Advising RedCortex’s shareholders on £13m+ deal

Cardiff-based digital and cloud-based transformation consultancy business, RedCortex Ltd, has been acquired by AIM listed TPXimpact Holdings plc in a deal worth more than £13m.

Capital Law’s Corporate team, including Tom Kelleher, Jordan Thomas and Alex Prothero, advised RedCortex’s shareholders, Martyn Mathews and Martin Britton, on the deal. Kellsey Logue, from our Commercial and Intellectual Property team, and Louise Jones, from our Employment team, also provided additional support.

Founded in 2016, RedCortex is a technology services supplier to the Welsh public sector, particularly focused on healthcare and transport alongside government and local authority projects in the region. Clients include NHS Wales, the Welsh Government, Transport for Wales and a number of local authorities as well as other public sector institutions outside of Wales.

The total consideration for the acquisition is £13.35m, with £6.35m being satisfied in cash and £7m being satisfied through the issue and allotment of shares in TPXimpact.

Martin Britton, co-founder of RedCortex, said:

Working with Capital Law really helped us ensure we had a smooth transaction.  The team were very responsive and worked hard to ensure we met the agreed timetable, whilst also working thoroughly to ensure a fair transaction for all parties.

Jordan Thomas, Senior Associate in Capital’s Corporate team, said:

RedCortex is an exciting and fast growing business, and we were very grateful to be involved in a transaction that will present opportunities for the company to flourish further. We’re seeing a number of high value deals in the technology sector in particular, and this acquisition follows that trend. The deal creates a fantastic partnership between RedCortex and TPX, and we can’t wait to see what lies ahead for the combined businesses.

Lexington Corporate Finance acted as lead adviser to the RedCortex shareholders.

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