Vipera (AIM:VIP), the specialist provider of mobile financial services, is pleased to announce a reorganisation of its customer delivery organisation. This includes a restructuring of its 51%-owned subsidiary, Codd & Date srl (“Codd & Date”), which will result in Vipera significantly increasing its holding in Codd & Date. These steps are designed to assist the smooth delivery of an increasing number of customer deployments, centralise management of the group’s solution offering for retailers and enable more specialisation within the wider Vipera delivery team.
As part of the restructuring, the Company will be hiving out a Motif-orientated segment of Codd & Date (“NewCo”) and aligning its operations with those of the Company’s wholly-owned Italian subsidiary, Vipera srl. Motif is the mobile financial services and digital customer engagement platform of Vipera.
As part of the restructuring, the Company will be issuing a total of 21,429,560 new ordinary shares of 1 penny each (“Ordinary Shares”) (an increase of 8.29% in the number of shares in issue) and 6,000,000 warrants over Ordinary Shares exercisable at 5 pence each, as detailed below.
The restructuring will result in NewCo becoming a wholly-owned subsidiary of Vipera and in the Company increasing its holding in Codd & Date to 80.74% from 51% through a series of proposed transactions.
Completion of the restructuring is expected to occur by the end of January 2017 and is expected to result in much greater efficiency in client delivery, with Codd & Date being able to focus on consultancy activities, big data and analytics and a certain number of digital deployments not related to Motif, while Vipera will be better placed to continue the evolution of its retail offering and to bring it to an international market.
In parallel to these transactions, Vipera has taken a lease on new, larger premises in Milan, which will bring the two Italian operations of the Group together in one office. This will better accommodate the team in Italy whose number has now grown to some 80 people.
Vipera CEO, Marco Casartelli commented: “Our acquisition of the 51% controlling stake in Codd & Date in 2013 allowed us to increase our access to a talented group of people to fulfil our customer deployments and this remains true today. Codd & Date is our largest supplier of deployment services to our clients and so the increase of our holding in the Company continues and each of NewCo and Codd & Date will allow us to operationally integrate the relevant teams. We now employ around 100 staff and contractors globally and through this reorganisation we can allow our product delivery teams to work together in a more streamlined and agile manner. We are very much looking forward to integrating our teams in our new offices in Milan and would like to thank our employees for all of their hard work in 2016.”Download PDF