Adenasoft, a developer of FINTECH solutions, successfully completed a large-scale pre-IPO investment in Korea. The shares were sold by the majority shareholder’s existing holdings of 1.23 million shares for 39 billion KRW (33 million USD).
The deal put the valuation on the company at over 150 billion KRW (125 million USD). In other words, the deal completed at approximately KRW 29,000 per share. The company did not issue any more shares for funding as Adenasoft boasts steep growth in revenues and earnings.
It is for this reason why many of the well-known Korean securities firms, asset management companies, and venture capital firms flocked to participate in the pre-IPO deal. Adenasoft fit the bill for the investors chasing opportunities with clear exit plans and global exposure.
Seven companies participated in the pre-IPO investment including Atinum Investment, Korea Investment Partners, Premier Partners, Company K Partners, Time Folio Asset Management, Cornerstone Equity Partners, and Korea Investment & Securities.
It is estimated that each invested from 3 billion KRW to 10 billion KRW. According to Adenasoft spokesperson, the company opened its doors in August 2016 and has experienced tremendous growth ever since.
The company took advantage of the advancement in the global FinTech markets and earned the reputation as one of the pioneers in the industry.
In just three years, it has grown into a company worth well over hundred million USD in valuation. It is gearing up for an IPO in 2019 in the Korean stock market.
Adenasoft develops and distributes online operations, customer relationship management (CRM), foreign exchange trading, cryptocurrency trading, and risk management solutions that enable FinTech companies to seamlessly integrate IT and finance.
Clients are global financial institutions and most of the sales are reported to be from overseas. Investors are expecting Adenasoft to generate over 12 billion KRW (10 million USD) in sales with 8 billion KRW in profits. The company says it expects the growth rates to accelerate both for the sales and earnings.
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