Field Fisher Waterhouse advises AIM listed Access Intelligence on acquisition of software business
09 March 2010
Field Fisher Waterhouse LLP has advised AIM listed
Access Intelligence on the acquisition of compliance software
specialists Cobent Ltd.
Access Intelligence is the parent company of a
group of Software as a Service (SaaS) businesses that deliver
compliance solutions for the public and private sectors. Cobent
specialises in training and compliance software for FDA, FSA and
HSE regulated industries and is particularly strong in the
pharmaceuticals, financial services and retail sectors.
The acquisition of Cobent, for £5.2 million,
expands Access’s presence in the private sector. The consideration
is in the form of 33,333,333 million new ordinary shares and £3
million in cash which was raised by way of a placing of new
ordinary shares.
The Field Fisher Waterhouse team was lead by
corporate partner Tim Bee who joined the firm last year from
Addleshaw Goddard. The firm advised on the corporate and
tax issues arising from the transaction,
including the grant of Enterprise Management Incentive (EMI)
options. Tim was assisted by solicitors Tom Ward (Corporate),
Andrew Prowse and Jennifer Martin (Tax);
Purvis Ghani (Employment) and Mark Gearing (Share Schemes).
Field Fisher Waterhouse has a strong reputation in
the AIM field, advising more than 40 AIM-quoted companies in
2009. The firm also has leading technology sector expertise
and this latest deal follows M&A work for technology companies
such as software group Microfocus International.
Tim Bee commented: “We are pleased to have
advised Access on this acquisition which will allow the company to
consolidate its position as a provider of compliance solutions via
software as a service.”
Cobent were advised by Tim Goodman of Wright
Hassall LLP.
For further press information please
contact:
Louise Eckersley, PR Manager,
Field Fisher Waterhouse LLP on +44 (0)20 7861 4120.