2023-10-27 16:01:02
Tecnotree is pleased to announce that it has received legally binding interest from a consortium of shareholders worth €20 million. As part of the consortium, we are pleased to welcome Royal Front Investments Group, a proven partner of the firm in EMEA.
Markku Wilenius confirmed its intention to transfer its unpaid subscription rights to its 200 notes to the consortium to enable the proposed transactions.
The parties will work together over the next 15 days to conclude definitive agreements.
Sina Fattahi, Member of the Board of Directors of Royal Front Investments Group, said: “We have had the pleasure of working with Tecnotree over the past few years and are impressed with the company’s consistent performance. Our commitment to Tecnotree reflects our confidence in the company’s potential and its role in the constantly evolving digital landscape. This is an exciting opportunity and we look forward to working closely with our partners to accelerate Tecnotree’s growth and success.”
Padma Ravichander, CEO of Tecnotree Corporation, said: “I am delighted with this important advancement as our journey with Royal Front Investments Group transforms from a client relationship to a strategic partnership. This investment is proof of the value and potential they see in Tecnotree’s digital capabilities, growth prospects and strategy. We look forward to working closely with our partners to complete this transaction, which is poised to enhance and accelerate our strategic initiatives and technology development efforts.”
Neil Macleod, Chairman of Tecnotree Corporation, commented: “This gives Fitzroy Investment the opportunity to increase our investment in Tecnotree and we are committed to the long-term growth and success of the company. Furthermore, as a member of the consortium, we are very happy to welcome Royal Front Investments as a significant shareholder in the Tecnotree family and also thank Luminous Sun Holdings for their continued support of the company.”
About Tecnotree
Tecnotree is a digital provider of 5G-ready digital business support systems (BSS) with AI/ML capabilities and multi-cloud extensibility. The company has over 40 years of deep knowledge in the field and is among the first to obtain the Platinum Badge for Open API standards from TM Forum. Tecnotree’s agile, open-source Digital BSS Stack comprises the full range of (order-to-cash) business processes and subscription management services for telecom providers and other digital service providers. The company also offers fintech solutions and a B2B2X multi-experience digital marketplace through its Tecnotree Moments platform, empowering digitally connected communities across multiple industries. Tecnotree is listed on Nasdaq Helsinki (TEM1V). For more information access www.tecnotree.com.
The original language text of this announcement is the official authorized version. Translations are provided as a facility only and must refer to the text in the original language, which is the only version of the text that has legal effect.
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Contact:
Indiresh Vivekananda, CFO, tel.: +971 56 410 8357
Source: BUSINESS WIRE
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