Wragge & Co's Corporate team has advised a syndicate of venture capital investors, led by NVM Private Equity, on their exit from Alaric Systems in a deal worth £52 million.
Alaric provides payment processing and fraud prevention software solutions to financial institutions, processors and retailers worldwide. It manages 1.6 billion transactions a month across 30 countries and employs 117 people.
NVM, a long-time client of Wragge & Co, made an initial £2.3 million investment into Alaric in 2000. NVM has invested a total of £5 million into the business. The buyer is the US-based and NYSE listed NCR Corporation, the global leader in consumer transaction technologies.
Ian Piggin, corporate partner and head of private equity at Wragge & Co, led the team. He said: "NVM's 13 year partnership with Alaric has given the business long term stability, and helped it evolve and develop to enjoy impressive growth during that time. The management team has taken the business to an exciting stage in its lifecycle which has made it an attractive strategic acquisition for the new owner.
"This deal itself had some complex facets to it. Being a software company, there was a heavy IP focus. Given the location of parties in the UK, USA, Australia and Malaysia, the deal called for strong project management and negotiation of cross-jurisdictional issues."
The Corporate team advising NVM included associate Victoria Hirst and solicitor Saffron Smith; also on the team was Peter Hall, partner in IP; Andrew Smith, partner in commercial litigation and associate Paul Harrington in the Tax team.
NVM Private Equity has nearly 30 years' experience in investing in unquoted UK businesses. Mobeus Equity Partners and Foresight Group were also part of the syndicate and, along with the management team, were advised by Wragge & Co on the sale of the business.
Tim Levett, NVM Private Equity, said: "The team at Wragge & Co had a real grasp of our motivation behind the exit and provided an exceptional level of strategic and practical input. This is the latest in a number of deals the firm has successfully assisted us on to help us achieve our objectives."
The Private Equity team offers detailed guidance on pre-transaction decisions, financing, structuring and tax issues, and post transaction services. Experienced in advising private equity and venture capital investors on a full range of matters, it combines technical excellence with in-depth market knowledge and a commercial approach.
Highlights include advising CBPE Capital on the £183 million sale of Rosemont Pharmaceuticals by CBPE Capital LLP to Perrigo, the £85 million management buyout of specialist outdoor retailer Mountain Warehouse and advising Battery Ventures on the acquisition of the IHS group, a European tech business which provides on-line reservations services to hotel groups.
Wragge & Co's Tech sector team has advised on over 400 deals this year. The group brings together technical excellence in the areas of corporate, commercial, banking & finance, outsourcing, dispute resolution and intellectual property. The team's expertise was recognised at the British Legal Awards 2013 when it won the 'TMT Team of the Year' for securing a Supreme Court victory on behalf of a client which overturned 100 years of existing law.
