Changes in board of directors in preparation for proposed Nasdaq listing
26 September 2023, London, UK - Noventiq, the global digital transformation and cybersecurity solutions and services provider, has announced that Igor Borovikov has stepped down from the board, effective 23 September 2023.
In conjunction with the Business Combination Agreement signed with Corner Growth Acquisition Corp. on 4th May 2023, and in preparation for the proposed Nasdaq listing, the company is in the process of transitioning to a board structure to achieve independence and diversity aligned with Sarbanes Oxley, U.S. regulations, and market best practice. Current non-independent directors, Sergey Chernovolenko, and Roy Harding will also step down from the board once suitable independent replacements are finalised.
Under the leadership of Hervé Tessler, Noventiq has accelerated the transformation of many aspects of its business in preparation for its targeted listing on the Nasdaq. The Company is actively involved in the selection of additional independent non-executive directors to support its commitment to ESG and the most advanced governance practices, aligned with the company’s Board Diversity & Inclusion policy. A further announcement will be made when those appointments are finalised.
Jacques Guers, Chairman of the Board of Directors at Noventiq, said:
“The changes we have announced today represent the next step in our governance transition to comply with all relevant regulations and expectations for a Nasdaq listing. I would like to thank Igor for his vast contribution to the board during his tenure. I also want to thank Sergey and Roy for their continued commitment to the board while we focus on finding strong independent candidates who can bring additional relevant experience and diversity to the board.”
Igor Borovikov, former executive director of the Board of Directors at Noventiq, said:
“I am proud to have served on the board during this exciting time. I founded the company 30 years ago, and Noventiq has an incredibly strong foundation in the attractive emerging markets around the world, built on our highly successful 3-dimensional long-term growth strategy. The company is extremely well positioned for the next chapter of this amazing growth story, and I wish Jacques and the rest of the board all the best, as the company continues its transformation to be a U.S. listed global digital transformation and cybersecurity solutions and services provider.”
The board has continued to evaluate options designed to ensure that the significant fundamental value of Noventiq is properly reflected by the market. On 4th May 2023, the company announced its intention to list on Nasdaq through a business combination with Corner Growth Acquisition Corp. Business Combination Agreement. The company subsequently conducted a conference call webcast on 13th June 2023 with details on Noventiq’s business momentum and its BCA with Corner Growth, as well as its business outlook for FY24. This included a company presentation available for investors: Noventiq equity story.
Further to the announcement on 24th January 2023 of its intention to re-domicile the company from Cyprus to the Cayman Islands: Re-domiciliation, shareholders approved all resolutions in relation to the transaction at the general meeting held on the 15th February 2023: GM Result 15 Feb 2023. Noventiq completed the redomiciliation, effective 26th July 2023: Re-domiciliation completion.
Further to the announcement made by the Company on 22nd June 2023, the cancellation of the listing of the Company’s GDRs on the LSE became effective on 26th July 2023. Delisting on LSE and MoEX is a condition of the business combination with Corner Growth Acquisition Corp, and given the multiple trading venues involved, the Company initiated the process in June as a natural step to ensure the delistings are completed in a timely manner and do not impact completion of the business combination. The Company anticipates that the MoEX Delisting will be completed by the end of September 2023. Delisting of GDRs.
Noventiq (Noventiq Holdings plc) is a leading global solutions and services provider in digital transformation and cybersecurity, headquartered in London. The company enables, facilitates, and accelerates digital transformation for its customers’ businesses, connecting 80,000+ organizations across all sectors with a vast selection of best-in-class IT vendors, alongside its own services and solutions.
Noventiq delivered record gross revenue of $1.6 billion for the 12 months to March 31, 2023, an increase of 52% in constant currency. The company’s growth is underpinned by its three-dimensional strategy to expand its markets, portfolio, and sales channels. The strategy is supported by an active approach to M&As, which enables Noventiq to take advantage of the ongoing consolidation in the industry. Noventiq's 6,400 employees work in ~60 countries throughout Asia, Latin America, Europe, Middle East, and Africa— markets with significant growth potential.
In May 2023, Noventiq announced its intent to list on Nasdaq through a proposed business combination with Corner Growth Acquisition Corp.
Additional information about the company can be found here: https://noventiq.com/investor-relations
Steven Salter Global
Investor Relations VP
Head of Global Communications