National law firm Clarke Willmott LLP acted on the multi-million pound sale of a software company, having helped start the business in 2014.
Trailsuite Limited, which provides a software solution that helps the hotel industry and other businesses manage and simplify their operations, has been sold to Access UK Limited in a deal providing investors with a significant return on their investment.
Simon Thomas, who led the transaction for Clarke Willmott, also provided legal advice to co-founders Joe Cripps and Wil Grace when the company was formed seven years ago.
Simon Thomas, General Manager of the Commercial Division at Clarke Willmott, said: âIt was fantastic to see this customer come full circle. We started working with Trailsuite from its inception, forming the company, putting in place initial shareholder agreements and helping with early rounds of investment. Since then, we have provided ongoing advice to the company on a variety of issues including employment, intellectual property and commercial contracts.
âWhen it came to selling, the main challenge was the logistics of dealing with nearly 60 different selling shareholders in multiple jurisdictions, including some funds based in Germany and Luxembourg who were advised by attorneys in California. The jet lag certainly posed problems during the closing stages and the logistics of getting more than 50 sellers to sign the deal was an important exercise in and of itself.
“We are delighted to achieve an excellent result for the founders and longtime investors and wish them well in their next endeavors.”
Trail is an app used primarily in the hospitality and leisure industry that enables businesses to run a paperless workplace with checklists, checklists, checklists, and integrations. Trail is used by thousands of businesses every day for food hygiene, covid checks and general operations.
The buyer, Access UK Limited, will add Trail to the hotel division of Access Group, the UK’s leading provider of software solutions for the hospitality and leisure industries.
Trail co-founder Joe Cripps said, âWe have worked with Simon and his team at Clarke Willmott from the start of Trail, through several fundraisers and on a wide range of other legal needs. We were therefore delighted to work again with Simon for the sale of our company, which is close to our hearts.
âSimon and his team delivered exceptional service; we felt he really cared for us and kept the business practical and pragmatic throughout. I would not hesitate to work with Simon again and would highly recommend him and Clarke Willmott to anyone looking to grow and sell their business.
Travers Smith acted for Access UK Limited.