SURE Sure Ventures Plc

TIDMSURE

RNS Number : 2868D

Sure Ventures PLC

28 June 2021

Sure Ventures plc ('Sure Ventures' or 'the Company')

SmartTech247-New Investment and Update on major contract win

Sure Ventures is a London listed venture capital fund which invests in early stage software companies in the rapidly growing technology areas of Augmented reality ('AR'), Virtual reality ('VR'), Internet of Things ('IoT') and Artificial Intelligence (AI). We are pleased to announce and update on an investee company in Smarttech247.

SURE VALLEY VENTURES FUND

Sure Ventures made a EUR7million commitment to Sure Valley Ventures Fund ('Sure Valley') representing an interest in Sure Valley of approximately 25.9%. This commitment was made at a price of EUR1.00 per share.

Smarttech247-https://www.smarttech247.com/

Smarttech247 is an established company in cyber security management with a successful track record of revenue growth and profitability and is positioned at the intersection of three major cyber security growth markets:

-- Security threat incidents

-- Growth of cloud adoption amongst both large and small-medium enterprises

-- Proliferation of cyber security data generation that needs to be integrated

Smarttech247 (incorporated in the Republic of Ireland as Zefone Limited), is a global artificial intelligence ("AI") based cyber security cloud business that protects enterprises as they migrate to cloud-based IT operations. Smarttech247 has over 100 technology partners, including Tanium and Crowdstrike, and 50 clients based in Europe and the US.

Smarttech247 has announced that it has been awarded a multi-year contract for managed cyber security services by a global advanced manufacturing company, employing over 100,000 staff and a leading member of the Fortune Global-1000. The contract was awarded to support strategic cyber security initiatives and ensure compliance to the latest industry regulated cyber security standards.

This contract will see the cybersecurity services provider deploy its managed detection and response offering which combines the Artificial Intelligence and automation of security tools with Smarttech247's own 24/7 Cyber Security Operations Centres. This is material contract win for the business.

Gareth Burchell Sure Ventures PLC

"Smarttech247 is an excellent addition to the portfolio, in a space that is becoming more prevalent and critical to all sectors. Cyber security attacks are becoming more common and require specialist, intelligent and AI based software to keep up with change. The contract win is material and landed soon after our initial investment. The pipeline continues to look strong for Smartech247 and we look forward to keeping the market up to date with progress."

For further information, please visit www.sureventuresplc.com or contact:

 
Gareth Burchell   Sure Ventures plc   +44 (0) 20 7186 9918 
 
 

Notes to Editors

Sure Ventures plc listed on the London Stock Exchange in January 2018 giving retail investors access to an asset class that is usually dominated by private venture capital funds. Sure Ventures is focusing on companies in the UK, Republic of Ireland and other European countries, making seed and Series A investments in companies with first rate management teams, products which benefit from market validation with target revenue run rates of at least GBP400,000 over the next 12 months. Website: https://www.sureventuresplc.com/

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June 28, 2021 02:02 ET (06:02 GMT)

Sure Ventures (LSE:SURE)
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