Pires Investments invests €250,000 into Irish security firm
Pires' €250,000 investment has been made through existing cash resources by way of a subscription for new shares as part of a wider €1.25 million fundraise by Getvisibility, giving Pires a non-material minority interest.
Irish-based Getvisibility offers protection via its AI software platform to corporations who are facing the increasing problem of managing data.
Its technology utilises deep learning AI, comprising a lightweight enterprise architecture that provides fast and accurate visibility of all the data within a client's digital environment.
Shares in Pires Investments were trading flat at 2.2p during Tuesday trading.
Getvisibility operates within a developing market estimated to be worth around $4 billion annually -- as the volume of data increases, it is required to be stored for both regulatory and commercial reasons including, but not limited to, protection against cyber-attacks.
Peter Redmond, Chairman of Pires Investments said he believed the new investment had “exceptional growth possibilities.”
In December 2019, Pires announced the sale of Irish software firm, Artomatix, a portfolio company of Sure Valley Ventures, in a deal believed to be worth up to $60 million.
Pires confirmed this morning that it had received the initial distribution due from this sale of €721,274, representing ‘a significant return’ compared to its initial investment in SVV of £1.1m on 21 November 2019.
“The sale of Artomatix and the sizeable cash return received so soon after our investment in SVV, demonstrates the value of our connection with that company,” added Redmond.
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