Pender Growth Fund Announces Acquisition of Four Technology Companies from Pluribus Technologies
2024年10月12日 - 5:46AM
(TSXV: PTF) Pender Growth Fund Inc. (“Pender”
or the “Company”) is pleased to announce the completed acquisition
of four technology companies from Pluribus Technologies Corp.
(“Pluribus”) (TSXV:PLRB). The acquisition is being made by a
majority owned subsidiary, to be named Pender Software Holdings
Ltd., held approximately 85% by Pender and 15% by Acorn Partners
Inc.
The total cash consideration for the transaction
is C$17.0 million, subject to working capital adjustments,
performance and other customary holdbacks. All four companies are
currently cash flow positive.
The four technology companies acquired are:
- POWR Inc.
(www.powr.io) – Founded in 2014 and headquartered in San Francisco
(US), POWR is one of the web’s leading plugin libraries that helps
eCommerce businesses convert website visitors into customers on
platforms including Wix and Shopify.
- Rowanwood Professional
Services Ltd. (www.rowanwood.ltd) – Founded in 2017 and
headquartered in London (UK), Rowanwood provides housing asset
management and energy management software solutions specially
designed around the needs of housing providers in England, Scotland
and Wales.
- Cranham Haig Ltd. dba CHL
Software (www.docmoto.com) – Founded in 1996 and
headquartered in Gloucestershire (UK), DocMoto provides secure
document and email management solutions primarily for law firms and
legal departments in various industries.
- Assured Software
Ltd. (www.assuredsoftware.com) – Founded in 1997 and
headquartered in Vancouver (CA), Assured provides design workflow
and job management software solutions for the restoration
industry.
Following the acquisition, all four entities
will continue to be led by their existing management teams. All
parties will prioritize a seamless transition with minimal
disruption to customers, employees and business operations. The new
holding company structure will facilitate a focus on operational
excellence with strategic support and access to capital from Pender
and Acorn.
Pender and Acorn were advised on the transaction
by Fasken Martineau DuMoulin LLP, Loeb & Loeb LLP, and BDO
Canada LLP.
About Pender Growth Fund
Inc.
Pender Growth Fund Inc. is an investment firm.
Its investment objective is to achieve long-term capital growth.
Pender utilizes its capital base and long-term horizon to invest in
unique situations, primarily small cap, special situations, and
illiquid public and private companies. The firm invests in public
and private companies, principally in the technology sector. It
trades on the TSX Venture Exchange under the symbol “PTF” and posts
its NAV on its website, generally within five business days of each
month end. For additional information, please
visit www.pendergrowthfund.com.
About Acorn Partners Inc.
Acorn Partners Inc. is an investment and
advisory firm based in Vancouver, BC. Acorn invests in profitable
technology companies by deploying permanent capital alongside
trusted capital partners. Acorn supports portfolio companies with
strategic decisions and oversight while management continues to
make operational decisions. For additional information, please
visit www.acorncappartners.com.
For further information, please contact:
Tony Rautava
Corporate SecretaryPender Growth Fund Inc.(604)
653-9625Toll Free: (866) 377-4743
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Information
This news release may contain forward-looking
statements (within the meaning of applicable securities laws)
relating to the business of the Company and the environment in
which it operates. Forward-looking statements are identified by
words such as “believe”, “anticipate”, “project”, “expect”,
“intend”, “plan”, “will”, “may”, “estimate” and other similar
expressions. These statements are based on the Company's
expectations, estimates, forecasts and projections and include,
without limitation, statements regarding the Company’s decreased
portfolio risk and future investment opportunities. The
forward-looking statements in this news release are based on
certain assumptions; they are not guarantees of future performance
and involve risks and uncertainties that are difficult to control
or predict. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking
statements, including, but not limited to, the factors discussed
under the heading “Risk Factors” in the Company's annual
information form available at www.sedarplus.ca. There can be no
assurance that forward-looking statements will prove to be accurate
as actual outcomes and results may differ materially from those
expressed in these forward-looking statements. Readers, therefore,
should not place undue reliance on any such forward-looking
statements. Further, these forward-looking statements are made as
of the date of this news release and, except as expressly required
by applicable law, the Company assumes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
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