Totm Technologies and Tech5 SA hereby jointly announce that Totm Technologies has completed the US$8.0 million investment by way of subscription of new shares in the capital of TECH5 as well as exercise its rights to convert the US$2.5 million convertible loan into new shares in TECH5. With the completion of these transactions, Totm Technologies’ Chief Executive Officer and Executive Director, Mr Pierre Prunier, has been appointed as a director on the board of TECH5.
Mr. Pierre Prunier, Chief Executive Office and Executive Director of Totm Technologies, said, “We are excited to consummate this strategic relationship with TECH5 as it enters the next phase of its strategic expansion. This is a significant milestone for the Group as we are one step closer towards becoming a leading expert in Identity Management Solutions. TECH5 has made significant headways year-to-date, we look forward to
supporting TECH5 as it continues to build upon its rich technical capabilities and product offerings. We believe that by harnessing the synergies between Totm Technologies and TECH5, our well-established brands, greater geographic diversification and access to a larger global user base will put us on a faster growth trajectory.”
Mr. Machiel van der Harst, Co-Founder and CEO of TECH5, said “We are delighted to announce the expansion of our partnership with Totm Technologies as Totm Group becomes a technology hub for prospective biometric technologies and solutions. We are looking forward to build a strong partnership and develop innovative solutions taking advantage of the synergies within the group, as well as increase brand awareness of our companies.”