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Registered number: 09305666 PRIVITAR LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
PRIVITAR LIMITED COMPANY INFORMATION
Directors | F R Y Santiago
| R Garde
Registered number | 09305666
Registered office | Suite 4
| 7th Floor
| 50 Broadway
| London
| SW1H 0DB
Independent auditor | Nortons Assurance Limited
| Chartered Accountants and Statutory Auditor
| Second Floor
| NOW Building
| Thames Valley Park
| Reading
| Berkshire
| RG6 1RB
PRIVITAR LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditor's Report | 5 - 7
Statement of Profit or Loss and Other Comprehensive Income | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Statement of Cash Flows | 11
Notes to the Financial Statements | 12 - 29
Detailed Profit and Loss Account and Summaries | 29
PRIVITAR LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their strategic report for the year ended 31 December 2024.
Business review
The results of the Company for the period show a loss on ordinary activities before tax of £7,431,000 (2023 - £15,435,000). The shareholders' funds for the Company total £9,191,000 (2023 - £3,329,000). On 12 July 2023, the Company was acquired by Informatica Software Limited, a wholly owned subsidiary of Informatica Inc. As of this date Informatica Inc. became the ultimate parent company. Subsequent to the change in control, the Company operates on an intercompany royalty model under which its products are distributed by other group companies.
Financial key performance indicators
The loss for the period, after taxation, amounted to £7,431,000 (31 December 2023 - £15,435,000). No dividends will be distributed for the year ended 31 December 2024 and period ended 31 December 2023.
Principal risks and uncertainties
The Company’s operations expose it to a variety of financial risks that include liquidity, currency and credit risks. Given the size of the Company, the directors have not delegated the responsibly of monitoring financial risk to a subcommittee of the board. The policies set by the board of directors are implemented and monitored by the Company’s finance department. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations, which will result in financial loss to the Company. The Company does not have any external debt. Liquidity risk The Company monitors and retains sufficient cash levels to ensure it has funds available for its operations. Currency risk The Company has transaction currency exposure which arise from sales and purchases in currencies other than is functional currency. Management monitors foreign currency balances and ensure the balances are cleared down regularly to minimise the risk over time. Page 1
PRIVITAR LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Other key performance indicators
The directors and officers of Informatica Inc. oversee the operations of the company on a business sector basis. The directors of the Company do not believe the use of KPI's are appropriate assessing the performance or position of the Company. Going concern The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. This expectation is based on the arrangement with Informatica Inc. the Company's parent, to provide financial support to the Company to enable it to settle its debts as they fall due for a period of not less than a year from the date of the approval of the financial statements. This report was approved by the board and signed on its behalf.
F R Y Santiago Director
Date: 17 September 2025
Page 2
PRIVITAR LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements, in accordance with applicable law. Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments and estimates that are reasonable and prudent; ∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements; ∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and ∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Principal activity
The provision of modern data provisioning software and services.
Results and dividends
The loss for the year, after taxation, amounted to £7,431,000 (2023 - loss £15,435,000).
Directors
The directors who served during the year were:
B C Lewis (resigned 16 June 2025)
M A Pellowski (resigned 15 March 2025)
Subsequent to the balance sheet date, on 16 March 2025 F R Y Santiago was appointed as a director of the Company and on 17 June 2025 R Garde was appointed as a director of the Company. Page 3
PRIVITAR LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Future developments
There are no significant future developments expected to impact the Company
Financial instruments
Please see details identified in the Strategic report on page 1.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post year end events
On 27 May 2025, Salesforce (NYSE: CRM) signed Definitive Agreement to acquire Informatica for approximately $8 billion in equity value net of Salesforce’s current investment in Informatica. There have been no other significant events affecting the Company since the year end.
