The corporate team at Penningtons Manches Cooper has advised Webexpenses, a global business expense management platform, on its acquisition by ELMO, a leading Cloud HCM (Human Capital Management) software company listed on the Australian stock exchange.
Webexpenses, which has been growing at over 30 per cent annually, has a large and expanding customer base with operations in the UK, Australia and North America. Michael Richards, the company’s owner and Chairman, will continue as a strategic advisor to the UK business and CEO Adam Reynolds will continue on in his current role.
The acquisition provides ELMO with complementary technology and an established customer base to help accelerate their expansion into the UK mid-market.
Partner David Tighe, led on the transaction, with support from senior associate Dominique Sabatini and associate Emma Simmonds. He commented:
“We’ve worked with Michael on a number of major transactions over the years and so we were delighted to have supported him, Adam and the rest of the team on this cross-border sale. They have worked really hard to develop Webexpenses into a dynamic and profitable business and I’m sure they’ll be a great success as part of the ELMO group.”