Registered number: 09305666
FOR THE YEAR ENDED 31 DECEMBER 2024
PRIVITAR LIMITED
COMPANY INFORMATION
PRIVITAR LIMITED
CONTENTS
PRIVITAR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
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.
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.
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.
No dividends will be distributed for the year ended 31 December 2024 and period ended 31 December 2023.
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.
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.
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PRIVITAR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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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.
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 loss for the year, after taxation, amounted to £7,431,000 (2023 - loss £15,435,000).
The directors who served during the year were:
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.
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PRIVITAR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There are no significant future developments expected to impact the Company
Please see details identified in the Strategic report on page 1.
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.
There have been no other significant events affecting the Company since the year end.
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.
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PRIVITAR LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRIVITAR LIMITED
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.
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.
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.
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
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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.
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.
Responsibilities of directors
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:
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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.
for and on behalf of
Chartered Accountants and Statutory Auditor
Second Floor
NOW Building
Thames Valley Park
Berkshire
RG6 1RB
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PRIVITAR LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRIVITAR LIMITED
REGISTERED NUMBER: 09305666
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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:
The notes on pages 13 to 29 form part of these financial statements.
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PRIVITAR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRIVITAR LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
The notes on pages 13 to 29 form part of these financial statements.
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PRIVITAR LIMITED
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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.
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
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.
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting policies (continued)
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.
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.
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting policies (continued)
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.
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting policies (continued)
Income tax expense represents the sum of the tax currently payable and deferred tax.
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting policies (continued)
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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.
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Employee benefit expenses (continued)
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium
Retained earnings
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 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 isInformatica 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 byPermira Funds and Canada Pension Plan Investment Board .
The ultimate parent of the group and the smallest and largest group to consolidate these financial statement is
The Company is ultimately controlled by
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PRIVITAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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").
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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.
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