22nd Aug 2019 11:57
(Alliance News) - Technology-focused investment firm TMT Investments PLC said Thursday it has made new investments since publishing its annual results in late June, while progressing developments in its portfolio.
Since late June, TMT has invested USD350,000 in Cheetah X Inc, developer of the electric scooter sharing platform Go-X, USD1.5 million in mobile advertising fraud detection firm Scalarr Inc, and USD1.0 million in AI-based data design company Accern Corp.
Within its existing holdings, TMT has agreed with an unnamed private investor to sell 9% of its interest in data backup and cloud storage company Backblaze Inc for USD2.0 million.
The sale implies an increase in the value of TMT 's interest in Backblaze to USD23.2 million, being the value of its remaining interest and the payment to be received, compared to a valuation of USD10.5 million at the end of December.
In addition, TMT has disposed of its entire holding in Unicell Advanced Cellular Solutions Ltd for USD970,000. At the end of 2018, TMT's holding was valued at USD980,000.
"TMT was one of the first institutional external investors in Backblaze in 2012 and it is pleasing to see the value of our investment has increased by approximately 4.6 times, further demonstrating our ability to identify and invest in early stage companies with the ability to create significant shareholder value," said Executive Director Alexander Selegenev.
"TMT is continuing to actively invest the proceeds from its USD22.6 million exit from Wrike Inc. TMT's three most recent investments are in sectors that are experiencing strong growth and in companies that fit our investment criteria of being led by motivated management, exhibiting high growth potential, already generating revenue and with viable exit opportunities," Selegenev added.
TMT Investments will announce its interim results within the week starting September 16.
Shares in TMT Investments were up 5.4% at USD6.19 on Thursday.
Related Shares:
Tmt Investments