Noventiq Holdings and Corner Growth Acquisition filed a registration statement on their proposed merger and provided an update on the target’s financials. Noventiq is a cybersecurity company.
The parties in January reduced the equity valuation of Noventiq from $877 million to $330 million. The deal was announced in May last year.
Recent Key Business Developments
- Noventiq delivered revenue for the first six months FY24 of $219.8 million, an increase of 36.4% year-over-year on a reported currency basis and 41.4% in constant currency. Gross profit was $93.8 million, an increase of 25.3% on a reported currency basis, and 32.6% in constant currency. Adjusted EBITDA (excluding share based compensation) was $14.0 million, an increase of 178.4% on a reported currency basis. Adjusted EBITDA (excluding share based compensation) margin on revenue was 6.4%.
- Noventiq recently completed an audit in compliance with Public Company Accounting Oversight Board (“PCAOB”) requirements on its financial statements for FY22 and FY23, and a review by its auditors on the first six months of H1 FY24.
- Noventiq has also published its updated investor presentation which includes highlights of its strategy, positioning and financial results, which can be found at [Noventiq IR]
Corner Growth originally raised $185 million in a June 2021 IPO to focus on the technology industry in the United States and other developed countries. The trust now stands at just over $5 million. Read more.
