- Draper Esprit has accepted, along with other investors, a conditional offer for Dublin based portfolio company Movidius from Intel Corporation for an undisclosed sum.

Movidius is a leader in high performance, ultra-low power computer vision technology for connected devices.

By combining sophisticated software algorithms with a powerful, purpose-built Vision Processing Unit (VPU), Movidius brings new levels of visual intelligence to smart devices.

Applications of Movidius's leading technology enable a new wave of intelligent and contextually aware devices such as drones and Augmented and Virtual Reality devices.

Intel, a Santa Clara based global technology company, has made a conditional offer for Movidius, which will result in an estimated total cash return of approximately £27 million for Draper Esprit before provision for accrued tax and carried interest payments. The Group had an unaudited pro-forma Net Asset Value including goodwill at admission of £128.7 million with the disclosed audited NAV of the holding in Movidius of £7.5m as at 31 December 2015.

The sale is expected to complete before the end of 2016 and is estimated to increase the Group's total NAV by approximately 21%, when compared to the pro-forma NAV (excluding goodwill and cash) reported at the time of the Group's admission to AIM/ESM in June 2016. The Group intends to invest the proceeds of the transaction in line with its existing investment policy.

At 9:54am: [LON:GROW] Draper Esprit Plc share price was +5p at 307.5p

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