Investment in Smarttech247 Group plc

RNS Number : 2519I

RiverFort Global Opportunities PLC

01 December 2022

 

1 December 2022

RiverFort Global Opportunities plc

("RGO" or the "Company")

Investment in Smarttech247 Group plc

RGO is pleased to note the announcement by Smarttech247 Group plc ("Smarttech247") of its intention to seek admission of its shares to trading on AIM, a market of the London Stock Exchange , extracts from which are set out below:

· 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 Group's services target proactive prevention for clients and utilise the latest methodology in 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 €2 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 £3.67 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 2 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 and Nicholas Lee, Investment Director of RGO, has also joined the Board of Smarttech247.

Further information on Smarttech247 can be found on the company's website which is www.smarttech247.com.

Philip Haydn-Slater, Non-executive Chairman commented:

"We originally made our investment in Smarttech247 in May 2021 and we reported in our interim results in September 2022 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 testing market conditions for new listings.  This is clearly a function of the quality of Smarttech247.  We look forward to updating the market further once the Smarttech247 shares commence trading in the next couple of weeks."

The Directors of the Company are responsible for the release for this announcement.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

For more information please contact:

RiverFort Global Opportunities plc		[phone]
Philip Haydn-Slater, Non-executive Chairman
Nominated Adviser		[phone]
Beaumont Cornish
Roland Cornish/Felicity Geidt
Joint Broker		[phone]
Shard Capital Partners LLP
Damon Heath/ Erik Woolgar
Joint Broker		[phone]
Peterhouse Capital Limited
Lucy Williams

 

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