ESPOO, Finland–(BUSINESS WIRE)–Padma Ravichander, the CEO of Tecnotree Corporation (“Tecnotree”) has today entered an agreement, wherein Fitzroy Investments Limited (“Fitzroy”) will sell 15 million shares of Tecnotree to Padma Ravichander for a purchase price equivalent to the 10-day moving-average of the Tecnotree share price on the NASDAQ Helsinki Stock Exchange. The sale of these shares will be conducted in multiple tranches and will be completed by September 2022. The parties have agreed and are obliged to make the necessary market notifications as the tranches materialize.
“Tecnotree has been the best performing investment in our portfolio. It is our intention to remain Tecnotree’s single largest shareholder and maintain a long-term investment relationship in Tecnotree. However, we have come across a strategic opportunity to sell 15 million shares to Mrs. Ravichander, one of the key drivers behind Tecnotree’s recent success. With this transaction Fitzroy wants to signal its gratitude and commitment to the continued valuable co-operation with Padma,” said Neil Macleod, the Director of Fitzroy Investments Limited and the Chairman of the Board of Tecnotree.
“Tecnotree’s purpose is to bring the Finnish technology competence and state of the art 5G technology solutions across the world. We have a clear growth strategy to create sustainable digital ecosystems with our customers and partners. The transaction with Fitzroy underpins our collective long-term commitment to the execution of our digital strategy,” said Padma Ravichander, the CEO of Tecnotree.
About Tecnotree: Tecnotree is the only full-stack digital business management solution provider for digital service providers, with over 40 years of deep domain knowledge, proven delivery, and transformation capability across the globe. Our open-source technology-based agile products and solutions comprise the full range (order-to-cash) of business process and subscription management for telecom and other digital service providers with a pre-integrated B2B2X partner ecosystem across gaming, heath, education, OTT and more. Tecnotree products, platforms and partners support emerging ecosystems of over 1 billion subscribers across 70+ countries. Tecnotree is listed on Nasdaq Helsinki (TEM1V). For more information, please visit www.tecnotree.com.