Auditor
The auditor, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
F R Y Santiago Director
Date: 17 September 2025
Page 4
PRIVITAR LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRIVITAR LIMITED
Opinion
We have audited the financial statements of Privitar Limited for the year ended 31 December 2024 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 13 - 17. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended; ∙have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included: Evaluated, through discussions with management, their method for making their going concern assessment; Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude Page 5
PRIVITAR LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRIVITAR LIMITED (CONTINUED) that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Responsibilities of directors As explained more fully in the directors' responsibilities statement on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Page 6
PRIVITAR LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRIVITAR LIMITED (CONTINUED) We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Anthony Campbell (Senior Statutory Auditor) for and on behalf of Nortons Assurance Limited Chartered Accountants and Statutory Auditor Second Floor NOW Building Thames Valley Park Reading Berkshire RG6 1RB 17 September 2025 Page 7
PRIVITAR LIMITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  |  | Year ended 31 December | 11 months ended 31 December
|  |  |  | 2024 | 2023
|  |  | Note | £000 | £000
Revenue | 6 | 2,839 | 3,217
Cost of sales |  | (857) | (227)
Gross profit |  | 1,982 | 2,990
Other operating income | 7 | 703 | 414
Administrative expenses |  | (9,716) | (19,507)
Loss from operations |  | (7,031) | (16,103)
Finance income | 11 | - | 698
Finance expense | 11 | (408) | (30)
Income from fixed assets and dividends |  | 9 | -
Loss before tax |  | (7,430) | (15,435)
Tax expense | 12 | (1) | -
Loss for the year |  | (7,431) | (15,435)
Total comprehensive income |  | (7,431) | (15,435)
The notes on pages 13 to 29 form part of these financial statements.
Page 8
PRIVITAR LIMITED REGISTERED NUMBER: 09305666 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
| 2024 | 2023
Note | £000 | £000
Assets |  |
Non-current assets |  |  |
Intangible assets | 13 | - | -
Investments in subsidiaries | 14 | - | -
Current assets |  |  |
Trade and other receivables | 15 | 171 | 1,472
Cash and cash equivalents |  | 775 | 1,168
Total assets |  | 946 | 2,640
Liabilities |  |
Current liabilities |  |  |
Trade and other liabilities | 16 | 10,137 | 5,969
Loans and borrowings | 20 | - | -
Total liabilities |  | 10,137 | 5,969
Net liabilities |  | (9,191) | (3,329)
Issued capital and reserves |  |  |
Share capital |  | 1 | 1
Share premium reserve |  | 96,457 | 96,457
Retained earnings |  | (105,649) | (99,787)
TOTAL EQUITY |  | (9,191) | (3,329)
The financial statements on pages 8 to 29 were approved and authorised for issue by the board of directors and were signed on its behalf by:
F R Y Santiago
Director
Date: 17 September 2025
The notes on pages 13 to 29 form part of these financial statements. Page 9
PRIVITAR LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Share capital | Share premium | Retained earnings | Total equity
| £000 | £000 | £000 | £000
At 1 February 2023 | 1 | 96,170 | (84,703) | 11,468
Comprehensive income for the year |  |  |  |
Loss for the period | - | - | (15,435) | (15,435)
Total comprehensive income for the year | - | - | (15,435) | (15,435)
Contributions by and distributions to owners |  |  |  |
Share based payments | - | - | 351 | 351
Issue of share capital | - | 287 | - | 287
Total contributions by and distributions to owners | - | 287 | 351 | 638
At 31 December 2023 | 1 | 96,457 | (99,787) | (3,329)
At 1 January 2024 | 1 | 96,457 | (99,787) | (3,329)
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (7,431) | (7,431)
Total comprehensive income for the year | - | - | (7,431) | (7,431)
Contributions by and distributions to owners |  |  |  |
Share based payments | - | - | 1,569 | 1,569
Total contributions by and distributions to owners | - | - | 1,569 | 1,569
At 31 December 2024 | 1 | 96,457 | (105,649) | (9,191)
The notes on pages 13 to 29 form part of these financial statements.
