Pender Growth Fund Inc. has announced its acquisition of four technology companies from Pluribus Technologies Corp. through a new subsidiary, Pender Software Holdings Ltd., for C$17.0 million. The firms include POWR Inc., Rowanwood Professional Services, Cranham Haig Ltd. (DocMoto), and Assured Software Ltd. This strategic move aims to enhance Pender’s portfolio in the technology sector while maintaining the existing management teams for seamless operations.
Pender Growth Fund Inc. has successfully completed the acquisition of four technology companies from Pluribus Technologies Corp., through a majority-owned subsidiary, Pender Software Holdings Ltd. This new entity will be primarily owned by Pender (85%) with Acorn Partners Inc. holding the remaining 15%. The acquisition, valued at C$17.0 million, is contingent on customary adjustments and the performance of the companies involved. The technology firms included in this acquisition are: 1. POWR Inc.: Established in 2014 and based in San Francisco, POWR specializes in providing plugins that help eCommerce businesses enhance their customer conversion rates on platforms such as Wix and Shopify. Website: www.powr.io 2. Rowanwood Professional Services Ltd.: Founded in 2017 and located in London, this company offers specialized housing asset management and energy management software tailored for housing providers across England, Scotland, and Wales. Website: www.rowanwood.ltd 3. Cranham Haig Ltd. (DocMoto): Operating since 1996 from Gloucestershire, UK, DocMoto provides secure document and email management solutions chiefly for law firms and legal departments. Website: www.docmoto.com 4. Assured Software Ltd.: This Vancouver-based company, founded in 1997, delivers design workflow and job management software solutions specifically for the restoration industry. Website: www.assuredsoftware.com Post-acquisition, the existing management teams of these four companies will remain in place to ensure continuity of operations. The establishment of the new holding structure is designed to enhance operational performance through strategic support and increased access to capital from Pender and Acorn. Legal and financial advisory for this transaction was provided by Fasken Martineau DuMoulin LLP, Loeb & Loeb LLP, and BDO Canada LLP.
Pender Growth Fund Inc. is an investment firm focused on long-term capital growth through strategic investments in unique opportunities, particularly in small-cap, special situations, and technology sectors. The completion of the acquisition of Pluribus Technologies’ four technology companies marks a significant expansion in their investment portfolio, with ambitions to optimize operational excellence and foster growth in the acquired companies. Acorn Partners Inc., as a key stakeholder in the new subsidiary, adds value through its investment and strategic support for technology firms, reinforcing the growth trajectory for both Pender and its new acquisitions.
In summary, Pender Growth Fund Inc. has strategically acquired four technology companies, signaling a proactive approach to expanding its investment footprint in the tech sector. The established management teams will oversee these companies as they integrate into the new holding initiative, backed by robust support from Pender and Acorn Partners, laying a foundation for growth and stability in the evolving technology marketplace.
Original Source: tech.einnews.com
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