Corner Growth Acquisition filed an updated investor presentation today on its proposed merger with Noventiq Holdings, a cybersecurity company.
The parties reduced the equity valuation of Noventiq from $877 million at deal announcement a year ago to $395 million.
The deal has a target cash raise of $50 million, with no minimum amount required to close.
Noventiq also provided unaudited key operating highlights for the nine months ending Dec. 31, including revenue of $340.7 million, an increase of 21.5% in U.S. dollars, and adjusted EBITDA (excluding share-based compensation) of $24.9 million, an increase of 49.4%. Revenue in 2024 is projected to reach $475 million
Noventiq has a strategic partnership with Microsoft in emerging markets.
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.
