TIDMTPX
RNS Number : 5226M
TPXimpact Holdings PLC
24 May 2022
24 May 2022
TPXimpact Holdings PLC
("TPXimpact", "TPX", the "Group" or the "Company")
Successful spin-out of OpenDialog business
TPXimpact Holdings PLC, the technology-enabled services company
focused on digital transformation, is pleased to announce the
successful spin-out of its conversational AI product
("OpenDialog").
OpenDialog has been developed within GreenShoot Labs, a previous
acquisition of the Group (see TPX's announcement on 12 February
2019), with investment and support from TPX since 2019. Leveraging
artificial intelligence and machine learning, OpenDialog is a
conversational AI platform to design, develop and deploy smarter
human-to-machine conversations. It enables enterprises of all sizes
and across virtually every industry to have a truly engaging
interaction. OpenDialog operates in the conversational AI market,
which is expected by Marketwatch.com (October 21, 2021) to grow to
an estimated $46bn market globally by 2028 .
Following the statement made in TPXimpact's interim results on 1
December 2021 regarding the Company's plans to spin out OpenDialog,
OpenDialog AI Limited ("ODL") was incorporated by TPX alongside
Terry Walby, founder and former CEO of Thoughtonomy, which sold to
Blue Prism for $100M in 2019, Dean Chapman, who was previously the
Chief Commercial Officer of Thoughtonomy, and Dr. Ronald Ashri who
led the research upon which OpenDialog's AI capabilities are built
.
Under the terms of the spin-out TPX has transferred its entire
shareholding in GreenShoot Labs Limited (the owner of OpenDialog)
to ODL for the sum of GBP2,187,500 to be satisfied through the
issue and allotment of 800,000 ordinary shares in ODL at a price of
approximately GBP2.73 per share.
Simultaneously with the completion of the spin-out, ODL has
completed a GBP4.0m private fundraising round at approximately
GBP2.73 per share, arranged by Dowgate Capital, which values ODL at
GBP12.7m on a post-money basis. Following completion of both the
spin-out and private fundraising round, TPX continues to hold
approximately 17.2% of ODL. TPX's current plans are for the Group
to retain this shareholding in ODL.
The ODL and TPX teams are confident this new structure will
enable the business to: focus on delivering value to customers;
invest in continued product enhancement; and fulfil its potential
to become a significant standalone enterprise software company.
Prior to the spin-out, TPX had been funding GSL by approximately
GBP200k per quarter. Having invested heavily in R&D, GSL
recorded an unaudited loss for the financial year ending 31 March
2022 of GBP0.8m.
Going forwards, ODL will be led by Terry Walby (Chief Executive
Officer), Ronald Ashri (Chief Technology and Product Officer) and
Dean Chapman (Chief Commercial Officer). Mike Bobroff, Business
Improvement Director at TPXimpact, will serve in the capacity of
Non-Executive Director as TPX's board representative.
Neal Gandhi, TPXimpact Chief Executive Officer, commented:
"Over the past three years, TPX has helped incubate this
ground-breaking piece of conversational AI technology and has long
since recognised its extraordinary potential, with many large-scale
customers interested in the product. However, like many great
software ideas before it, we recognised that OpenDialog would not
be able to scale fast enough as part of our Group and are therefore
delighted to have established ODL. Our focus has been and continues
to be on cash generation and maintaining margins and the spin-out
of ODL will improve this on a Group basis in the current financial
year. We look forward to closely following ODL's progress, as
minority shareholders and firm supporters."
Terry Walby, OpenDialog AI Co-founder, commented:
"OpenDialog will finally enable businesses and consumers to
realise the game-changing potential of conversational AI - moving
beyond the often painful experiences delivered by current chatbots
and AI assistants. The market has been crying out for a solution
like this, one that not only drives real operational efficiencies
but also enhances and joins up customer experience across a wide
range of channels. "
Enquiries:
TPXimpact Holdings
Neal Gandhi (CEO) Via Alma PR
Oliver Rigby (CFO)
Stifel Nicolaus Europe Limited +44 (0) 207 710 7600
(Nomad and Joint Broker)
Alex Price
Fred Walsh
Ross Poulley
Dowgate Capital Limited
(Joint Broker)
James Serjeant
Russell Cook +44 (0) 203 903 7715
Alma PR tpx@almapr.co.uk
(Financial PR) +44 (0) 203 405 0205
Susie Hudson
Kieran Breheny
Matthew Young
About TPXimpact
TPXimpact exists to transform the organisations, services and
systems that underpin society and that drive business success. It
applies strategic and creative thinking, technology, innovative
design and user-centred approaches to bring about numerous
improvements which together multiply the impact of change.
The Company works closely with its clients in agile,
multidisciplinary teams that span organisational design,
technology, and digital experiences. It shares a deep understanding
of people and behaviours and a philosophy of putting people and
communities at the heart of every transformation.
The business is being increasingly recognised as a leading
alternative digital transformation provider to the UK public
services sector, with c.75% of its client base representing the
public sector and c.25% representing the commercial sector.
More information is available at www.tpximpact.com .
About OpenDialog
OpenDialog AI Ltd. (OpenDialog AI) is a conversational AI
platform to design, develop and deploy smarter human-to-machine
conversations. It enables enterprises of all sizes and across
virtually every industry to have truly engaging interactions. It is
a SaaS-based product so is extremely easy and quick to implement,
while its no-code conversation designer enables businesses to
create amazing customer experiences that are immediately
deployable. Its customers include BDO, Peppercorn Insurance and The
Cyber Helpline.
More information is available at www. opendialog.ai
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