Globalive Technology Provides an Update on its Technology Investment Portfolio
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lobalive Technology Inc. (TSX-V: LIVE) (the Company), a technology company based in Toronto, Ontario, today provided an update on some of the highlights of its portfolio of investments in technology companies and potential collaborators (the Portfolio Companies), which dates back to Q1 2018.
The Company currently has investments in eight Portfolio Companies with a total book value of approximately $12 million. The Portfolio Companies consist primarily of software and technology companies serving the automotive, financial, legal, and municipal government sectors with artificial intelligence, IoT and SaaS platform-enabled solutions and services. Notable examples include
Acorn Biolabs (Acorn), which provides a cost-effective, non-invasive solution to collecting live genomes for use in regenerative medicine and advanced gene therapies, went live in Q3 2019 and is presently ramping its collection efforts through multiple direct-to-consumer and laboratory channels across Canada.
Civic Resources Group International (d/b/a CivicConnect), a software company that enables municipalities to create their own smart city applications and technology solutions, has won several large contracts through its integration partners in Los Angeles, New York, San Francisco and Seattle.
Eigen Innovations, which continues to ramp its industrial artificial intelligence business, helping machines manage large amounts of data and improve their productivity.
FutureVault, which launched its digital collaborative vault for managing sensitive information between financial and service professionals and their consumer and corporate clients in mid-2019. A large-scale rollout is presently ramping with one of the largest document retention companies in the U.S. as well as independent asset managers in North America.
Investment candidates are selected based on strong management teams with relevant backgrounds, clearly defined problems that need to be solved, well-articulated customer acquisition strategies and suitability as possible future collaborators with the Company on technology projects and businesses.
In Q3 2019, the Company successfully concluded its first significant monetization (approximately $3.5M) of a Portfolio Company, producing a return of 113% in just over a year.
Where deemed appropriate, the Company continues to make follow-on investments in Portfolio Companies, including two recent follow-on investments in Acorn (Q4 2019) and CivicConnect (Q1 2020), in each case at favorable valuations, to support customer acquisition growth in 2020.
We believe the tech ecosystem in Canada, with its world-class universities, represents a fantastic opportunity to discover, invest and collaborate with companies developing cutting edge technologies and technology-enabled services, said Anthony Lacavera, the Company's Chief Executive Officer.
The Company's management continues to consider how best to build on its technology investment experience, with possibilities including launching a new business line to offer management and fiscal advisory services to technology start-up companies, increasing its participation in existing investees, participating in or directing a technology venture or private equity fund, and other similar activities. Such considerations are in their earliest stages and there can be no assurance at this time that the Company will pursue any such business activities.
In the meantime, the Company is continuing its discussions with and interest in Flexiti Financial Inc. and its affiliates (the Flexiti Group), a leading point-of-sale consumer financing solutions company in Canada with over one million customers and a loan book of approximately a quarter of a billion dollars, which are described in greater detail in press releases dated January 9, February 20 and September 13, 2019.
✔️ Globalive Technology Provides an Update on its Technology Investment Portfolio
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