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Engage Technology Partners Update

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RNS Number : 2204O
Primorus Investments PLC
01 October 2019
 

Primorus Investments plc

("Primorus" or the "Company")

Engage Technology Partners Update

 

Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to provide shareholders with an update on its investment in the SaaS ("Software as a Service") end-to-end workforce software vendor  Engage Technology Partners ("Engage") by way of an update received by Primorus from Engage. Primorus has invested a total of GBP£1.45m in Engage in several tranches of equity and one of convertible debt.

This update follows on from information provided during a meeting with Howard Hughes, the CEO of Engage on 26 September. Please note that some areas of content discussed were previously deemed commercial in confidence however Engage have kindly allowed us to transmit some of the information for the benefit of Primorus shareholders.

A summary of the key points is set out below:

 

§ As previously reported, significant platform revenue increase (+69% for the year) and on track with annual revenue forecasts. Strong cash burn reduction, on track to reach a 60% reduction by the end of October 2019 and probably over 70% by year end.

§ Development, for one of the largest recruitment companies in the UK, of an innovative recruitment software solution, embedding the Engage Platform.

§ In discussions to form a partnership with one of the leading professional social networks.

§ Emergence of the first digital network effects (viral referral sales), putting Engage in a position to carry on its revenue increase this year, and to scale up and grow exponentially once its fully automated self-service solution is finalised.

§ Upgraded collaboration with Jumio, a US-based global online mobile payments and identity verification company. Engage invited to become a Global Partner, giving the Company access to some of the world's largest companies.

§ In advanced stages of transition from software business to a pure SaaS platform, with the introduction of SaaS global best practices across all the teams.

 

Alastair Clayton, Executive Director commented - "As summarised above it is clear to us that the bulk of the work to transform Engage from a software developer and seller to a pure SaaS platform has been completed. Closely watched metrics including revenue and cash burn are continuing to trend in their respective right directions and it is evident to us that Engage are now being conservative with respect to revenue forecast into 2020."

"Several potentially game-changing deals with household names in food service and construction appear to be close to commencing commercial rollout. Wisely in our opinion, Engage have chosen to leave these out of current revenue forecasts on the basis that once tangible we may see very welcome revenue upgrades later this year and early next whilst maintaining cashflow discipline."

"Add to this the enhanced partnership growth model with the likes of Jumio and a household name in global professional social networking we see the remainder of 2019 about both delivering on the core business and potentially several upgrades to outlook for 2020 and beyond."

"We will now consider potential further investment in Engage as funds become available from the Zuuse Loan Note settlement which is due soon."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 

 

For further information, please contact:

Primorus Investments plc:     

+44 (0) 20 7440 0640

Alastair Clayton

 

 

 

Nominated Adviser:

+44 (0) 20 7213 0880

Cairn Financial Advisers LLP

 

James Caithie / Sandy Jamieson

 

 

 

Broker:

+44 (0) 20 3657 0050

Turner Pope Investments (TPI)

 

Zoe Alexander/Andy Thacker

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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