Primorus Investments PLC Investee Company Update – Payapps Limited
January 26 2024 - 2:00AM
RNS Regulatory News
RNS Number : 9852A
Primorus Investments PLC
26 January 2024
Primorus Investments plc
("Primorus" or the "Company")
Investee Company Update - Payapps
Limited
Primorus Investments plc (AIM: PRIM) notes the
announcement by Autodesk Inc. ("Autodesk") in relation to the
conditional acquisition of Payapps Limited ("Payapps") (the
"Acquisition"), an investee company of Primorus.
Autodesk has signed a definitive agreement to
acquire Payapps, a leading global provider of construction payment
and compliance management solutions (the "Acquisition").
Autodesk is a US based international software
company that makes software products and services for a variety of
different industries. Autodesk reported unaudited revenues of
US$1,414 million in the three months ended 31 October
2023.
With this Acquisition, Autodesk customers will
benefit from leveraging technology that eases the burden of
construction payment management in a process that is simpler,
faster, and more efficient for all construction project
stakeholders. The Acquisition further reinforces Autodesk's belief
that how project teams build should be just as rewarding as what
they built - and improving processes and workflows is paramount to
improving the industry.
Autodesk's proposed Acquisition of Payapps has
not been completed; the completion of the proposed acquisition of
Payapps is uncertain and is subject to the satisfaction or waiver
of various conditions. Prior to the completion of the proposed
Acquisition, Payapps and Autodesk will continue to operate as
separate companies.
The full text of the announcement by Autodesk
is available at: https://adsknews.autodesk.com/en/news/autodesk-to-acquire-payapps/
Primorus holds 3,065,068 ordinary shares of
Payapps representing approximately 2% of the issued share capital
of Payapps.
For
further information please contact:
Primorus Investments
plc
Matthew
Beardmore, Chief Executive
Officer
|
+44 (0)20 8154 7907
|
Nominated
Adviser
Cairn Financial Advisers
LLP
James
Caithie / Sandy Jamieson
|
+44 (0) 20 7213 0880
|
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