With this transaction, Singtel Innov8 has increased its holding in the Singapore-based firm from 18.7 per cent to 21.3 per cent.
Singtel Innov purchase 130,423 shares of Hope Technik at S$5.43 per share, resulting in an aggregate cash consideration of S$0.71 million.
According to a filing, the purchase consideration was arrived at on a willing buyer-willing seller basis based on an assessment of Hope Technik’s assets and business prospects.
Hope Technik provides engineering solutions for commercial and government customers. For instance, in June 2014, the firm conducted work with Airbus regarding a space plane demonstrator, which they constructed in partnership with Airbus.
In a 2014 feature by Tech in Asia, Hope Technik explained that much of its revenue originated from consulting and prototyping work. At the time, it was claiming at the time to be on track to generate $8-$10 million in revenue for 2014, with the firm manufacturing hardware products locally.
Given developments like Singtel’s interest in solving various technology problems, among them drone detection and management, HOPE Technik’s work on swarm intelligence systems – the collective behavior of decentralised, self-organised systems of either natural or artificial origins – in solving computationally hard problems, may be a factor behind the investment.
When contacted by DEALSTREETASIA, Singtel declined to comment on the transaction.