Blake Morgan has advised cybersecurity software provider, Osirium Technologies (Osirium), on the cash acquisition of its entire issued share capital by SailPoint Technologies (SailPoint).
The deal values Osirium at approximately £3.11m and included a £2.7m loan note redemption (plus accrued interest) to imply an enterprise value of approximately £6.56 million. The acquisition was implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, which became effective on 30 October 2023.
The deal will enable Osirium’s core capabilities to be integrated into SailPoint’s existing Identity Security Platform to facilitate the development of Osirium’s offering whilst providing a compelling unified platform for securing privileged and non-privileged identities to the combined group’s customers and prospects. The cash acquisition provides an exciting opportunity to accelerate Osirium’s product growth within the identity security solutions market with access to SailPoint’s increased scale and wider sector and geographical reach.
The Blake Morgan team advising on the deal was led by corporate partner Martin Kay, who commented:
“We are delighted to have advised on this deal. Having acted for Osirium on its IPO in 2016 on AIM and subsequently, the acquisition represents the next stage in the scale up of the business. It’s been a pleasure watching the business grow and I am sure it will go from strength-to-strength under its new ownership.”
Osirium CEO, Stuart McGregor said:
Thank you to Martin and the team at Blake Morgan for their commitment in steering the deal to completion. They have always been exceptional, particularly in guiding us through a complex process with ease. We are delighted with the result and have no hesitation in recommending Blake Morgan’s corporate expertise.
Blake Morgan has significant expertise in public M&A transactions in all market sectors and has advised prominent businesses in the UK on all legal aspects including takeovers and mergers, new funding and investment agreements, institutional lending and related securitisation and other complementary areas such as financing, real estate, employment and regulatory.
The M&A team works closely with other specialists in each of the complementary areas within the firm to provide clients with a comprehensive and integrated service.
- Allenby Capital acted as Financial Adviser and Alma PR as Financial PR adviser
- Blake Morgan LLP acted as legal adviser
- Cavendish acted as Financial Adviser
- Kirkland & Ellis International LLP acted as legal adviser