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TMT to sell stake in Wrike software company for US$23M

U.K.-based venture capital and private equity firm TMT Investments PLC agreed to sell its stake in Wrike Inc., a San Jose, Calif.-based work-management-application provider, to Vista Equity Partners LLC for US$22.9 million in cash.

The sale will lead to an increase in TMT's net asset value by about US$11.0 million, or 37.5 cents per share, before adjustments, the company said in a release.

Additionally, TMT impaired its investment in the online-shopping mall Wanelo Inc. by 66%, which represents a reduction of approximately US$3.5 million in the fair value of TMT's investment, bringing it to approximately US$1.8 million.