Page 10
PRIVITAR LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  |  | 2024 | 2023
|  |  | Note | £000 | £000
Cash flows from operating activities |  |  |
Loss for the year |  | (7,431) | (15,435)
Adjustments for |  |  |
Depreciation of property, plant and equipment |  | - | 24
Amortisation of intangible fixed assets | 13 | - | 229
Impairment losses on intangible assets | 13 | - | 4,353
Loss on disposal of property, plant and equipment |  | - | 15
Gain on remeasurement of financial liability valued at fair value |  | - | (695)
Share-based payment expense | 18 | 1,569 | 351
Net foreign exchange gain |  | (109) | (43)
|  | (5,971) | (11,201)
Movements in working capital: |  |  |
Decrease in trade and other receivables |  | 1,301 | 5,341
Increase in trade and other payables |  | 4,168 | 1,797
Cash used in operations |  | (502) | (4,063)
Net decrease in cash and cash equivalents |  | (502) | (4,063)
Cash and cash equivalents at the beginning of year |  | 1,168 | 5,188
Exchange gains on cash and cash equivalents |  | 109 | 43
Cash and cash equivalents at the end of the year |  | 775 | 1,168
The notes on pages 13 to 29 form part of these financial statements. Page 11
PRIVITAR LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
|  | Page
1. | Reporting entity | 13
2. | Basis of preparation | 13
3. | Accounting policies | 13
4. | Functional and presentation currency | 17
5. | Accounting estimates and judgments | 18
6. | Revenue | 19
7. | Other operating income | 19
8. | Auditor's remuneration | 20
9. | Employee benefit expenses | 20
10. | Directors' remuneration | 21
11. | Finance income and expense | 22
12. | Tax expense | 23
13. | Intangible assets | 24
14. | Subsidiaries | 25
15. | Trade and other receivables | 25
16. | Trade and other payables | 26
17. | Reserves | 26
18. | Share based payments | 27
19. | Controlling party | 27
20. | Convertible loan notes | 28
Page 12
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | Reporting entity
Privitar Limited (the 'Company') is a limited company incorporated in England and Wales. The Company's registered office is given on the company information page. The Company's principal activity is that of provision of modern data provisioning software services. The Company was acquired by Informatica Software Limited on 12 July 2023. Following this the Company has changed its period end to align with that of its parent company. Therefore these financial statements represents the 12 months ended 31 December 2024 and the comparatives represent the 11 months ended 31 December 2023.
2. | Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors. Details of the Company's accounting policies, including changes during the period, are included in note 3. In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 5. 2.1 Basis of measurement The financial statements have been prepared on the historical cost basis. 3.Accounting policies
| 3.1 | Consolidation requirements review
The accounts represent Privitar Limited as a stand-alone entity. Whilst the Company has subsidiaries, these are all dormant. Therefore the requirement is to not prepare consolidated financial statements.
| 3.2 | Going concern
These financial statements should be read in conjunction with those produced for the ultimate parent company, Informatica Inc. (NYSE : INFA). The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Page 13
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 3.Accounting policies (continued)
| 3.3 | Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a product or service to a customer. The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money. Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable in the normal course of business, net of discounts, VAT and other sales related taxes. The core principle is to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. This principle is achieved by applying the five step approach in accordance with IFRS15. License subscription revenue from subscription-based on-premise licenses are recognised at a point in time upon transfer of control to the customer. Revenue on the remaining subscription offerings are generally recognised over time on a ratable basis over the contract term beginning on the date that the service is made available to the customer. Support and maintenance fees, which can include core product upgrades and enhancements, are recognised over the period of the licence contract on a straight-line basis. Revenue from training and installation services is recognised as the work is performed by reference to the costs incurred as a proportion of the total estimated costs of the project. This is considered to reflect when control is transferred as the customer receives and consumes the benefit of the service as it is performed, and the Company has an enforceable right to payment for work completed to date. Intercompany revenue represents commissions received, net of value added tax, from fellow group companies under agreements in place for distribution, provision of research and development, customer support and consulting services related to the company’s software products. Page 14
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 3.Accounting policies (continued)
| 3.4 | Employee benefits
| Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service. Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting date. Post Employment Benefits A defined contribution plan is a pension plan under which the Company pays fixed contributions into an independent entity. The Company has no legal or constructive obligations to pay further contributions after its payment of the fixed contribution. The Company contributes to several schemes for individual employees that are defined contribution plans. Contributions to the plans are recognised as an expense in the period that relevant employee services are received.
