25 May 2017
TMT INVESTMENTS PLC
("TMT" or the "Company")
Revaluation of investment in PandaDoc, Inc.
TMT Investments PLC, the venture capital company which invests in high-growth, technology companies across a number of core specialist sectors, is pleased to announce that its portfolio company PandaDoc, Inc. ("PandaDoc") has completed a US$15 million Series B equity financing round, led by Rembrandt Venture Partners, with participation from Microsoft Ventures, HubSpot, EBRD (via the EBRD Venture Capital Investment Programme), and Altos Ventures.
The transaction represents a revaluation uplift of US$740,262 (or 150%) in the fair value of TMT's investment in PandaDoc, compared to the previous reported amount as of 31 December 2016, and is equivalent to approximately 2.7 cents in additional net asset value per TMT share.
Alexander Selegenev, Executive Director of TMT, commented: "We are delighted with this positive revaluation of our investment in PandaDoc. As announced in our 2016 Annual Report, this is the first one of a number of positive revaluations we said we were expecting in 2017. With the growth rates PandaDoc has experienced since its previous financing round two years ago, it was just a matter of time before that success would be reflected in its valuation. It also provides yet another example of the revaluation lag attributable to many of our successful fast-growing portfolio companies."
About PandaDoc
PandaDoc helps organisations close more deals with automated proposals, contracts, quotes, and other business documents. Features include eSignatures, CRM integrations, data merge, building, editing, executing, tracking documents, and more. PandaDoc was founded in 2013 and is based in San Francisco, California. Learn more at www.pandadoc.com.
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About TMT Investments Plc
TMT Investments PLC invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has net assets of US$53m and has invested in over 40 companies to date. The company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com
