Friday, October 22, 2021

Wake Smith advises IT firm on £900k sale

Wake Smith Solicitors advised the shareholders of Systems Assurance Limited on the company’s £0.9 million acquisition by a national IT company.

CloudCoCo Group plc bought Sheffield-headquartered Systems Assurance Limited from Christopher Wheater and Simon Lewington as part of a strategic expansion plan.

The deal saw CloudCoCo take control of 28-year-old System Assurance Limited’s business operations, ensuring a smooth transition for the company’s long-standing and loyal customer base and staff.

The acquisition introduces a proven and scalable hardware engine into CloudCoCo’s existing business as well as expanding its IT managed service offering increasing the firm’s customer base; plus cross-selling and upselling of its services increasing operational efficiency and margins.

A share placing of more than £2 million by CloudCoCo will also help it to fund further acquisitions in the sector.

The Wake Smith team was led by corporate director John Baddeley with director Rebecca Robinson assisting.

John Baddeley, who acted for Systems Assurance Limited, said: “We are delighted to have acted for the shareholders of Systems Assurance on the disposal of the entire issues share capital to a well-established and reputable firm in the sector.

“A smooth handover of responsibilities for the business to its new owners will ensure continuity of the first-class supply of its services.”

Christopher Wheater from Systems Assurance Limited said: “I have seen Systems Assurance go from strength to strength and develop into a well-respected company. I’m confident that the CloudCoCo team will take the business to the next level.

“John Baddeley and his team at Wake Smith were efficient and professional taking us through the process with no fuss.”

Mark Halpin, Chief Executive of CloudCoCo, said the acquisition was a transformative step forwards for CloudCoCo and would see the company progress to the next stage in its development with a focus on scaling the business, while winning larger and longer contracts.

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