This announcement contains inside information for the purposes
of Regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public
domain.
19
February 2024
Sorted Group Holdings
Plc
("Sorted"
or the "Company" or the "Group")
Completion of acquisition of
Sorted Holding Limited
and
Enlarged share capital
admitted to trading on AIM
Sorted Group Holdings Plc (AIM:
SORT) is pleased to announce the completion of its acquisition of
Sorted Holdings Limited ("Completion") and the admission of its
enlarged share capital to trading on AIM
effective from 8.00 a.m. on 19 February 2024 ("Admission") under the Company's new
name "Sorted Group Holdings Plc", which has now become effective,
and the TIDM code "SORT".
Pursuant to Completion, the Company
has now acquired 97 per cent. of the issued share capital of Sorted
Holdings Limited. The Company will complete its acquisition of the
remaining three per cent. of the issued share capital of Sorted
Holdings Limited within 20 business days from Completion, pursuant
to the same mechanism.
Following Admission, the Company
will have 7,639,705 ordinary shares with a nominal value of 62.5p each
("Ordinary Shares") in
issue. The Company's new ISIN and SEDOL are GB00BPDX2041 and
BPDX204 respectively. A copy of the Admission Document as well as
the information required to be disclosed pursuant to AIM Rule 26 is
available on the Company's new website, www.sorted.com.
Overview of Sorted
o UK-based business with over
60 employees: Manchester based
business supported by a second office space situated in London. The
Sorted team is comprised of software engineers, technical support,
IT, sales, marketing, finance and project management
professionals.
o Attractive business model
with scalable predictable revenue performance:
Sorted operates a SaaS business model whereby the
majority of Sorted's revenue is driven by customer subscriptions to
its Delivery Experience Platform. This in-turn provides annualised
recurring revenue. The Directors believe that Sorted is positioned
well to continue this growth trajectory.
o Diverse customer base and
strong industry partnerships: Sorted's customers range from mid-sized, growing ecommerce
businesses to multi-national organisations with notable customers
include Marks & Spencer plc, ASOS plc and Asda Stores Limited.
In addition, Sorted has re-seller agreements in place with major
Carriers in the United Kingdom as well as in the United
States.
o Global ecommerce market
forecasted to reach a market size of US$6.35 trillion by 2027
according to Deloitte: The demand
for ecommerce has been influenced by a number of factors including
but not limited to: (i) the rise of smartphones and internet
accessibility; (ii) increasing use of social media; (iii) supply
chain and logistical infrastructure improvements; and (iv) changing
patterns in consumer behaviour.
o Highly fragmented
market: The Directors believe that
there is no dominant player that offers a delivery experience
platform for the entire ecommerce spectrum with one single
integrated solution. In this regard, the Directors believe that
Sorted's Delivery Experience Platform offers ecommerce businesses a
complete end-to-end post-purchase solution, and accordingly, there
is an opportunity for Sorted to establish market
leadership.
Carmen Carey, CEO of Sorted, commented:
"The admission
to AIM is a significant milestone for Sorted and provides a great
platform for our operations to grow. We look forward to keeping our
shareholders, employees, customers and other stakeholders updated
on developments within the Sorted business in the coming months and
years."
The
same definitions apply throughout this announcement as those set
out in the Admission Document published on 30 January 2024, a copy
of which is available to view at www.sorted.com, unless the context
requires otherwise.
For further information please
contact:
Sorted Group Holdings Plc
via Allenby Capital
Simon Wilkinson, Chairman
Carmen Carey, Chief Executive
Officer
Mahmoud Warriah, Chief Financial
Officer
Allenby Capital Limited (Nominated
Adviser)
Tel: +44 (0)20 3328 5656
David Hart
Vivek Bhardwaj
