Investee Company Update – Payapps Limited

Primorus Investments plc (AIM: PRIM) notes the announcement by Autodesk Inc. ("Autodesk") in relation to the conditional acquisition of Payapps Limited ("Payapps") (the "Acquisition"), an investee company of Primorus.

Autodesk has signed a definitive agreement to acquire Payapps, a leading global provider of construction payment and compliance management solutions (the "Acquisition").

Autodesk is a US based international software company that makes software products and services for a variety of different industries. Autodesk reported unaudited revenues of US$1,414 million in the three months ended 31 October 2023.

With this Acquisition, Autodesk customers will benefit from leveraging technology that eases the burden of construction payment management in a process that is simpler, faster, and more efficient for all construction project stakeholders. The Acquisition further reinforces Autodesk's belief that how project teams build should be just as rewarding as what they built - and improving processes and workflows is paramount to improving the industry.

Autodesk's proposed Acquisition of Payapps has not been completed; the completion of the proposed acquisition of Payapps is uncertain and is subject to the satisfaction or waiver of various conditions. Prior to the completion of the proposed Acquisition, Payapps and Autodesk will continue to operate as separate companies.

The full text of the announcement by Autodesk is available at: https://adsknews.autodesk.com/en/news/autodesk-to-acquire-payapps/

Primorus holds 3,065,068 ordinary shares of Payapps representing approximately 2% of the issued share capital of Payapps.