Foresight VCT PLC Foresight Vct Plc : Sale Of Simulity Labs Limited
July 03 2017 - 11:41AM
UK Regulatory
TIDMFTV
Foresight announces sale of IoT technology business
Simulity Labs Limited
-- Foresight exits just eight months after investment from Foresight VCT
-- GBP11.7m return on original GBP4m investment at IRR of c.400%
-- Boost to Foresight VCT NAV up 3.8%
London: 3 July 2017 - Foresight Group ("Foresight") announces, on behalf
of the Board of Foresight VCT plc ("F1"), that it has completed the
successful sale of Simulity Labs Limited ("Simulity" or "the Company")
to ARM, the world's leading semiconductor IP company.
F1 received c.GBP11.4m at completion and will receive up to GBP0.3m of
deferred consideration after 12 months subject to certain conditions,
implying a cash on cash return of c.3x on the GBP4m invested in October
2016, or an IRR of c.400%. NAV per ordinary share for F1 has
consequentially increased 3.2p from March 2017, all other things being
equal.
Simulity provides embedded operating system software and related server
systems for SIM cards and embedded SIMs ('eSIMs'), allowing Internet of
Things (IoT) devices to securely connect to networks.
F1 invested in Simulity in October last year to support the Company's
strategic aims and management team led by Stéphane Fund. The
Company has successfully transitioned its business model towards
software licensing, launched into the IoT market with its eSIM
technology and, operationally, increased staff numbers by 25%, with new
international offices in South Africa and India to supplement existing
offices in Northern Ireland and Wales.
James Livingston, Partner at Foresight and Director of Simulity (until
completion) commented:
"We are delighted to have supported the management team at Simulity in
the rapid growth and transition of their business, and successful sale.
The vision of the management team and their deep market knowledge
enabled them to develop pioneering technology which will be a key
enabler of the IoT market"
Stéphane Fund, Founder and CEO of Simulity added:
"The institutional backing of Foresight allowed us to scale the business
and continue to build our world leading team and technology, whilst also
providing huge credibility in discussions with large global corporates.
Foresight has worked closely with us, particularly during the exit
process."
ENDS
For further information, please contact:
Ben Thompson, Foresight Group, bthompson@foresightgroup.eu +44 (0)20
3667 8155
NOTES FOR EDITORS
About Foresight Group LLP ("Foresight"):
Foresight is a leading independent infrastructure and private equity
investment manager which has been managing investment funds on behalf of
institutions and retail clients for more than 30 years.
Foresight has GBP2.6 billion of Assets Under Management across a number
of funds, including Listed Vehicles, Limited Partnerships, Enterprise
Investment Schemes (EISs) and Venture Capital Trusts (VCTs).
Foresight's Private Equity team, comprising eighteen investment
professionals, invests typically between GBP1m and GBP5m in management
buy-outs, management buy-ins and growth capital investments in UK SMEs.
Foresight was voted "VCT House of the Year" at the 2016 Unquote British
Private Equity awards.
www.foresightgroup.eu
About Simulity
Established in 2009, Simulity is an established technology company that
specialises in embedded communications and related server-based
applications, connecting millions of devices, globally.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Foresight VCT PLC via Globenewswire
http://www.foresightgroup.eu/
(END) Dow Jones Newswires
July 03, 2017 12:41 ET (16:41 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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