Wragge & Co’s technology experts have advised client Buddy Media, Inc. – the world’s leading social media marketing platform – on its acquisition by enterprise cloud computing company Salesforce.com for approximately US$689 million.
A cross-firm team of seven technology specialists, led by corporate partner Richard Goold, provided advice on the UK aspects of the deal, including providing expert advice on corporate, options, tax and employment issues.
Richard said: “This is one of the most exciting technology deals so far this year and is already being described as one of New York’s largest technology M&A deals. A hugely important move for Buddy Media, it needed a full-service legal adviser that understands its sector and provides a fast, effective response. Our M&A specialists brought the right mix of technical skills together with media and technology sector experience to help the client achieve the best outcome.”
The team included associate Rosemary Aves, solicitor Rick Dhillon, solicitor Paul Harrington, partner Andrew Manning Cox and partner Neil Pearson. They worked closely with Buddy Media’s general counsel, Natalie Stein, and with its US advisers Lowenstein Sandler PC.
Buddy Media is a leading social media SaaS (Software as a Service) company with a roster of customers that includes eight of the top 10 advertisers.
Wragge & Co has one of the UK’s leading technology practices and has advised on more than 400 major deals in the last four years across the whole of the TMT (technology, media and telecommunications) sector. The 105-strong Technology team brings together technical excellence in the areas of corporate, commercial, banking & finance, technical real estate, outsourcing, dispute resolution and intellectual property.
The firm’s corporate practice is highly active in the technology sector, advising on a range of activities, including:
- major cross-border technology transactions for the likes of ADP, AT&T, IRIS Software and Buddy Media;
- corporate venturing for the likes of QinetiQ and Merrill Lynch;
- fund creation and joint venturing (for example, structuring and implementing a research facility involving government funding, FTSE businesses and several leading universities); and
- private equity transactions (MBOs and growth capital) and venture investments for a very large number of both UK and overseas (typically US) technology investors such as DFJ Esprit, Advent Ventures, Index Ventures, Frog Capital, ISIS, Octopus and ffVentures.
The transaction, which is structured as a cash and stock merger, is expected to be completed during Salesforce.com’s fiscal third quarter ending October 31, 2012 and is subject to customary closing conditions.
