Birketts advises on sale of Cambridge software firm cr360 to US-based UL Group
PUBLISHED: 13:00 14 February 2016
Regional law firm Birketts has advised the shareholders of Cambridge-based environment, health and safety management and sustainability software specialist cr360 on its sale to US-based safety science company UL Group.
Birketts, which has offices in Ipswich, Chelmsford, Cambridge and Norwich, advised on all legal matters with James Allen (who is US and UK dual qualified) leading the corporate team and assistance being provided by Kenneth Damien (corporate), Karl Pocock (tax), Lottie Seaborn (share options) and Isabel Wightman (property).
Founded in 2004, cr360, a privately held company has more than 200 customers, mostly large multi-nationals, in more than 160 countries. The acquisition of cr360, for an undisclosed sum, will allow UL to expand into new markets, with the new business being named UL EHS Sustainability.
Anthony Jenking, co-founder and managing director at cr360, said: “Throughout the transaction the team at Birketts was highly responsive and kept us fully informed, ensuring the deal was completed within a tight timeframe.”
James Allen, corporate partner at Birketts, said: “I am delighted with the way that our experienced team advised on a range of legal issues during the course of the transaction, including the 72 option holders (many of them based abroad) that had to be dealt with before completion, in order to secure a successful sale for the shareholders of cr360.”
He added: “We are seeing a number of deals within the technology sector involving software companies being purchased by US buyers.”