Multi-disciplinary team advises on Servelec’s proposed acquisition of SynergyPrint news article
Walker Morris reaffirms its expertise in the technology sector
Lawyers across the firm at Walker Morris have advised UK-based technology group, Servelec Group plc, on its proposed acquisition of the Synergy business from Tribal Education Limited for £20.25 million.
Synergy provides a comprehensive suite of software products that helps over 100 Local Authorities in England and Wales manage critical information within Children’s Services including education, safeguarding and children’s centres.
The acquisition will fit well with Servelec’s existing Health and Social Care Group which specialises in the design, development and implementation of Electronic Patient Record (EPR) and Patient Administration Systems (PAS) and Social Care Case Management software within secondary care and social care settings and is a market leader in the Mental Health, Community Health and Social Care sectors in England.
Under the terms of the proposed purchase, Servelec will acquire the intellectual property rights for the Synergy suite and 63 employees will transfer to Servelec.
The move comes as legislative changes in Children’s Services will see all local authorities becoming responsible for Children’s Community Health by 2020.
The Servelec Board has announced it is firmly committed to the Converged Care agenda, and has a growth strategy focused on capitalising on this important opportunity.
Alan Stubbs, CEO of Servelec Group said:
“I am delighted to announce the proposed acquisition of Synergy, which is another step forward by Servelec to capitalise on the growth opportunities offered by the Converged Care agenda,
Building on a strong year for Servelec’s Social Care business, driven by the successful acquisition and integration of Corelogic, Synergy will allow our combined Local Government clients to improve child care by having a single view of a child’s needs. It strengthens the suite of products available to new and existing customers and fits within our strategy of acquiring complementary businesses that will provide both short-term and long-term benefit to the Group as a whole.
“With our customers and potential customers needing the broader picture of child welfare to provide the care and support required, our purchase of Synergy gives Servelec the strongest and broadest offering in the market.”
A large team from Walker Morris advised Servelec in a transaction carried out within a very tight deadline. Tom Mieszkowski and Nicola Hewitt advised on the corporate and tax aspects of the transaction, Michael Taylor advised on Servelec’s new credit facility used to finance the acquisition and IT/IP specialist Alan Harper dealt with a number of complicated software related issues. Andrew Rayment advised on the employment aspects.
Walker Morris has a long and successful working relationship with Servelec having advised it on numerous deals including its successful IPO in 2013 and its subsequent acquisitions of Corelogic and Aura Healthcare.
Synergy last reported revenues of £6.3mp, with pre-tax profits reaching £2.7m.
The deal has been funded through facilities provided by Lloyds Banking Group.