Smarttech247 and Sure Ventures agree to sell Getvisibility

LONDON: 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, has agreed to sell its entire unquoted minority position in Visibility Blockchain Limited to Forcepoint, a global leader in data and cloud security. 

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.”

Sure Ventures PLC, which invests in early-stage software companies in the rapidly growing technology areas of Artificial Intelligence (AI), Augmented Reality (‘AR’), Virtual Reality (‘VR’) and the Internet of Things (‘IoT’), is pleased to announce that Sure Valley Ventures ICAV (Fund 1) has sold its entire position in Visibility Blockchain Limited (“Getvisibility”) in a cash sale to Forcepoint.

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 and Forcepoint are a global leader in data and cloud security. The sale price will remain an undisclosed amount (the “Disposal”). However, the Disposal is expected to generate a gross cash inflow to the Sure Ventures PLC of £1.52m.

The sale of Getvisibility would represent a c4.5x multiple on SVV 1’s total investment. As at the 31 December 2024, the carrying value of the Sure Valley Ventures direct investment in Getvisibility was 7.024 million euros (on an unaudited basis). The sale of Getvisibility has been legally agreed by all parties but is subject to the satisfaction of certain conditions that are customary for a transaction of this type.

Sure Ventures PLC will use this cash inflow to pay down the debt drawn from its loan facility, ensure sufficient working capital is in place to continue its strategy and then look to pay a dividend to shareholders. This will be in line with the expert tax advice sought and rules relating to its investment trust tax status.