| 3.5 | Share-based payments
| Share-based payment transactions of the Company
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 18. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled employee benefits reserve. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year. Shares for which an option is granted are issued by the ultimate parent company and no consideration is given by this company in respect of those options. A corresponding credit is recognised in retained earnings as a component of equity. Page 15
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 3.Accounting policies (continued)
| 3.6 | Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
| Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
| 3.7 | Intangible assets
| Internally-generated intangible assets
Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following have been demonstrated: ∙the technical feasibility of completing the intangible asset so that it will be available for use or sale; ∙the intention to complete the intangible asset and use or sell it; ∙the ability to use or sell the intangible asset; ∙how the intangible asset will generate probable future economic benefits; ∙the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and ∙the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
| 3.8 | Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
| 3.9 | Financial instruments
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are Page 16
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 3.Accounting policies (continued)
| 3.9 | Financial instruments (continued)
directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
| 3.10 | Convertible debt
The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components. The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert. Subsequently, the debt component is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity of the bond. The remainder of the proceeds is allocated to the conversion option and is recognised in the "Convertible debt option reserve" within shareholders' equity, net of income tax effects.
4. | Functional and presentation currency
These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated. Page 17
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Accounting estimates and judgments
| 5.1 Estimates and assumptions
Estimate and assumption In the application of the accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and future periods if the revision affects both current and future periods. Revenue recognition Management judgement is applied in determining the allocation and timing of the recognition of revenue on contracts. Contracts can include both the provision of software as a service and professional services. In applying the five-step model set out in IFRS 15 management assess whether the services to be performed under the contract are distinct, and therefore separate performance obligations, or non-distinct with the contract accounted for as a single performance obligation. Management consider recognition of the separable components of revenue is appropriate based on the analysis of individual contracts, as this indicates the substance of the transaction as viewed by the customer. The point at which performance obligations are completed is dependent on the contractual terms and an analysis is made of each revenue component. Fair value of share options Management uses valuation techniques to determine the fair value of share based payments. This involves developing estimates and assumptions consistent with how third parties would price the instruments. Given the early stage profile of the business, observable third party equivalent data is not always available and management have therefore used estimates based on best information available. The fair value of share-based payments has been estimated using the Black-Scholes model with the criteria used stated in note 18. Convertible loan notes - fair value measurement Estimating the fair values of the convertible loan notes required the determination of the most appropriate valuation method to use in the calculation which includes an assessment regarding the expected settlement and conversion events. During the year ended 31 January 2023 the Company issued convertible loan notes ("CLNs") totalling £7.5m. These CLNs are classified as a financial liability and are recorded at fair value through profit and loss ("FVTPL"). The fair value of the CLNs is a level 3 fair value measurement meaning it is based on unobservable inputs (not derived from market data). The fair value of the CLNs is highly sensitive to changes in assumptions used, notably estimated value of the business and the discount used. used. As at 31 January 2023, the Company assessed the fair value of the CLNs to be £0.9m, giving rise to a gain in the Statement of Comprehensive Income of £6.4m. An trigger event occurred on 12 July 2023 following the change of control, creating a a further gain within the statement of comprehensive income of £0.7m in the period ending 31 December 2023. Please refer to Note 20 for more details. Page 18
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Revenue
| The following is an analysis of the Company's revenue for the year from continuing operations:
|  |  |  |  | Year ended 31 December | 11 months ended 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Sale of services | 2,839 | 3,217
| Timing of revenue recognition:
|  |  |  | 2024 | 2023
|  |  |  | £000 | £000
| Goods and services transferred over time | 2,839 | 3,217
| The directors consider it seriously prejudicial to the interests of the Company to disclose geographical information regarding revenue.
7. | Other operating income
|  |  |  |  | Year ended 31 December | 11 months ended 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Sundry income | 703 | 108
| Profit on disposal of fixed asset investments | - | 306
|  | 703 | 414
Page 19
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | Year ended 31 December | 11 months ended 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 18 | 18
9. | Employee benefit expenses
|  |  |  |  | Year ended 31 December | 11 months ended 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Employee benefit expenses (including directors) comprise: |  |
| Wages and salaries | 4,377 | 10,769
| National insurance | 415 | 878
| Defined contribution pension cost | 205 | 287
|  | 4,997 | 11,934
| Key management personnel compensation Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including the directors of the Company listed on page 3.
