Major European financial deal completed

PUBLISHED: 13:55 04 January 2019 | UPDATED: 13:56 04 January 2019

The outside of Birketts  Picture: DAVID VINCENT

The outside of Birketts Picture: DAVID VINCENT

Ipswich-based law firm Birketts has advised the owners of Commcise Software, a prominent provider of software as a service to the financial services sector, on the sale of a majority stake for £27m to Euronext, the leading pan-European exchange in the Eurozone.

Adam Jones of Birketts
Picture: CARL MIDDLEDITCHAdam Jones of Birketts Picture: CARL MIDDLEDITCH

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), John Kahn (tax senior associate) and Clare Barlow (employment legal director).

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.”

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