Keystone Law has advised senior management on its participation in a £30 million investment by Horizon Capital in Ascent Software and TechHuddle. It also advised certain Ascent Software owners on a sale of their shares into the ongoing trading group.
Horizon Capital invests between £10m and £75m in fast-growing, UK-headquartered companies, focusing on high-growth technology and business services companies.
Ascent is a provider of custom software development enabling digital transformation in mid-market and enterprise customers.
TechHuddle provides software development services with a focus on IP development in the UK market. The combined business has over 100 clients, is headquartered in Reading and employs over 300 developers in delivery centres in Malta and Bulgaria.
Stewart Smythe, CEO of the ongoing group, commented:
“For the majority of the management team, this was the first significant transaction they had been involved with. We all felt very well supported by Charles, through a complicated transaction, and very well protected throughout. He was thorough, patient, sensitive to individual interests and concerns that the team had and was always very well prepared for key meetings throughout the deal.
We would definitely work with Charles again, and recommend him to other management teams involved in private equity transactions.”
Charles Frank, who led on this deal for Keystone Law, commented:
“It was a pleasure to work with the management team, alongside Horizon Capital, and I look forward to watching the business go from strength to strength.”