Bigtincan to List on Nasdaq via Investcorp SPAC Deal
Key points
- Bigtincan signs Business Combination Agreement with Investcorp AI Acquisition Corp. (NASDAQ: IVCA)
- Proposed transaction to result in Bigtincan's listing moving from ASX to Nasdaq
- Implied pre-money equity value of US$275 million, or A$0.48 per share
Full summary
Bigtincan Holdings Ltd, a recognized market leader in sales enablement software, has signed a Business Combination Agreement and a Scheme Implementation Deed with Investcorp AI Acquisition Corp. (NASDAQ: IVCA), an Investcorp sponsored special purpose acquisition company. Under the proposed transaction, Bigtincan's listing would move from the ASX to the Nasdaq, providing access to a deeper pool of capital for the company's growth plans. The implied pre-money equity value of the transaction is US$275 million, or approximately A$0.48 per Bigtincan share. An affiliate of Investcorp will also invest US$12.5 million at US$10 per share as part of the transaction. The Bigtincan board unanimously recommends that shareholders vote in favor of the transaction, in the absence of a superior proposal and subject to an independent expert concluding that the proposed transaction is in the best interests of Bigtincan shareholders.Bigtincan is a leader in sales enablement software, with a focus on driving productivity gains for its customers through its Genie AI-powered platform. The company has a strong global footprint, with over 2,000 customer deployments, including 100 Fortune 500 companies. Bigtincan's growth strategy involves continued investment in its Genie AI capabilities, expanding its industry-specific solutions, and pursuing strategic acquisitions to build a vertically integrated ecosystem.
Guidance
Bigtincan expects to achieve FY24 revenue of A$117 million, representing a 38.5% CAGR since FY21, with positive EBITDA and operating cash flow in FY24.
Outlook
Bigtincan is committed to driving organic growth through continued investment in its Genie AI platform, expanding its industry-specific solutions, and strengthening strategic alliances to increase market reach. The company will also pursue selective M&A opportunities to assist in developing a vertically integrated ecosystem.
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