VANCOUVER, British Columbia, Oct. 11, 2024 (GLOBE NEWSWIRE) — (TSXV: PTF) Pender Progress Fund Inc. (Pender or the Firm) is happy to announce the finished acquisition of 4 know-how firms from Pluribus Applied sciences Corp. (Pluribus) (TSXV:PLRB). The acquisition is being made by a majority owned subsidiary, to be named Pender Software program Holdings Ltd., held roughly 85% by Pender and 15% by Acorn Companions Inc.
The overall money consideration for the transaction is C$17.0 million, topic to working capital changes, efficiency and different customary holdbacks. All 4 firms are presently money stream constructive.
The 4 know-how firms acquired are:
- POWR Inc. (www.powr.io) “ Based in 2014 and headquartered in San Francisco (US), POWR is likely one of the internet’s main plugin libraries that helps eCommerce companies convert web site guests into clients on platforms together with Wix (NASDAQ:) and Shopify (NYSE:).
- Rowanwood Skilled Companies Ltd. (www.rowanwood.ltd) “ Based in 2017 and headquartered in London (UK), Rowanwood supplies housing asset administration and vitality administration software program options specifically designed across the wants of housing suppliers in England, Scotland and Wales.
- Cranham Haig Ltd. dba CHL Software program (www.docmoto.com) “ Based in 1996 and headquartered in Gloucestershire (UK), DocMoto supplies safe doc and e-mail administration options primarily for legislation companies and authorized departments in numerous industries.
- Assured Software program Ltd. (www.assuredsoftware.com) “ Based in 1997 and headquartered in Vancouver (CA), Assured supplies design workflow and job administration software program options for the restoration business.
Following the acquisition, all 4 entities will proceed to be led by their current administration groups. All events will prioritize a seamless transition with minimal disruption to clients, workers and enterprise operations. The brand new holding firm construction will facilitate a give attention to operational excellence with strategic assist and entry to capital from Pender and Acorn.
Pender and Acorn have been suggested on the transaction by Fasken Martineau DuMoulin LLP, Loeb & Loeb LLP, and BDO Canada LLP.
About Pender Progress Fund Inc.
Pender Progress Fund Inc. is an funding agency. Its funding goal is to realize long-term capital development. Pender makes use of its capital base and long-term horizon to put money into distinctive conditions, primarily small cap, particular conditions, and illiquid private and non-private firms. The agency invests in private and non-private firms, principally within the know-how sector. It trades on the TSX Enterprise Alternate beneath the image PTF and posts its NAV on its web site, typically inside 5 enterprise days of every month finish. For extra info, please go to www.pendergrowthfund.com.
About Acorn Companions Inc.
Acorn Companions Inc. is an funding and advisory agency primarily based in Vancouver, BC. Acorn invests in worthwhile know-how firms by deploying everlasting capital alongside trusted capital companions. Acorn helps portfolio firms with strategic choices and oversight whereas administration continues to make operational choices. For extra info, please go to www.acorncappartners.com.
For additional info, please contact:
Tony Rautava
Company Secretary
Pender Progress Fund Inc.
(604) 653-9625
Toll Free: (866) 377-4743
Neither the TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this launch.
Ahead-Wanting Info
This information launch could include forward-looking statements (inside the that means of relevant securities legal guidelines) referring to the enterprise of the Firm and the atmosphere wherein it operates. Ahead-looking statements are recognized by phrases corresponding to consider, anticipate, mission, anticipate, intend, plan, will, could, estimate and different comparable expressions. These statements are primarily based on the Firm’s expectations, estimates, forecasts and projections and embrace, with out limitation, statements concerning the Firm’s decreased portfolio danger and future funding alternatives. The forward-looking statements on this information launch are primarily based on sure assumptions; they don’t seem to be ensures of future efficiency and contain dangers and uncertainties which can be troublesome to regulate or predict. Various components may trigger precise outcomes to vary materially from the outcomes mentioned within the forward-looking statements, together with, however not restricted to, the components mentioned beneath the heading Threat Components within the Firm’s annual info kind out there at www.sedarplus.ca. There will be no assurance that forward-looking statements will show to be correct as precise outcomes and outcomes could differ materially from these expressed in these forward-looking statements. Readers, subsequently, mustn’t place undue reliance on any such forward-looking statements. Additional, these forward-looking statements are made as of the date of this information launch and, besides as expressly required by relevant legislation, the Firm assumes no obligation to publicly replace or revise any forward-looking assertion, whether or not on account of new info, future occasions or in any other case.
Supply: Pender Progress Fund Inc.