India – May 6, 2023 – Noventiq (LSE: NVIQ) (“Noventiq”), a global digital transformation and cybersecurity solutions and services provider, and Corner Growth Acquisition Corp. (Nasdaq: COOL) (“Corner Growth”), a special purpose acquisition company led by veteran technology investors (“Sponsors”), today announced they have entered into a business combination agreement that is expected to result in the combined company (“Combined Company”) being listed on Nasdaq under the symbol “NVIQ”. The Combined Company will operate under the same management team, including Hervé Tessler, Chief Executive Officer, and Sergey Chernovolenko, President & Chief Operating Officer, with current Noventiq shareholders rolling 100% of their equity into the Combined Company.
The proposed business combination (“Business Combination”) is expected to provide Noventiq with improved access to new sources of capital, accelerate M&A opportunities, and enhance its reach and capabilities in fast-growing in-house technology development in cyber security, generative-AI, and other high-margin products and tools.
Hervé Tessler, CEO of Noventiq Group, said:
“Noventiq has an established history of delivering digital transformation and cybersecurity solutions and services to high growth markets. The backbone of our success is a highly decentralized, expert team of thought leaders across the almost 60 countries we serve. As a responsible organisation, we believe that it is our duty to create value not only for our shareholders but also for our employees, customers, and technology partners. We are proud to collaborate with the incredible team at Corner Growth on this transaction and are confident that it will propel our efforts globally and open a pathway for a broader set of public investors to participate in our important work.”
Marvin Tien, Co-Chairman & CEO of Corner Growth, said:
“Hervé, Sergey, and the impressive Noventiq management team are leading the way in delivering digital success to growth markets, leveraging best-in-breed technology partnerships and unrivaled local expertise in the markets they serve. With our unique relationships in the Asia-Pacific region and decades of technology-driven investment experience, we believe we can help deliver long-term value for all stakeholders in this transaction.”
Noventiq Investment Highlights
- Leading enabler of digital success. Noventiq sits at the heart of the $3.8 trillion digital transformation and cybersecurity ecosystem.
- Global reach and focus on high growth emerging markets. These growing markets represent a substantial total addressable market (TAM) – estimated to grow at an approximately 9% CAGR from $330 billion in 2020 to approximately $500 billion in 2025 – and are underserved and historically difficult to penetrate. Noventiq’s extensive global reach, coupled with a strong local presence and recognized execution capability, uniquely positions it for success in these markets.
- Strategic partnerships amplify growth strategy and widen Noventiq’s competitive reach. Noventiq ranks as a premier partner for the top public cloud companies globally, including Microsoft – as well as other key technology players such as AWS and Google. Noventiq has collaborated with Microsoft for over 25 years, becoming a leading strategic partner in a large number of growing markets, and is focused on continuing to expand its services footprint, while also actively delivering other partners’ technologies as part of its portfolio of customer outcome-focused solutions.
- Consolidator with track record of successful M&A. 14 companies acquired since 2020 including multiple transactions in 2022/2023, with a strategic approach towards geographic, portfolio and sales channel expansion.
- Inclusive and diverse culture, industry leading talent and unparalleled local expertise. Noventiq is a people-first and customer-centric organization. Eighty-five percent of headcount is customer facing and is led by a low-turnover, long-tenured management team with deep experience in developing markets and providing services to Fortune 500 global operations.
- New product lines and product categories on the horizon. Significant organic growth opportunities in selling in-house developed solutions like enterprise-grade smart assistants powered by generative AI, Microsoft Azure OpenAI Service, and other services and tools to new and existing customers. These are key drivers in growing high-margin solutions through Noventiq’s land and expand model.