TIDMPIRI
RNS Number : 5153F
Pires Investments PLC
10 March 2020
Pires Investments PLC
("Pires" or the "Company")
Investment in Visibility Blockchain Limited
("Getvisibility")
The Company is pleased to announce that it has agreed to invest
EUR250,000 in Visibility Blockchain Limited, a private company
incorporated in Ireland which trades under the name Getvisibility
(www.getvisibility.com), ("Getvisibility").
Getvisibility is an artificial intelligence security company,
addressing the substantial and increasing problem which
corporations face in storing, sorting, accessing and protecting
data.
The company has developed and launched a software platform using
Artificial Intelligence ("AI") that delivers visibility over data
such as Word documents or pdfs, for enterprises, by automatically,
accurately and precisely scanning and classifying data.
Getvisibility assists organisations to gain control over
unstructured data by categorising, organising, protecting and, by
making it Cloud based, ultimately allowing the data to be
searchable. The software enables companies to quickly visualise
their data footprint, where new and changing data risks have
emerged thereby allowing proactive data management and
security.
Getvisibility's technology utilises deep learning AI, comprising
a lightweight enterprise architecture that provides fast and
accurate visibility of all the data within a client's digital
environment. It removes the need for teams of people to deal with
the problem of manual input and eliminates the requirement for
legacy technology. The company's scalable AI model is adapted for
industry specific data structures and can process and understand
unstructured information as it is being created as well as
organising and structuring historical data repositories.
The company already has an international blue-chip client base
across various sectors including insurance, healthcare, data
provision and finance, including Ireland's largest healthcare
provided, Laya Healthcare, and FBD Insurance plc.
Getvisibility operates in a developing market estimated to be
worth circa $4 billion annually, which is driven by the increased
volume of data produced and required to be stored accessibly for
regulatory as well as commercial reasons and the need to protect
data from cyber-attacks. It has applications in the finance, health
and government sectors, as well as being applicable for a wide
range of commercial companies.
Pires' EUR250,000 investment has been made by way of a
subscription for new shares as part of a wider EUR1.25 million
fundraise by Getvisibility, giving Pires a non-material minority
interest. The consideration has been satisfied through Pires'
existing cash resources.
At the same time, Sure Valley Ventures ("SVV") , the venture
capital fund focused on investing in the software technology sector
with a specific focus on AI, the internet of things ("IoT") and
augmented and virtual reality ("AR/VR") has invested EUR750,000 in
Getvisibility. The Company has around a 13% interest in SVV and SVV
currently has a portfolio of nine investee companies at different
stages of development.
Confirmation of cash receipt in relation to acquisition of
Artomatix
On 23 December 2019, Pires announced the sale of one of SVV's
portfolio companies - Artomatix. Pires confirms that its initial
distribution due from this sale (EUR721,274) has been received by
the Company, representing a significant return for the Company
compared to its initial investment in SVV of GBP1.1 million which
was made on 21 November 2019.
Peter Redmond, Chairman said:
"We are very pleased to have been offered this new investment
opportunity which is already operational and which we believe has
exceptional growth possibilities. Furthermore, the sale of
Artomatix and the sizeable cash return received so soon after our
investment in SVV, demonstrates the value of our connection with
that company. We hope for further positive developments in SVV's
portfolio during 2020 while continuing to seek and to make other
investments."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Peter Redmond, Chairman
Nicholas Lee, Director
Nominated Adviser Tel: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
Liam Murray
Tony Rawlinson
Ludovico Lazzaretti
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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