Tekcapital plc Acquisition of InventionEvaluator.com (1405N)
23 Juillet 2014 - 3:51PM
UK Regulatory
TIDMTEK
RNS Number : 1405N
Tekcapital plc
23 July 2014
Tekcapital plc
("Tekcapital" or "the Company")
Tekcapital Acquires InventionEvaluator.com
to Support and Expand Corporate and University IP Service
offerings
Tekcapital plc (AIM: TEK), an international provider of
technology and IP services, is pleased to announce the acquisition
of InventionEvaluator.com ("Invention Evaluator") and related
intellectual property assets, including its website and client list
(the "Acquisition") from Keon Research LLC and Ion Corp Pty
Limited. The Acquisition is expected to be earnings enhancing in
its first full year under Tekcapital's ownership and add forward
revenue and profit to the Company in the near-term.
Strategic Rationale
As set out in its IPO Admission Document, as part of
Tekcapital's growth strategy, the Company has been seeking to add
additional services and expand its business, both organically and
through accretive acquisitions. The Directors believe that the
Acquisition meets this criterion and adds an important new product
that is a useful follow-on service to Tekcapital's existing service
offering and will also be sold as a stand-alone product.
Tekcapital's existing offering provides its retained clients
with a complete turnkey solution to locate, screen and acquire
technologies available for acquisition from the world's leading
universities and research institutions across 160 countries. Once a
suitable technology acquisition opportunity has been identified,
the Company evaluates the IP through its expert Science Advisory
Board and can then, if required, act as an intermediary between the
client and the university or research institution with a view to
the acquisition or licensing of the specific technology.
Invention Evaluator will integrate with Tekcapital's existing
offering and enable Tekcapital to provide its clients with in-depth
analytical reports that assess the commercial potential of new
technologies and intellectual properties ("IP"). The bespoke
reports enable companies and universities world-wide to make more
informed decisions regarding investments in new technologies. For
Tekcapital's existing customers, Invention Evaluator's reports will
allow them to better understand the market potential for a new
technology acquisition candidate. In addition to Tekcapital's
existing and target customer base of IP acquisitive companies, the
Directors believe that Invention Evaluator's product will be of
interest to universities and research institutions and as a result
will expand Tekcapital's relationships with these
organisations.
Invention Evaluator was launched in 2010 by a company owned and
operated by Dr. Michael Manion. Invention Evaluator has to-date
served about 250 clients world-wide. Following the completion of
the Acquisition, Dr. Manion and his team will continue to provide
Invention Evaluator reports exclusively for Tekcapital.
Terms of the acquisition
Consideration in respect of the acquisition will be satisfied by
the issue of 879,770 new ordinary shares in Tekcapital plc (the
"Consideration Shares"). The Consideration Shares will be subject
to lockup restrictions preventing their sale for a period of 12
months from the date of completion. Following completion of the
Acquisition, the assets will be held via Tekcapital's wholly owned
U.S. subsidiary, Tekcapital LLC. Under the ownership of its
developer, Invention Evaluator had not yet become profitable.
Within the overall suite of Tekcapital's offering it will be given
a wider market exposure and the aim is for it to contribute
significantly.
Application has been made for the Consideration Shares to be
admitted to trading on AIM and dealings are expected to commence on
29 July 2014.
Total voting rights
Following admission of the Consideration Shares, Tekcapital's
total issued and voting share capital will comprise of 23,383,747
ordinary shares. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, securities of the Company.
Commenting on the acquisition, Dr. Clifford Gross, Executive
Chairman of Tekcapital plc, said:
"We are very pleased to announce the acquisition of
InventionEvaluator.com and believe that this unique service will be
of benefit to current and future clients seeking to understand the
marketplace value of new technology acquisitions.
"This transaction underscores our commitment to growing our
business through the acquisition of synergistic, scalable services
that help our clients profit from university technologies."
Dr. Michael Manion, the founder of Invention Evaluator,
added:
"We are enthusiastic about the transaction and believe that by
working with Tekcapital we will be able to grow faster and
penetrate additional markets with our service offering."
To learn more about Invention Evaluator please visit
www.inventionevaluator.com
- ENDS-
For further information please contact:
Tekcapital Plc via FTI Consulting, LLP
Clifford Gross, Executive Chairman cgross@tekcapital.com
Malcolm Groat, Finance Director mgroat@tekcapital.com
Northland Capital Partners Limited (NOMAD & Broker) +44 (0) 20 7382 1100
Louis Castro / Lauren Kettle (Corporate Finance) lcastro@northlandcp.co.uk
John Howes / Alice Lane (Corporate Broking)
Optiva Securities Limited (Co-Broker) +44 (0) 20 3137 1904
Jeremy King / Vishal Balasingham jeremy.king@optivasecurities.com
FTI Consulting, LLP +44 (0) 20 3727 1000
Chris Lane / Emma Appleton / Roger Newby chris.lane@fticonsulting.com
* * * * *
About Tekcapital plc - The World's Largest University Network
for Open Innovation
Tekcapital helps clients profit from new, university-developed
intellectual properties. With our proprietary discovery search
engine, linked to 3,300+ universities in 160 countries, coupled
with expert scientific review, we provide a turn-key service to
make it easy for clients to find and acquire the IP they need to
create a competitive advantage. Tekcapital plc is listed on the AIM
market of the London Stock Exchange (AIM: symbol TEK) and is
headquartered in Oxford, in the UK. For more information, please
visit www.tekcapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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