Cheltenham lawyers advise on £30m new Horizon deal

11th December 2019

Cheltenham lawyers Harrison Clark Rickerbys has advised Horizon Capital on its majority investment in Ascent Software and its simultaneous acquisition of TechHuddle in a £30m transaction.

Ascent is a provider of custom software development enabling digital transformation in mid-market and enterprise customers in the UK and Germany.

TechHuddle provides software development services with a focus on IP development in the UK market.

The combined business, based in Reading, has more than 100 clients, and employs in excess of 300 developers in delivery centres in Malta and Bulgaria.

Rich Wilkey, head of HCR’s Cheltenham office and head of their corporate team, said: “This was complex because it entailed acquiring three companies in three jurisdictions at the same time. But we’re delighted to be able to support Horizon in this – it is their third such technology investment this year, and it will give the business new development potential.” Rachael Reeves and Louisa Leach also had lead roles on the transaction as part of the corporate team.

Stewart Smythe joins the business as CEO and will work alongside Ascent founder and COO Joseph Sultana, the management team includes Ben Hudson and George Earp.

Horizon Managing Partner Simon Hitchcock said: “We are delighted to be investing in Ascent, a high quality platform from which to drive consolidation of a fragmented and high growth market. We look forward to supporting such a talented management team on the next phase of their growth journey.”