Schroders Capital trust to benefit from sale of Securiti AI

(Sharecast News) - Schroders Capital Global Innovation Trust announced on Monday that its portfolio company Securiti AI has agreed to be acquired by Veeam Software for a total consideration of $1.725bn, marking a significant uplift in the trust's portfolio value. The London-listed trust, which has held an indirect stake in Securiti since 2019 and made a direct investment in November 2023, said the sale was expected to result in a 2.35% positive valuation adjustment to its 30 June net asset value.

When taking into account the impact of its July tender offer announcement, the uplift equated to an estimated NAV increase of around 2.9%.

The transaction valued the holding at £7.7m, up from £3.6m as of June.

Full financial details had not yet been disclosed, and the company said it would provide further updates once the transaction was complete.

All unquoted holdings, including Securiti AI, would be reassessed as part of the 30 September quarterly NAV review.

"We would like to congratulate the team at Securiti AI on this outstanding achievement," said lead portfolio manager Tim Creed and co-portfolio manager Harry Raikes in a joint statement.

"The acquisition by Veeam reflects the strength of Securiti's technology and its leadership in the rapidly growing data security and AI governance market.

"For Schroders Capital Global Innovation Trust, this represents a significant value realisation that has occurred earlier than we had anticipated and is expected to generate meaningful proceeds for shareholders as part of the managed wind-down process."

At 1128 GMT, shares in Schroders Capital Global Innovation Trust were up 1.59% at 14.91p.

Reporting by Josh White for Sharecast.com.