Concha plc Investment in fast growing European tech company (0694S)

TIDMCHA

RNS Number : 0694S

Concha plc

15 March 2016

15 March 2016

Concha PLC

("Concha")

Investment in one of Europe's fastest growing tech companies

Concha, the AIM listed investment company focused on the mobile, internet, sports, social media, digital and technology space, is pleased to announce a GBP4.0m cash investment in Ve Interactive Limited ("Ve" or "the Company") via the acquisition of shares from existing shareholders at GBP250 per share, which based on the current issued share capital, represents a holding of 0.43% of the Company.

Ve is a multi-award winning global technology company offering a suite of apps across a single platform which drives website traffic and reduces abandonment at each stage of the customer journey on the site, including at the landing, browse, basket, check-out and post-purchase stage. This is done through display advertising, targeted overlays and email. Ve services over 10,000 clients worldwide and tracks more than GBP100m worth of transactions a minute via its comprehensive data-set which provides valuable insights into customer activity. Each of its apps are driven to deliver highly-targeted content to customers based on their purchasing activity and profile.

Ve was announced as the winner of the annual Sunday Times Hiscox Tech Track 100 in September 2015. To qualify for the award, companies were ranked according to the compound annual growth rate in sales, based on latest available figures. Ve recorded a three year compound annual growth rate of over 300%. In addition, Ve was listed as one of Europe's 'unicorns' by the Financial Times in June 2015. A 'unicorn' is a privately owned company estimated to be valued in excess of $1bn. For the year ended 31 December 2014, the company's last published audited accounts, Ve reported revenues GBP19.7m and a loss for the year of GBP2.87m.

Commenting on the investment, Chris Akers, the Chairman of Concha, said: "We have only been able to secure this holding by virtue of our status as a non institutional investor and as such I am delighted Concha has acquired an investment in one of Europe's most exciting privately owned technology companies. Its business focus, growth profile and potential return fits our investment criteria exactly."

Enquiries:

Chris Akers, Executive Chairman

[e-mail]

   SPARK Advisory Partner Limited (Nominated Advisor)                       [phone] 

Sean Wyndham-Quin

Mark Brady

Buchanan (Financial PR) [phone]

Mark Edwards

This information is provided by RNS

The company news service from the London Stock Exchange

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March 15, 2016 03:01 ET (07:01 GMT)