|  |  |  |  | Year ended 31 December | 11 months ended 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Salary | - | 309
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PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9.Employee benefit expenses (continued)
| The monthly average number of persons, including the directors, employed by the Company during the year was as follows:
|  |  |  |  | Year ended 31 December | 11 months ended 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | No. | No.
| Employees | 30 | 105
10. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Directors' emoluments | - | 309
Page 21
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Finance income and expense
| Recognised in profit or loss
|  |  |  |  | Year ended 31 December | 11 months ended 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
Finance income |  |
| Bank interest received | - | 3
| Gain on remeasurement of financial liability at FVTPL (see note 20) | - | 695
| Total finance income | - | 698
| Finance expense |  |
| Loans from group undertakings | 408 | 30
| Total finance expense | 408 | 30
| Net finance (expense)/income recognised in profit or loss | (408) | 668
| The above financial income and expense include the following in respect of assets (liabilities) not at fair value through profit or loss:
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PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Tax expense
| 12.1 Income tax recognised in profit or loss
| The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows:
|  |  |  |  | Year ended 31 December | 11 months ended 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Loss for the year | (7,431) | (15,435)
| Income tax expense (including income tax on associate, joint venture and discontinued operations) | 1 | -
| Loss before income taxes | (7,430) | (15,435)
| Tax using the Company's domestic tax rate of 25% (2023:23.52%) | (1,858) | (3,684)
| Adjustments to tax charge in respect of prior periods | - | (23)
| Effects of share based payment | (152) | 81
| Permanent timing differences | 1 | (116)
| Movements in deferred tax not provided for | 2,009 | 3,742
| Overseas taxes | 1 | -
| Total tax expense | 1 | -
| 12.2 Current tax liabilities
|  |  |  |  | Year ended 31 December | 11 months ended 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Current tax liabilities |  |  |
| Corporation tax payable |  | - | 661
Page 23
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Intangible assets
|  | Development expenditure | Intellectual property | Total
|  | £000 | £000 | £000
| Cost |  |  |
| At 1 February 2023 | 12,556 | 275 | 12,831
| Additions - internal | 3,072 | - | 3,072
| Disposals | (15,628) | (275) | (15,903)
| At 31 December 2023 | - | - | -
| At 31 December 2024 | - | - | -
|  | Development expenditure | Intellectual property | Total
|  | £000 | £000 | £000
| Accumulated amortisation and impairment |  |  |
| At 1 February 2023 | 8,203 | 46 | 8,249
| Charge for the period - owned | 1,406 | 41 | 1,447
| Disposals | (9,609) | (87) | (9,696)
| At 31 December 2023 | - | - | -
| At 31 December 2024 | - | - | -
| Net book value |  |  |
| At 1 February 2023 | 4,353 | 229 | 4,582
| At 31 December 2024 | - | - | -
Page 24
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Subsidiaries
| Details of the Company's material subsidiaries at the end of the reporting period are as follows:
| Name of subsidiary |  | Principal activity | Place of incorporation and operation | Proportion of ownership interest and voting power held by the Company (%)
|  |  |  |  |  | 2024 | 2023
| 1) Privitar Singapore Pte. Ltd | Provision of software services | Singapore | 100 | 100
| 2) Privitar Israel Ltd | Provision of software services | Israel | 100 | 100
| 3) Privitar Polska s.p. zoo | Provision of software services | Poland | 100 | 100
15. | Trade and other receivables
|  | 2024 | 2023
|  | £000 | £000
| Current |  |
| Trade receivables | - | 39
| Receivables from related parties | - | 733
| Prepayments and accrued income | 34 | 51
| Other receivables | 137 | 649
| Total current trade and other receivables | 171 | 1,472
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PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Trade and other payables
|  | 2024 | 2023
|  | £000 | £000
| Trade payables | 38 | 14
| Payables to related parties | 8,958 | 3,946
| Other payables | 72 | 50
| Accruals | 574 | 708
| Other payables - tax and social security payments | 495 | 1,220
| Deferred income | - | 31
| Total current portion | 10,137 | 5,969
17. | Reserves
Share premium This reserve records the amount above the nominal value received from the shares sold, less transaction costs. Retained earnings The retained earnings account includes all current and prior period retained profits and losses. Page 26
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Share based payments
| 18.1. Employee share option plan of the Company
| Details of the employee share option of the Company
In the fourth quarter of 2021, after the completion of the IPO of Informatica INC., RSU's were issued to employees and directors under the 2021 plan. RSU's vest upon the satisfaction of a service-based vesting condition only. The service based condition for the majority of these awards is generally satisfied pro-rate over four years. Following the acquisition by Informatica Software Ltd, a wholly owned subsidiary of Informatica NC. in July 2023, RSU's were issued to employees and directors of Privitar Limited under the 2021 plan.
