London-listed according to The Irish Times.says that Irish software firm, Artomatix, a portfolio company of Sure Valley Ventures has been acquired in a deal believed to be worth up to $60 million
The group confirmed its initial £1.1m investment into Sure Valley Ventures in late November in return for a 13% interest in SVV.
As a result of the sale, Pires is expected to receive around €803,000, of which €718,000 will be distributed shortly with the balance expected in 18 months, subject to terms and conditions, the company detailed.
Sure Valley Ventures, the entrepreneur-led VC fund said it expected to make about €1.6 million from the sale, representing a return of approximately five times the initial investment made by SVV.
SVV originally invested in Artomatix, which provides an AI platform that can automate the creation of 3D content, back in October 2018.
Shares in Pires Investments were trading 10.26% higher at 2.15p on Monday morning.
The sale highlights SVV’s commitment to investing in valuable companies positioned within 'Industry 4.0' sectors including artificial intelligence, the Internet of Things and AR/VR sectors, explained Barry Downes, Chief Investment Officer of SVV.
“For investors in Sure Ventures I'm delighted that we can show a significant return on one of our portfolio assets over such a short period of time,” he added.
Peter Redmond, Chairman of Pires Investments commented, “our investment in SVV is proving to be an even more exciting investment than we initially expected.”
Redmond further added that shareholders could expect “positive developments” in the group’s 2020 portfolio.
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