Manage IT Ltd

The Brief

Gannons were asked to act for the shareholders of Manage IT in relation to the sale of the entire issued share capital. The deal was a cash and deferred consideration offer worth up to £25 million if we hit target. Gannons looked after us from beginning to end.

What challenges (if any) did you face?

The project started in August and concluded in mid-October, which was incredibly fast for a deal of this size and complexity. We were under a lot of pressure from the Buyer to adhere to their strict timeframes which were driven by commercial objectives outside of our control.

Although we had a solid understanding of the business aspects of this transaction, the legal and tax issues were new to us as we had not gone through this process before. The team at Gannons were approachable, user-friendly and patient. This instantly put us at ease and encouraged me to ask as many questions as I wanted – no question was too small or trivial.

The due diligence process did get tricky with every contract being scrutinised for flaws and potential hazards. There were a vast array of contracts from service level agreements, licences, outsourcing agreements, terms and conditions. Because the Gannons team had dealt with so many contracts used in managed IT services in their time they we able to find solutions to queries the Buyers raised. The disclosure letter which is used to reduce the impact of the warranties and indemnities takes thought and work but it does calm fears.

Let us take it from here

Call us on 020 7438 1060 or complete the form and one of our team will be in touch.