ESPOO, Finland - Friday, 27. October 2023
(BUSINESS WIRE) -- Tecnotree is pleased to announce that it has received legally binding interest from a consortium of shareholders for EUR 20,000,000. As a part of the consortium, we are pleased to welcome the Royal Front Investments Group, an existing proven partner of the company in the EMEA Region.
Markku Wilenius has confirmed his intention to transfer his unpaid subscriptions rights for his 200 notes to the Consortium to enable proposed transactions.
The parties will now work together over the next 15 days to conclude definitive agreements.
Sina Fattahi, Board Member of Royal Front Investments Group, said, “We have had the pleasure of working with Tecnotree for the past few years and are impressed by the consistent performance of the company. Our commitment to Tecnotree reflects our confidence in the company's potential and its role in the ever-evolving digital landscape. This is a terrific 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 significant development, as our journey with the Royal Front Investments Group transforms from a customer relationship to a strategic partnership. This investment is a testament to the value and potential they see in Tecnotree's digital capabilities, growth outlook and strategy. We look forward to working closely with our partners to bring this transaction to fruition, which should only enhance and accelerate our strategic initiatives and technology development efforts.”
Neil Macleod, Chairman of Tecnotree Corporation, said, “This gives Fitzroy Investment an opportunity to increase our investment in Tecnotree and we are committed to the companies long term growth and success. Additionally, as a member of the consortium we are very happy to welcome Royal Front Investments as a significant shareholder to the Tecnotree family and I also thank Luminous Sun Holdings for their continued support of the company.”
About Tecnotree
Tecnotree is a 5G-ready digital Business Support System (BSS) player with AI/ML capabilities and multi-cloud extensibility. The company has over 40 years of deep domain expertise and is amongst the first few to attain the Platinum Badge for Open API standards by TM Forum. Tecnotree's agile and open-source Digital BSS Stack comprises a full range (order-to-cash) of 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 various verticals. Tecnotree is listed on Nasdaq Helsinki (TEM1V). For more information, please visit www.tecnotree.com.
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Indiresh Vivekananda, CFO, tel. +971 56 410 8357