Kape Technologies PLC AGM Statement (5401N)
May 21 2020 - 2:00AM
UK Regulatory
TIDMKAPE
RNS Number : 5401N
Kape Technologies PLC
21 May 2020
21 May 2020
Kape Technologies plc
("Kape," or the "Company")
AGM Statement
Kape (AIM: KAPE), the digital security and privacy software
business, provides an update ahead of its Annual General Meeting
("AGM") at 12.00 p.m. today. As noted in the Company's Notice of
AGM announcement, the meeting is being convened with the minimum
quorum of only one Director and one other shareholder in
attendance. S hareholders must not attend the meeting in
person.
At the meeting, Ido Erlichman, Chief Executive Officer of Kape,
will make the following statement:
"I'm pleased to report that Kape has made a strong start to
2020, despite the global macroeconomic disruption caused by the
COVID-19 pandemic. As announced on 31 March 2020, Kape has
experienced increased demand for its products as working remotely
has become commonplace across the globe in response to COVID-19.
Within the Digital Privacy segment, new monthly sign-ups in April
2020 increased by 19% to the comparable period in 2019 on a
proforma basis. The Company remains on track to deliver revenues of
$120-123 million and Adjusted EBITDA(1) of $35-38 million in
2020.
The integration of PIA continues to progress to plan and
management are confident in delivering at least the $3.5-4.5
million in cost synergies, as outlined at the time of the
acquisition, in the current financial year. Kape's server
infrastructure is now fully integrated into PIA, and a technology
revamp has been completed enabling a faster and broader service to
PIA's customers with the number of PIA's server locations increased
from 29 to 46. In addition, we are already seeing an uplift in the
growth of new users from the implementation of Kape's user
acquisition knowhow and technology.
In March 2020, we announced a new debt facility which
significantly improved financial flexibility by providing the
Company with additional growth capital. I am pleased to confirm
that the temporary bridging loan from Unikmind, which was put in
place in order to facilitate the timely acquisition of PIA, has now
been fully repaid.
The Company has continued to make significant strides in its
product development roadmap. A new encrypted WireGuard protocol has
been introduced across our Digital Privacy division, which is an
industry-first and has improved the speed of our solutions by c.
30%. A number of solutions are also currently in beta testing and
are already receiving positive feedback from users. This includes
the addition of cross-platform privacy features and tools to Kape's
Digital Privacy suite, to further optimise Kape's recurring revenue
stream by increasing user engagement and retention.
Further progress has also been made in Kape's Digital Security
offering, with the expansion of its endpoint protection
capabilities through the addition of the upcoming solution for MS
Windows. It is expected to be launched during Q2 2020 and will join
the Company's current MacOS endpoint solution, increasing Kape's
capabilities to protect a wider range of customers. We look forward
to updating the market once these solutions are formally
launched.
From an operational perspective, as social distancing measures
begin to ease in certain locations, the Company has reopened a
number of regional offices in accordance with local guidance, with
the remainder of the Company continuing to successfully work
remotely.
Management continues to monitor COVID-19 closely and despite its
impact on the global economy, remains confident in the future
growth prospects of the Company."
Enquiries:
Kape Technologies plc via Vigo Communications
Ido Erlichman, Chief Executive Officer
Moran Laufer, Chief Financial Officer
Shore Capital (Nominated Adviser & Broker)
Mark Percy / Toby Gibbs / James Thomas +44 (0)20 7408 4090
N+1 Singer (Joint Broker)
Harry Gooden / George Tzimas +44 (0)20 7496 3000
Vigo Communications (Financial Public Relations)
Jeremy Garcia / Antonia Pollock
kape@vigocomms.com +44 (0)20 7390 0237
About Kape
Kape is a leading 'privacy-first' digital security software
provider to consumers. Through its range of privacy and security
products, Kape focusses on protecting consumers and their personal
data as they go about their daily digital lives.
To date, Kape has over 2 million paying subscribers, supported
by a team of over 350 people across eight locations worldwide. Kape
has a proven track record of revenue and EBITDA growth, underpinned
by a strong business model which leverages our digital marketing
expertise.
Through our subscription-based platform, Kape has fast
established a highly scalable SaaS-based operating model, geared
towards capitalising on the vast global consumer digital privacy
market.
www.kape.com
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(1) Adjusted EBITDA is a non-GAAP measure and a company specific
measure which excludes other operating income and expenses which
are considered to be one off and non-recurring in nature.
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END
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