Charles Russell Speechlys advises Transense Technologies Plc on iTrack technology transaction with Bridgestone Corporation
Charles Russell Speechlys has advised long standing AIM listed client, Transense Technologies Plc, the provider of sensor systems for the industrial, mining and transportation markets, on a transaction involving the grant of an exclusive worldwide licence for its iTrack technology and the transfer of the operational business and trading assets relating to iTrack, to Bridgestone Corporation, Japan.
In August 2019, Transense announced that it had entered into a joint collaboration agreement (on which we also advised) where Bridgestone offered the iTrack system exclusively as a mining tyre monitoring system for tyres 57 inches and above for its off-the-road (“OTR”) customers. Customer response to the tyre management platform has been overwhelmingly positive and as a result Bridgestone will expand this offering to additional OTR customers as it fully integrates the solution into its portfolio.
Nigel Rogers, Executive Chairman of Transense commented: "These arrangements further demonstrate the position of iTrack as a globally-preferred provider of tyre management solutions for the OTR vehicle market, which we believe will achieve even greater success with Bridgestone. Our thanks go to Mark, Charlie, Chris and the team at Charles Russell Speechlys whose deep understanding of the business and commercially astute advice ensured our successful execution of this significant transaction for the Company.”
Speaking of the deal, Mark Howard, Client Partner and joint Head of TMT commented, “We were delighted to support Nigel and the Transense team on this transaction. Having advised on the original joint collaboration agreement, we were ideally positioned to support Transense on this second phase, fielding a multijurisdictional team and drawing on our international network across the United States, Chile, South Africa, Australia and Slovakia to advise on the Corporate, Commercial, IP, Employment and Real Estate aspects of the deal. We look forward to seeing Transense continue on its successful growth journey.”
The Charles Russell Speechlys team was led by Corporate Senior Associate Charlie Ring and Commercial Senior Associate Chris Ingram, with support from other members of the team including Associate Jun Park and Employment Associate Anisha Vyas. Corporate Partner, Mark Howard, oversaw the transaction.
