Fieldfisher has advised longstanding client Access Intelligence plc on its disposal of Due North Limited to Proactis Holdings Limited in a cash deal worth £4,500,000. Due North Limited provides a cloud hosted procurement platform to clients throughout the UK, predominantly in the public sector. Due North's platform processes an annual procurement spend of approximately £100 billion.
The proceeds of the disposal will be used to strengthen the Access Intelligence's balance sheet and provide additional working capital to support the growth and development of the Access Group.
Commenting on the disposal, Joanna Arnold, CEO, said: "The divestment of Due North from the Group is in line with our strategy to focus on SaaS solutions in reputation and risk management. Over the last 12 months, we have pruned non-strategic businesses to provide the Group with greater financial flexibility and create value for our shareholders. We would like to thank Malcolm McClen and the fantastic team at Due North for their valuable contribution to the Group and wish them and Proactis every success in the future."
Partner David Wilkinson led on the transaction, supported by associate Julian Grant and tax partner Andrew Prowse.
David Wilkinson commented: "We have advised Access Intelligence on a number of key transactions over the years and it was great to work with Joanna and her team on this one. We look forward to continuing supporting Access Intelligence in achieving their strategic goals in the future."
Proactis were advised by Walker Morris.
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