Disposal of holding in Dext

The Company has sold its holding in Dext (formerly Receiptbank), the UK-headquartered digital bookkeeping platform, to Hg, a leading global software investor, for £10.5 million.

Augmentum invested £7.5 million into Dext in January 2020 and the exit delivers an IRR of 30.5% on the investment. Augmentum’s holding in Dext was valued at the original cost of £7.5 million in the Company’s unaudited interim results to 30 September 2020.

Additional investment in Grover and conversion of CLNs

Augmentum has made a further follow on equity investment of €2 million (£1.7 million) into Grover, the German technology rentals platform. This investment combined with previous investments into €7 million of convertible loan notes, which have now been converted into equity, takes the Company’s participation in Grover’s €60 million Series B funding round to €9 million. This funding round implies a value of Augmentum’s holding in Grover of approximately £12.9 million, which would represent an uplift of approximately £3.2 million compared to the last reported valuation of £8.0 million.

This announcement does not constitute or describe an updated NAV of the Company.*

Tim Levene, CEO of Augmentum Fintech, said: “The disposal of our holding in Dext provides a good return on an investment held for such a short period. The further investment in Grover reflects our continued belief that technology subscription services are poised to become mainstream and follows Grover’s successful roll-out in the Netherlands and imminent expansion into Spain and North America.”