SQUARE One Law has advised the owners of a Leicester-based technology firm on its purchase by an AIM-listed cash shell.
The Newcastle commercial law firm advised Synety, which has developed cloud-based communications service Cloud Call, reverse into London-based Zenergy Power plc.
Zenergy shareholders approved the deal last week. It will provide the business with £4m of capital to fund the rollout of its Cloud Call product globally.
The deal has seen the three sellers of Synety – Mark Seemann, Jason Kendall and Graham Ward – issued with 29.96% of the shares in Zenergy plus cash and additional consideration will be paid through an earn out structure.
Square One Law’s team led by Jeremy Swift and supported by John Hammill and Jemil Visram acted on behalf of Synety, now Synety plc, and worked closely with City firm Lawrence Graham who advised Zenergy. Steve Lant from UNW provided advice on tax.
Simon Cleaver, executive chairman said: “We are delighted to be able to announce the proposed acquisition of a leading-edge technology company which operates in a software segment with proven growth characteristics.
"The vast majority of customer relationship management software providers have inbuilt functionality to send, receive and record e-mail activity, but only a very limited number have similar functionality when it comes to telephone communication, which is where we see the potential in Synety."
“This was a complex transaction made easier by the contribution of Jeremy and his team.
Square One Law’s senior partner, Ian Gilthorpe, said: “We launched the firm last year and its new entrepreneurial model and fresh approach to legal services has attracted heavyweight lawyers, from leading regional and national firms.
“Our partners have many years of experience with major law firms advising UK and International businesses and have well established networks. Head of corporate, Jeremy Swift joined us as a partner from Dickinson Dees at the beginning of May and has extensive public company experience having worked on over 13 IPOs, 20-30 secondary fundings as well as public takeover offers.
“On this transaction Jeremy was supported by John Hammill for corporate as well as Jemil Visram on the public company side and who we have recently recruited from Slaughter and May.”