Novo Tellus eyes cloud megatrend with S$12m bet on Procurri

Singapore

THE owners of private equity firm Novo Tellus are set to become the largest shareholders of global data centre services firm Procurri, after inking deals last month to pick up a combined 29.6 per cent stake in the mainboard-listed firm at S$0.33 a share.

Procurri began as an enterprise hardware trader with a volatile revenue profile, but its investments into IT lifecycle services finally drove revenue and gross profit to a record high last year. It finished 2018 with a net profit of S$5.3 million, up from a net loss of S$2.7 million in 2017.