take place on or around 15 December
2022.
Further information on Smarttech247 can be found on the
company's website: www.smarttech247.com .
Pires has a combined direct and indirect interest of circa 20%
in SVV1, a venture capital fund focused on investing in the
software technology sector with a specific focus on Artificial
Intelligence, the Internet of Things, Cyber Security, Machine
Learning, Immersive Technologies and Big Data.
Nicholas Lee, Director of Pires, commented:
"The investment in Smarttech247 was originally made in May 2021
and we recently reported that the company was actively progressing
a listing. We are therefore very pleased that it has now formally
announced its intention to list, particularly against the
background of the current difficult market conditions for new
listings. This is clearly a function of the quality of the company.
We look forward to updating the market further once the
Smarttech247 shares commence trading in the next couple of
weeks.
"This is a further demonstration of the progress that SVV1 is
making in terms of creating value for its investors as the fund now
enters its realisation phase and we are looking forward to further
progress in this regard in the short to medium term."
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Financial media and PR Tel: +44 (0) 20 3004 9512
Yellow Jersey
Sarah Hollins
Henry Wilkinson
Annabelle Wills
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company
providing investors with access to a portfolio of next generation
technology businesses with significant growth potential.
The Company is building an investment portfolio of high-tech
businesses across areas such as Artificial Intelligence, Internet
of Things, Cyber Security, Machine Learning, Immersive Technologies
and Big Data, which the Board believes demonstrate evidence of
traction and the potential for exponential growth, due to
increasing global demand for development in these sectors.
For further information, visit:
https://piresinvestments.com/
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