The two firms were legal advisers to global cloud platform Esker, which has acquired a majority stake in Market Dojo. Esker, which is listed on the Euronext Growth market in Paris, has purchased 50.1% of the shares and voting rights in Market Dojo, with an option to acquire the remainder of the shares after a period of four years.
The Pannone team, led by Tom Hall (corporate Partner), Andrew Walsh and Behzad Borang, worked alongside Lamy Lexel, its PLG partner in Lyon, who provided French law support to Esker on the transaction. Frédéric Dupont (corporate Partner), Typhanie Le Gall and Pauline Philippon led the corporate team at Lamy Lexel.
Esker, which is headquartered in Lyon, France, is a global cloud platform and leader in AI-driven process automation solutions for finance and customer service functions.
Tom Hall said: “Esker is a world leader in cloud and AI-driven technology, with a significant footprint across North America, Latin America, Europe and Asia Pacific.
“This strategic acquisition will undoubtedly strengthen Esker’s presence in the UK, while offering significant international development opportunities. It will also build on the company’s capabilities in traditional markets by enabling Esker to bring eSourcing into its platform proposition. It is, as ever, a pleasure to work alongside Lamy Lexel on another successful transaction.
Frédéric Dupont said: ”Lamy Lexel is delighted to be able to support Esker and its teams, for which we handle the day-to-day market regulation aspects, in a strategic international acquisition. It is a renewed pleasure to collaborate with the Pannone team on sensitive operations in a friendly environment.”
Market Dojo’s eSourcing cloud solution was created to address the need for structured and digitised processes in procurement. Designed by procurement professionals, Market Dojo’s unique on-demand solution enables users to centralise information, negotiate the best value for goods and services, and select the right suppliers.
Jean-Michel Bérard, CEO at Esker, said: “We are pleased to welcome Market Dojo to the Esker family. This acquisition provides new growth opportunities in a developing market and strengthens Esker’s positioning in the global Procure-to-Pay (P2P) arena. Additionally, Market Dojo is an excellent illustration of Esker’s strategy to invest in organic growth combined with targeted acquisitions that offer a high potential for growth.”
Mazars provided financial due diligence and tax support to Esker. Advisors to the shareholders of Market Dojo were: Ryecroft Glenton (corporate finance and tax) and Simon Muirhead Burton (legal).