Draper Esprit portfolio company Clavis sold for $119m

Writer, Stock Market Wire
Wednesday, December 27, 2017 - 07:12

Draper Esprit has announced the sale of portfolio company Clavis Insights to Ascential for an initial cash consideration of $119m.

Draper Esprit originally invested £8.1m in Clavis in December 2016 and will receive total proceeds of £15.3m.

The company said the sale was estimated to increase its total net asset value by approximately 3p, when compared to the NAV reported at the time of the its interim results. Clavis is a market leader in eCommerce analytics, with proprietary technology enabling consumer product companies to track and optimise the performance of their products across hundreds of retailer websites and mobile commerce sites globally.

Its customers include some of the world's largest consumer product companies, such as P&G, Nestle, Unilever and L'Oreal.

This sale adds to the exits of Aveillant to Thales Group and Moviepilot to Webedia in recent months.

Of the original 24 companies in the portfolio at IPO in June 2016, Draper Esprit has now exited 9 companies, generating a return of 200% on invested capital and £57m cash.

The company has also invested in a further 16 companies, including Graphcore, Pushdoctor, Perkbox and Transferwise.

Overall, Draper Esprit now has 31 portfolio companies, excluding the acquisition of Seedcamp Funds I and II. Draper Esprit said it intended to invest the proceeds of the transaction, which add to current cash balances of £73 million, into new and existing portfolio companies. Chief executive Simon Cook said: '"We continue to prove that investing in high growth European technology companies can be lucrative and cash generative.

'Clavis demonstrates the flexibility provided by our permanent capital model whereby positive returns can be made by investing in and supporting companies in the later stages of their lifecycle.

'More importantly, the model enables us to recycle our exits to invest further in both new and existing companies and over the long term build global technology leaders in Europe.

'We look forward to 2018 with continued confidence that the listed venture capital model is working.'

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