6pm Holdings plc - New International Investments

On 12 June, 6pm Holdings plc announced it has entered into a licencing agreement with Javali LLC (a company incorporated in the USA and owned by various shareholders including the University of Utah) for 6pm’s proprietary solution, CareSolutions. Additionally, 6pm has granted Javali the right to further develop the CareSolutions suite in order to create a “Solution” aimed at offering financial institutions improved automated audit capabilities.

In consideration for the licence and the commitment by 6pm to provide assistance in the development of the aforementioned additional Solution, 6pm has been allotted a 10% equity stake in Javali. 6pm’s total investment in this respect amounts to GBP0.95 million equivalent to €1.16 million. Furthermore, 6pm will be allotted a 45% equity stake in a company that will eventually be granted the exclusive right to market the Solution in Europe.

The announcement also explained that all the necessary development and support in relation to the Solution is being provided by 6pm resources in Malta and Macedonia. The solution is expected to be marketable as from September 2014 with 6pm expecting to start reaping the benefits of this investment as from 2015.