Foresight VCT PLC Foresight Vct Plc : Sale Of Simulity Labs Limited

 
TIDMFTV 
 
   Foresight announces sale of IoT technology business 
 
   Simulity Labs Limited 
 
 
   -- Foresight exits just eight months after investment from Foresight VCT 
 
   -- GBP11.7m return on original GBP4m investment at IRR of c.400% 
 
   -- Boost to Foresight VCT NAV up 3.8% 
 
 
   London: 3 July 2017 - Foresight Group ("Foresight") announces, on behalf 
of the Board of Foresight VCT plc ("F1"), that it has completed the 
successful sale of Simulity Labs Limited ("Simulity" or "the Company") 
to ARM, the world's leading semiconductor IP company. 
 
   F1 received c.GBP11.4m at completion and will receive up to GBP0.3m of 
deferred consideration after 12 months subject to certain conditions, 
implying a cash on cash return of c.3x on the GBP4m invested in October 
2016, or an IRR of c.400%. NAV per ordinary share for F1 has 
consequentially increased 3.2p from March 2017, all other things being 
equal. 
 
   Simulity provides embedded operating system software and related server 
systems for SIM cards and embedded SIMs ('eSIMs'), allowing Internet of 
Things (IoT) devices to securely connect to networks. 
 
   F1 invested in Simulity in October last year to support the Company's 
strategic aims and management team led by Stéphane Fund. The 
Company has successfully transitioned its business model towards 
software licensing, launched into the IoT market with its eSIM 
technology and, operationally, increased staff numbers by 25%, with new 
international offices in South Africa and India to supplement existing 
offices in Northern Ireland and Wales. 
 
   James Livingston, Partner at Foresight and Director of Simulity (until 
completion) commented: 
 
   "We are delighted to have supported the management team at Simulity in 
the rapid growth and transition of their business, and successful sale. 
The vision of the management team and their deep market knowledge 
enabled them to develop pioneering technology which will be a key 
enabler of the IoT market" 
 
   Stéphane Fund, Founder and CEO of Simulity added: 
 
   "The institutional backing of Foresight allowed us to scale the business 
and continue to build our world leading team and technology, whilst also 
providing huge credibility in discussions with large global corporates. 
Foresight has worked closely with us, particularly during the exit 
process." 
 
   ENDS 
 
   For further information, please contact: 
 
   Ben Thompson, Foresight Group, [e-mail] +44 (0)20 
3667 8155 
 
   NOTES FOR EDITORS 
 
   About Foresight Group LLP ("Foresight"): 
 
   Foresight is a leading independent infrastructure and private equity 
investment manager which has been managing investment funds on behalf of 
institutions and retail clients for more than 30 years. 
 
   Foresight has GBP2.6 billion of Assets Under Management across a number 
of funds, including Listed Vehicles, Limited Partnerships, Enterprise 
Investment Schemes (EISs) and Venture Capital Trusts (VCTs). 
 
   Foresight's Private Equity team, comprising eighteen investment 
professionals, invests typically between GBP1m and GBP5m in management 
buy-outs, management buy-ins and growth capital investments in UK SMEs. 
 
   Foresight was voted "VCT House of the Year" at the 2016 Unquote British 
Private Equity awards. 
 
   www.foresightgroup.eu 
 
   About Simulity 
 
   Established in 2009, Simulity is an established technology company that 
specialises in embedded communications and related server-based 
applications, connecting millions of devices, globally. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Foresight VCT PLC via Globenewswire 
 
 
  http://www.foresightgroup.eu/ 
 

(END) Dow Jones Newswires

July 03, 2017 12:41 ET (16:41 GMT)

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