Primorus opts for £500,000 investment in Engage Technology
AIM-traded company Primorus Investments announced on Tuesday that it has invested £500,000 in employee management software firm Engage Technology Partners Ltd.
The purchase, made at a subscription price of £22 per share, increases Primorus’ holding in Engage to a total of 49,394 shares, representing 3.6% of the company’s issued share capital.
In September, Primorus invested £400,000 in Engage as part of a fully subscribed £5.25m funding round.
Alastair Clayton, executive director of Primorus Investments, said: “Since our initial investment in September 2017, sales of the Engage platform have shown strong growth and we have recently been informed by management that over 44 corporate clients are signed up to the platform, thereby mandating the product use to their supply chains and service providers.”
Engage seeks to streamline employment software by supplying services that can manage headhunting, recruitment, compliance and payroll of employees through an SaaS platform hosted on Amazon Web Services and available for the whole market via the cloud.
“As a purely SaaS offering with a now proven viral sales model, we see Engage as a priority investment for Primorus with the potential to deliver an outstanding return for our shareholders on either a trade sale and or IPO basis. Subject to available funds, Primorus will likely participate further in this rolling GBP4m raise that is due to close at the end of April/Early May,” said Clayton.
As of 0806 GMT, Primorus Investments’ shares were down 6.67% at 0.14p.