Disposal of investment in Getvisibility for €1.8 M

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

10 March 2025

Smarttech247 Group PLC

("Smarttech247", the "Group" or the "Company")

Disposal of investment in Getvisibility for €1.8 million

Smarttech247 (AIM: S247), a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients, is pleased to announce that it has agreed to sell its entire unquoted minority position in Visibility Blockchain Limited ("Getvisibility") to Forcepoint, a global leader in data and cloud security (the "Disposal"). The Disposal is expected to generate a gross cash inflow to the Company of approximately € 1.8 million.

Getvisibility is a cybersecurity company focusing on data visibility and control and uses state-of-the-art artificial intelligence ("AI") to classify and secure unstructured information. 

Smarttech247 has a strong and long-standing relationship with both Forcepoint and Getvisibility. They have maintained a close partnership, collaborating on cutting-edge cybersecurity solutions over a number of years.

Getvisibility already plays a key role in Forcepoint's newly launched comprehensive security solution for generative AI platforms. In particular, it powers Forcepoint DSPM, enhancing the speed and accuracy of data classification and protection using AI Mesh technology-an industry-first network of language models and machine learning algorithms.

Smarttech247 has worked closely with Getvisibility for many years, and our strong trading relationship has continued to grow. This transaction reinforces our commitment to innovation and collaboration. Moving forward, our valued partnership with Forcepoint will remain in place, ensuring continued success in delivering world-class security solutions.

Ronan Murphy, Executive Chairman of Smarttech247, who is also a significant shareholder in Getvisibility, has also agreed to sell his shareholding in Getvisibility as part of the sale of this company to Forcepoint.

As at 31 July 2024, the carrying value of the Company's investment in Getvisibility amounted to circa €1.0 million. The completion of the sale of Getvisibility is subject to the satisfaction of certain conditions that are customary for a transaction of this type. The proceeds from the Disposal will be added to the Company's cash reserves.

Raluca Saceanu, CEO of Smarttech247, commented:

"This is a significant transaction for the Company as it results in a substantial cash inflow and also means that an important trading partner of the Company is now part of a global provider of data and cloud security. Going forward we are excited about further developing our relationship with the Forcepoint group."

- Ends -

*Smarttech247 is a recognised vendor in 2024 Gartner® Market Guide for Managed Detection and Response. 

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About Smarttech247

Smarttech247 is a multi-award winning automated MDR (Managed Detection & Response) company. Its platform is trusted by international organisations and provides threat intelligence with managed detection and response to provide actionable insights, 24/7 threat detection, investigation and response.

The Group's services are geared towards proactive prevention, and it achieves this by utilising the latest technologies, along with an experienced incident response team.

Smarttech247's offices are located in Ireland, United Kingdom, Romania, Poland and the USA. The Company was admitted to trading on the London Stock Exchange on 15 December 2022.

For further information please visit www.smarttech247.com

*Gartner disclaimers

Market Guide for Managed Detection and Response, 24 June 2024, Pete Shoard, Andrew Davies, Mitchell Schneider, Angel Berrios, Craig Lawson.

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