| The following share-based payment arrangements were in existence during the current and prior years:
| Movements in share options during the year
| The following reconciles the share options outstanding at the beginning and end of the year:
|  | 2024 | 2023
|  | Number of options | Number of options
| Balance at the beginning of the year | 170,673 | -
| Granted during the year | 31,921 | 170,673
| Forfeited during the year | (15,725) | -
| Released during the period | (79,161) | -
| Expired during the year | - | -
|  | 107,708 | 170,673
19. | Controlling party
The Company's immediate parent undertake is Informatica Software Limited. The ultimate parent of the group and the smallest and largest group to consolidate these financial statement is Informatica Inc. (NYSE : INFA), registered office 2100 Seaport Blvd, Redwood City, California 94063, USA. Copies of the consolidated financial statements can be obtained from this address. The Company is ultimately controlled by Permira Funds and Canada Pension Plan Investment Board. Page 27
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. | Convertible loan notes
On 22 June 2022 the Company issued $9,160,010 loan notes to raise working capital. The Notes are convertible in accordance with the terms of the instrument. The loans have no entitlement to interest or repayment. Conversion is automatic on: (a) the occurrence of a Qualified Financing into fully paid Preferred Shares on the same terms and conditions as the Preferred Shares issued to investors in such Qualified Financing; and (b) the occurrence of a Change of Control, an Insolvency Event, or an IPO, into fully paid Senior Shares at the applicable Conversion Price. The conversion price in the case of conversion pursuant to Condition (a) is a price per Preferred Share equal to the lesser of: (i) 85% of the lowest price per Preferred Share paid by the other investors for the Preferred Shares in the Qualified Financing; and (ii) the lowest price per share which results from dividing (x) US$450,000,000 by (y) the Fully Diluted Share Capital of the Company prior to the Qualified Financing. The conversion price in the case of conversion pursuant to Condition (b) the price per share results from dividing (i) US$382,500,000 by (ii) the Fully Diluted Share Capital of the Company prior to the relevant Conversion Event. On initial recognition, the convertible loan notes are recognised at amortised cost. The conversion feature can only be settled through the issue of equity shares, otherwise it will remain as a permanent debt with no repayment feature. Under any conversion scenario the price is either fixed or, if lower, at a discount to the price paid by investors at that transaction event. Since the different scenario conversion features mean that settlement could be in a variable number of the Company's own shares dependent on the IPO/transaction price, the convertible loan notes are a financial liability. The fair value of the conversion feature is affected by changes in the value of the Company's shares. The accounting for a convertible note is fair value through profit or loss ("FVTPL"). Page 28
PRIVITAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20.Convertible loan notes (continued) The determination of fair value is a Level 3 fair value measurement in accordance with IFRS 13. A Level 3 measurement is based on unobservable inputs. The valuation technique applied a probability weighted average discount fair value using estimates of various potential valuations of the Company's equity based on historic fund raises and Directors' estimates of future possible raises. The valuation is highly sensitive to changes in the discount rate and the value of the business. As at 31 January 2023, an increase/(decrease) in the valuation of the business by £10m would result in a £636,000 increase/(decrease) in the fair value movement through profit and loss. An increase/(decrease) in the discount rate of +5%, would result in a £14,000 increase/(decrease) in the fair value movement through profit and loss. On the 12th July 2023, Privitar Limited was purchased by Informatica Software Limited, as such this triggered a conversion event. The loan notes were converted to Class C-2 shares with the gain on conversion recognised within the profit and loss within the prior year. The convertible loan note ceased at December 2023 and there have been no further movements in 2024.
Page 29