One Equity Partners to become a cornerstone shareholder of Inside Secure, supporting its future development and strategy
Inside Secure (Euronext Paris:INSD), at the heart of security solutions for mobile and connected devices (the "Company"), today announced that it received on March 7, 2019 from OEP Inside B.V. ("OEP"), the holder of the EUR 30 million bonds redeemable into new shares issued by the Company on January 23, 2019 (ISIN: FR0013389814) in the context of the financing of the acquisition of Verimatrix, Inc. (the "Bonds"), a request for an early redemption of all such Bonds into newly issued shares.
In accordance with the terms and conditions of the Bonds described on December 5, 2018, as adjusted as a result of the January 2019 rights issue, on April 1, 20191 OEP will be allocated 21,651,191 newly issued shares of Inside Secure, with an estimated 25.55% shareholding (on a non-diluted basis).
Following completion of this redemption and based on information available to the Company on the date hereof, the Company's share capital would be allocated as follows:
|Number of shares|| |
% of ownership
|Members of the Board of Directors||1,909,060||2.25%|
|OEP VII IS, LLC|
|OEP Inside B.V.||21,651,191||25.55%|
OEP will become a cornerstone shareholder of the Company, supporting its future development and strategy. In connection with its subscription of the Bonds, OEP undertook to keep until January 28, 2020 all the new shares issued by the Company upon redemption of the Bonds, subject to certain customary exceptions.
OEP Inside B.V. is an affiliate of One Equity Partners, a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. One Equity Partners is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record of generating long-term value for its partners. Since 2001, the firm has completed more than 170 transactions worldwide. One Equity Partners, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt.
About Inside Secure
Inside Secure (Euronext Paris INSD) is at the heart of security solutions for mobile and connected devices, providing software, silicon IP, tools, services, and know-how needed to protect customers' transactions, ID, content, applications, and communications. With its deep security expertise and experience, the company delivers products having advanced and differentiated technical capabilities that span the entire range of security requirement levels to serve the demanding markets of network security, IoT and System-on-Chip security, video content and entertainment, mobile payment and banking, enterprise and telecom. Inside Secure's technology protects solutions for a broad range of customers including service providers, operators, content distributors, security system integrators,device makers and semiconductor manufacturers. For more information, visit www.insidesecure.com
1 i.e., 1.0333 x 30,000,000 €1.4317457, where 1.0333 is the adjustment factor resulting from the rights issue, and €1.4317457 is the 7-day average of daily volume-weighted-average price of Inside Secure's shares on Euronext Paris starting on the seventh trading day preceding the day the redemption was requested and ending on the trading day preceding such request date, i.e. from February 26 to March 6, 2019 (both inclusive).
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