Today digital transformation and cybersecurity solutions and services provider Noventiq and special purpose acquisition company (SPAC) Corner Growth Acquisition Corp filed documentation with the US SEC for a combined company to be listed on the New York Nasdaq.
Noventiq enables, facilitates, and accelerates digital transformation for its customers’ businesses, connecting over 80,000 organisations across a comprehensive range of industries with more than 500 vendors and delivering its own services and proprietary solutions.
The UK company recently announced that it is joining the Microsoft Intelligent Security Association, strengthening its commitment to cybersecurity, designed for end-to-end solutions to empower clients to safeguard their data, infrastructure, and applications, proactively detecting and thwarting threats.
The company also recently launched Weaver Peer, a knowledge-based AI assistant, designed and built in-house by Noventiq subsidiary, Intellya. It will be available globally to support businesses on their digital transformation journey.
Hervé Tessler, CEO of Noventiq, said:
“We are transforming our business at speed and scale, and the filing of our F-4 represents a significant milestone in our path towards a Nasdaq listing and broader participation for public investors.
We are investing significantly in our business and our people, further expanding our capabilities and competitive reach to deliver digital transformation and cyber security solutions in high-growth emerging markets.
As we look ahead, we are excited by the opportunity to drive substantial value for all our stakeholders, including our customers, our people, our shareholders, our partners and the communities in which we operate.”
Marvin Tien, Co-Chairman and CEO of Corner Growth, said:
“We are excited to be taking this next step towards the public markets. We see digital transformation and cybersecurity solutions and services as forces driving global change with a long runway of robust demand.
Noventiq, with its strong market position and focus on India and other high growth emerging markets, is positioned to bring this digital transformation to global customers.
As a NASDAQ listed company, Noventiq is bringing compliance, transparency and financing capabilities to its universe of current customers and partners and opens the door to new ones. We firmly believe that Noventiq, with their deep industry experience and innovative culture, will be a leader in addressing this large and growing market opportunity.”
With approximately 6,400 employees globally, the company transacts in 60 countries with significant growth potential
In the year ended March 31, 2023, Noventiq's revenue was $402 million, an increase of 62 percent in reported currency, and 71% on a constant currency basis.
The partnership represents a “double-dummy” structure under which reduces the equity valuation of Noventiq from $877 million to $330 million (this equity valuation is based on targeted results for the fiscal year ending March 31, 2024 of at least $1.9 billion of gross sales, approximately $200 million of gross profit and approximately $40 million of Adjusted EBITDA), and (iii) extends the outside date for the closing of the Business Combination from May 4, 2024 to .
The proposed business combination is expected to provide Noventiq with improved access to new sources of capital, accelerate M&A opportunities, and enhance its reach and capabilities in fast-growing technology development in cybersecurity, generative AI, and other high-margin solutions and tools.
Noventiq was previously delisted on the London and Moscow stock exchanges, a condition of the business combination with Corner Growth Acquisition Corp.
Lead image :Meriç Dağlı.
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