Harbottle & Lewis has advised The Panoply Holdings PLC on its acquisition of four technology-related consultancy and digital transformation businesses, its admission to the AIM market of the London Stock Exchange and a fundraising through a placing of shares.
The Panoply, founded in 2016, is a technology services group which was established to acquire specialist information technology and innovation consulting businesses across Europe, and to form regional clusters of companies positioned to deliver services that help clients digitally transform their businesses for the automation age.
The companies acquired by The Panoply at the time of the IPO, are:
- Bene Agere, a Norwegian based management consultancy;
- Manifesto Digital, a digital strategy and transformation business;
- Notbinary, an IT consultancy and digital transformation business engaged in projects ranging from ecommerce through to cloud infrastructure and;
- Questers, a software development business.
The four businesses service a breadth of blue-chip customers between them, including Unilever, BBC, National Trust, Unicef UK, Kew Gardens, DVLA, London Southbank University, Funding Circle and Shelter.
In addition to acquiring these companies, The Panoply has raised finance through a placing of shares. The market capitalisation of The Panoply at the IPO was approximately £30m.
The Panoply’s ultimate goal is to become one of Europe’s largest tech-led consultancy companies; a goal it hopes to achieve by providing members of its group with the ability to scale rapidly through organic growth and by continuing to make acquisitions of tech focused companies across Europe.
Charlie Leveque, Corporate partner at Harbottle & Lewis, said: “The Panoply is a dynamic and ambitious technology services group. The achievement of Neal Gandhi and Olly Rigby, taking it from a start-up to IPO in the space of two years, is considerable and we are delighted to have been part of their brilliant journey.”
Olly Rigby, CFO and co-founder of The Panoply, commented: “We are delighted that The Panoply has successfully listed on AIM and completed a fundraise; we have ambitious growth plans and are confident that AIM will be the right platform to support us in rapidly scaling the business.
“Charlie Leveque and his team at Harbottle & Lewis have been advising The Panoply from day one and they have been instrumental in helping us to achieve this milestone.”
The Harbottle & Lewis team advising on the acquisitions and AIM IPO was led by Corporate partner Charlie Leveque and associate Mark Knight with support from Corporate associates Chien-Wei Lui and Michael Finch, and Corporate trainee Gurpreet Sian. Tax partner David Scott advised in relation to The Panoply’s share option schemes.