Charles Russell Speechlys advises Bestport Ventures LLP and Paul Cosgrave on the sale of Vega Technologies Limited
26 May 2016
Charles Russell Speechlys’ private equity team has advised Bestport Ventures LLP and Paul Cosgrave on the sale of Vega Technologies Limited, the parent company of Dot Net Solutions, to New Signature, a US based IT services business backed by Columbia Capital.
Bestport first invested in Dot Net in July 2013 providing growth capital to help accelerate the expansion of the business in the exciting Microsoft Cloud IT services sector. Since that original investment, revenues have increased three fold and staff numbers have grown fivefold. Dot Net won the coveted Microsoft Partner of the Year in 2014 and continues to be a leading Microsoft Gold Partner in cloud services.
Commenting on the transaction, Adam Crossley, Partner at Charles Russell Speechlys said: “Having advised Bestport on the original investment in 2013, we were delighted to have been involved in their successful exit and to have advised Paul on this important stage in the ongoing development of the business. We wish Paul and his team great success as part of the New Signature group”.
James Stoddart, Managing Partner of Bestport commented: “The Charles Russell Speechlys team were excellent in executing a complicated cross border transaction. Their prior knowledge of the business and the Dot Net team was a huge advantage in being able to conclude a relatively quick sale process. Adam’s calm and professional leadership and commercial approach to the transaction made a significant difference in getting the deal over the line”
Paul Cosgrave, CEO of Dot Net, commented: “We are delighted that Dot Net and its management team will now be the platform for growth of New Signature in the UK, through a mixture of continuing to hire great people and making strategic acquisitions. We were extremely well supported by Charles Russell Speechlys through this phase who ensured that the transaction went smoothly and professionally throughout.”