The Thames Valley office of national law firm Shoosmiths has advised August Equity on their investment of capital into Wax Digital, a leading global eProcurement solutions provider.
Private equity firm, August Equity, invests in small and medium-sized UK businesses who they help to build through acquisition and organic growth. They specialise in spotting opportunities for long-term growth in markets that are changing.
Wax Digital is an independent Software-as-a-Service (SaaS) business which delivers Source-to-Pay solutions to mid and large sized organisations around the world. The investment from August Equity will boost existing development plans for own-IP products and help penetrate overseas markets.
Shoosmiths corporate partner, Sean Wright led the deal with support from associate Kiran Dhesi, solicitor Adam Leszczynski and paralegal Matthew Douglas. They also brought in specialist expertise from across the business including real estate partner Matthew Walker, employment partner Paula Rome, commercial partner Craig Armstrong and commercial solicitor Leanne Noble-Breen. Together they advised August Equity and Hive Topco Limited (newco) on the investment, the acquisition and issue of Employee enterprise shares.
Mickey Patel, the lead investment director at August Equity, said: 'We have a long standing relationship with Shoosmiths so we were confident that their commercial expertise and pragmatic approach would help us to seamlessly complete the deal. We'd like to thank Sean and the team for their hard work throughout this transaction.'
Shoosmiths Sean Wright commented: 'We were pleased to once again have the opportunity to strengthen August Equity's portfolio by advising on their latest investment in Wax Digital. They have a history of success in building businesses and will be instrumental in driving forward growth, product innovation and expanding the company internationally.'
Shoosmiths' corporate team advises public and private companies, management teams, investors and debt providers through the business life cycle. Shoosmiths work with businesses from start-up and first round finance through to mergers and acquisitions, MBO and MBI transactions, development funding and on exits, by way of sale, listing or private equity investment.
The national corporate team is ranked in joint first place by deal volume in Experian's UK Deal Review and Advisor League Table and has recently won Law Firm of the Year at the M&A Awards 2015.