Globalive Technology today provided an update on some of the
highlights of its investment in a portfolio of technology companies
and potential collaborators with an aggregate book value of
approximately $12 million.
TORONTO, Feb. 13, 2020 /CNW/ - Globalive Technology Inc.
(TSX-V: LIVE) (the "Company"), a technology company based in
Toronto, Ontario, today provided
an update on some of the highlights of its portfolio of investments
in technology companies and potential collaborators (the "Portfolio
Companies"), which dates back to Q1 2018.
The Company currently has investments in eight Portfolio
Companies with a total book value of approximately $12 million. The Portfolio Companies consist
primarily of software and technology companies serving the
automotive, financial, legal, and municipal government sectors with
artificial intelligence, IoT and SaaS platform-enabled solutions
and services. Notable examples include:
- Acorn Biolabs ("Acorn"), which provides a cost-effective,
non-invasive solution to collecting live genomes for use in
regenerative medicine and advanced gene therapies, went live in Q3
2019 and is presently ramping its collection efforts through
multiple direct-to-consumer and laboratory channels across
Canada.
- Civic Resources Group International (d/b/a "CivicConnect"), a
software company that enables municipalities to create their own
smart city applications and technology solutions, has won several
large contracts through its integration partners in Los Angeles, New
York, San Francisco and
Seattle.
- Eigen Innovations, which continues to ramp its industrial
artificial intelligence business, helping machines manage large
amounts of data and improve their productivity.
- FutureVault, which launched its digital collaborative vault for
managing sensitive information between financial and service
professionals and their consumer and corporate clients in mid-2019.
A large-scale rollout is presently ramping with one of the largest
document retention companies in the U.S. as well as independent
asset managers in North
America.
Investment candidates are selected based on strong management
teams with relevant backgrounds, clearly defined problems that need
to be solved, well-articulated customer acquisition strategies and
suitability as possible future collaborators with the Company on
technology projects and businesses.
In Q3 2019, the Company successfully concluded its first
significant monetization (approximately $3.5M) of a Portfolio Company, producing a return
of 113% in just over a year.
Where deemed appropriate, the Company continues to make
follow-on investments in Portfolio Companies, including two recent
follow-on investments in Acorn (Q4 2019) and CivicConnect (Q1
2020), in each case at favorable valuations, to support customer
acquisition growth in 2020.
"We believe the tech ecosystem in Canada, with its world-class universities,
represents a fantastic opportunity to discover, invest and
collaborate with companies developing cutting edge technologies and
technology-enabled services," said Anthony
Lacavera, the Company's Chief Executive Officer.
The Company's management continues to consider how best to build
on its technology investment experience, with possibilities
including launching a new business line to offer management and
fiscal advisory services to technology start-up companies,
increasing its participation in existing investees, participating
in or directing a technology venture or private equity fund, and
other similar activities. Such considerations are in their earliest
stages and there can be no assurance at this time that the Company
will pursue any such business activities.
In the meantime, the Company is continuing its discussions with
and interest in Flexiti Financial Inc. and its affiliates (the
"Flexiti Group"), a leading point-of-sale consumer financing
solutions company in Canada with
over one million customers and a loan book of approximately a
quarter of a billion dollars, which are described in greater detail
in press releases dated January 9,
February 20 and September 13, 2019.
About Globalive Technology Inc.
Globalive Technology is a next generation software company and
venture partner developing innovative solutions to disrupt
traditional industries by leveraging artificial intelligence and
machine learning technology stacks, with a particular focus on
delivering innovative payment, billing and credit solutions.
Globalive Technology is controlled by Globalive Capital Inc., which
has founded and co-founded 12 businesses over the past 20 years
with six successful exits ranging from $10M to $1.3B
USD. It has also made over 100 venture investments and has over 45
technology companies in its portfolio. For more information,
visit www.globalivetech.com.
For media inquiries:
Rob
Moysey
Communications Manager, Globalive
Media@globalivetech.com
For investor inquiries:
Simon
Lockie
Chief Corporate Officer
1-647-977-2727
InvestorRelations@globalivetech.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements
relating to the Company, its investments in existing and future
Portfolio Companies, its consideration of other lines of business
which might capitalize on its technology investing experience, and
its ongoing discussions with and interest in the Flexiti Group.
Such forward-looking statements are identified by terms such as
"potential", "expected", "continues to", "presently ramping",
"possibilities" and similar expressions. All statements, other than
statements of historical fact included in this release, including
those noted above, are forward-looking statements that involve
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company's expectations include
changes to the Company's business focus, strategic plan or
capital requirements; changes in market and industry conditions for
the Company or its Portfolio Companies; unexpected operating gains
or losses in the Company or its Portfolio Companies; management's
assessment of the viability of different businesses and business
partners; a breakdown in the Company's relationship with its
existing or potential future Portfolio Companies; the availability
of future transactional opportunities; the satisfaction of the
conditions precedent to completing any existing business or
transactional opportunities, including the availability of adequate
financing and regulatory, shareholder and third-party approvals for
any transaction with the Flexiti Group; other parties seeking to
acquire an interest in the Flexiti Group or any of the Portfolio
Companies; difficulties or delays in the development of new
technologies by the Company or its Portfolio Companies;
technologies not functioning as expected; third parties not using
technologies and services as expected; economic conditions making
certain technologies or services less attractive than anticipated;
competitors in the industry and other risks as set out in the
Company's Filing Statement available on its SEDAR page
at www.sedar.com.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties, and other
factors, many of which are beyond the control of the Company.
The Company cannot guarantee that any of the forward-looking
statements contained in this press release will occur as disclosed
herein or at all. The reader is cautioned not to place undue
reliance on any forward-looking information.
Such information, although considered reasonable by
management at the time of preparation, may prove to be
incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will only
update or revise publicly the included forward-looking statements
as expressly required by Canadian securities law.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Globalive Technology