Pender Growth Fund Announces Acquisition of Four Technology Companies from Pluribus Technologies

VANCOUVER, British Columbia, Oct. 11, 2024 (GLOBE NEWSWIRE) — (TSXV: PTF) Pender Growth Fund Inc. (“Pender” or the “Company”) is pleased to announce the completed acquisition of four technology companies from Pluribus Technologies Corp. (“Pluribus”) (TSXV:PLRB). The acquisition is being made by a majority owned subsidiary, to be named Pender Software Holdings Ltd., held approximately 85% by Pender and 15% by Acorn Partners Inc.

The total cash consideration for the transaction is C$17.0 million, subject to working capital adjustments, performance and other customary holdbacks. All four companies are currently cash flow positive.

The four technology companies acquired are:

• POWR Inc. (www.powr.io) – Founded in 2014 and headquartered in San Francisco (US), POWR is one of the web’s leading plugin libraries that helps eCommerce businesses convert website visitors into customers on platforms including Wix and Shopify.
• Rowanwood Professional Services Ltd. (www.rowanwood.ltd) – Founded in 2017 and headquartered in London (UK), Rowanwood provides housing asset management and energy management software solutions specially designed around the needs of housing providers in England, Scotland and Wales.
• Cranham Haig Ltd. dba CHL Software (www.docmoto.com) – Founded in 1996 and headquartered in Gloucestershire (UK), DocMoto provides secure document and email management solutions primarily for law firms and legal departments in various industries.
• Assured Software Ltd. (www.assuredsoftware.com) – Founded in 1997 and headquartered in Vancouver (CA), Assured provides design workflow and job management software solutions for the restoration industry.

Following the acquisition, all four entities will continue to be led by their existing management teams. All parties will prioritize a seamless transition with minimal disruption to customers, employees and business operations. The new holding company structure will facilitate a focus on operational excellence with strategic support and access to capital from Pender and Acorn.

Pender and Acorn were advised on the transaction by Fasken Martineau DuMoulin LLP, Loeb & Loeb LLP, and BDO Canada LLP.

About Pender Growth Fund Inc.

Pender Growth Fund Inc. is an investment firm. Its investment objective is to achieve long-term capital growth. Pender utilizes its capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies, principally in the technology sector. It trades on the TSX Venture Exchange under the symbol “PTF” and posts its NAV on its website, generally within five business days of each month end. For additional information, please visit www.pendergrowthfund.com.

About Acorn Partners Inc.

Acorn Partners Inc. is an investment and advisory firm based in Vancouver, BC. Acorn invests in profitable technology companies by deploying permanent capital alongside trusted capital partners. Acorn supports portfolio companies with strategic decisions and oversight while management continues to make operational decisions. For additional information, please visit www.acorncappartners.com.

For further information, please contact:

Tony Rautava

Corporate Secretary
Pender Growth Fund Inc.
(604) 653-9625
Toll Free: (866) 377-4743

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company’s decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.