Birketts advises on £27m sale of a majority stake in Commcise to Euronext

07 January 2019

Top 100 law firm Birketts has advised the owners of Commcise Software Limited, a prominent provider of software as a service (SaaS) to the financial services sector, on the sale of a majority stake for £27m to Euronext, the leading pan-European exchange in the Eurozone. The deal sees Euronext acquire 78% of the share capital of Commcise.

Founded in 2013 and headquartered in London, Commcise offers a unique cloud-based research commission management, evaluation and accounting solution built to meet the needs of asset managers, brokers and independent research providers.

The complete founding team of Commcise will remain in place, continuing to grow the business while benefiting from Euronext’s reach and expertise with asset managers and broker dealers with mid-term liquidity mechanisms.

Birketts advised the Commcise owners on all legal matters. Adam Jones (Corporate Partner) led the team which included Alex Forwood (Corporate Associate), Tom Utting (Corporate Solicitor), Karl Pocock (Tax Partner) and Clare Barlow (Employment Legal Director).

Amrish Ganatra, Chief Executive Officer of Commcise, said: “Birketts has been an integral part of the Commcise story. All members of the team have been outstanding throughout the last five years, from helping us create and develop the SaaS agreement which has been rolled out to over 500+ firms, to supporting us on all our employment agreements and then, most recently, on the key transaction with Euronext. We would not have achieved as much as we have done without the support from Birketts over the last five years. A key component has been the importance of having a commercially-minded legal team to guide us through the growth process. The team at Birketts went above and beyond our expectations during the complexities of the Euronext transaction and we all slept more easily knowing they had our back.”

Adam Jones added: “Having worked with the owners of Commcise since its inception, it was a great privilege to continue to be alongside them on this transaction. Although the timetable for the deal was particularly challenging, our in-depth knowledge of the Commcise business and the wider financial services and technology sectors meant we understood the value that Euronext was looking to secure, so we were able to help the clients close out favourable terms in very short order on what was a complex international transaction.”

This article is from the winter 2019 issue of Inside Out, our newsletter for those with an interest in corporate and commercial services. To download the latest issue, please visit the newsletter section of our website.

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