Portfolio Update December 2023

Nothing on here is investment advice. Do your own due dilligence.

Sold RCS MediaGroup and Bet-at-home to significantly increase Bravura Solutions

Vencora, a subsidiary of Constellation Software’s Volaris operating group, acquired 51% of the shares in CREALOGIX in Switzerland and announced a tender offer for the remaining 49% of the shares for CHF 60. The tender is conditional on Vencora reaching a 2/3 threshold which they need in order to delist the company (yes, a 2/3 majority is enough to delist in Switzerland…).

CREALOGIX is a really nice vertical market software company. Among their offerings are e.g. a lending and a funding platform for financial institutions and the public sector. In recent years, the company has been unprofitable burning money on all types of “innovative endeavours”. However, this year the company has started to cut some expenses and finally turned a profit again. I suspect there is a lot more that can be done in terms of efficiency and value-based pricing. Now that Volaris is on board I have a good feeling that this will be a very profitable company one or two years from now.

This could be an interesting situation to watch! The price Volaris is offering is only a ~20% premium over the recent share price, which is trading close to an all-time low. So I suspect they might struggle to get enough shares to delist at this price. One might get the chance to be a co-investor with CSI in a publicly listed company.

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Supreme plc

SUTL Enterprise

Sygnity SA

Bravura Solutions

itim Group plc

Datalab Tehnologije

Cab Payments

Onlineformapro SA