Walker Morris is advising specialist spend management solution provider, PROACTIS, on a transformational deal to conditionally acquire Perfect Commerce LLC for a consideration of up to $132.5 million, together with a conditional placing to raise £70 million and new debt facilities of £45 million.
The deal, which constitutes a reverse takeover under the AIM Rules (and is therefore subject to shareholder approval), will significantly accelerate PROACTIS’ growth strategy and its geographic footprint. Perfect Commerce develops and sells cloud-based, technology-led, spend management solutions for the public and private sector markets. It has global reach with operations in the US, UK and Europe.
PROACTIS has also announced the appointment of Hampton Wall Jr, currently President and Chief Executive Officer of Perfect Commerce, as Chief Executive Officer of PROACTIS, with effect from Completion. Hampton will replace Rod Jones as Chief Executive Officer, who retired from the Board yesterday with immediate effect. Tim Sykes, the current Chief Executive Officer Designate and Chief Financial Officer will, with effect from Completion, resume his role as Chief Financial Officer.
The Walker Morris team comprises Richard Naish (Picture), Jo Stephenson, Christopher Blair, Laura Poole, Richie Lamb and James Farrell (Corporate), Michael Taylor, James Crellin and Antonia Hull (Finance) and Lorna Hopps (Employment) and Nicola Parkinson (Tax and Incentives).
Involved fees earner: Richard Naish – Walker Morris solicitor; Jo Stephenson – Walker Morris solicitor; Christopher Blair – Walker Morris solicitor; Laura Poole – Walker Morris solicitor; Michael Taylor – Walker Morris solicitor; James Crellin – Walker Morris solicitor; Antonia Hull – Walker Morris solicitor; Lorna Hopps – Walker Morris solicitor; Nicola Parkinson – Walker Morris solicitor;
Law Firms: Walker Morris solicitor;
Clients: Proactis Holdings PLC ;