The corporate law team at mid-tier London and St Albans law firm Sherrards Solicitors acted for Modality Systems Ltd who concluded their acquisition by Atlanta headquartered Premiere Global Services Inc. (PGi) last week.
Founded in 2007, Modality Systems Limited (‘Modality’) is a specialist software company that develops solutions based on Microsoft Lync® that help businesses improve collaboration, productivity and business processes through the adoption of Universal Communications.
Over the last eight years, Modality has grown to over 75 employees (doubling head-count in the last 12 months) and built a global presence with offices in London, Seattle, San Jose and Sydney. The company’s annual revenues were approximately US$11 million in 2014.
Partner Leigh Head led the team which included Kiall Bagnell and Joshua Selouk from the Corporate department with specialist employment law support provided by Joanne Perry and Mark Fellows. The team advised the founders of Modality on the sale of the entire issued share capital of the company to a wholly owned subsidiary of PGi, a New York Stock Exchange listed software and services company that employs over 2,100 staff in 25 countries.
On the role played by Sherrards’ lawyers, James Rodd, founder and CEO of Modality, comments: “The team at Sherrards have supported Modality for over five years, culminating in the acquisition of the business in February 2015. The whole team demonstrated immense professionalism and dedication to complete the transaction – they really were an asset to the whole process”.
Leigh Head of Sherrards adds: “Having worked with the founders of Modality since the early stages of their development, I am delighted that the team have helped them to realise their ambitions to become part of a complimentary group of companies which will help elevate them into a worldwide presence in the unified communications field.”