Vertex Law

Wed 17 March 2010

Kent’s IT expertise has gone international following the purchase of one of the county’s leading high tech businesses by a Swedish firm.

Ashford-based Commidea, which specialises in credit card processing systems and services, was bought for an undisclosed sum by Point International, a Stockholm company with similar expertise and offices across the Nordic and Baltic regions.

Founded in 1992, Commidea employs 140 people and has its headquarters at Eureka Park. It used Kent lawyers Vertex Law and the Crawley office of finance experts Grant Thornton to advise on the deal.

“This was a complex transaction from a legal point of view,” said Vertex Law’s Trevor Carney. “It involved the jurisdiction of several countries as well as intellectual property issues and all the transactional legal work normally associated with this type of purchase. “The deal sees Commidea become a fully-owned subsidiary of Point International while continuing to operate under its own brand. Vertex Law has had a long-term relationship with Commidea’s management team, offering ongoing advice on a range of issues as they have successfully built the business into the UK’s leading developer and provider of credit card processing systems and services. The company has developed a range of high performance card payment systems for virtually every working environment including high street retail, e-commerce, mail order, telesales, leisure and hospitality. With this track record and expertise, Commidea was clearly an attractive proposition for Point.”

Simon Wilding, Commidea’s Managing Director, said, “It is the ideal time to join forces with Point. Like Commidea, Point has a strong track record in innovation. The merger of the two organisations enables us to continue the development and delivery of market leading solutions such as advanced security and contactless payment technology.
 

“The advice we received from Vertex Law and Grant Thornton – and the professionalism and commitment they showed – was absolutely invaluable in ensuring the successful completion of this deal.”

Rupert Rawcliffe, who led the Grant Thornton team, said, “This was a complicated international process, requiring the project management of many different work streams and personnel, together with Point International and their private equity backers, Nordic Capital. With a deep understanding of the company, we were able to respond proactively at all times and provide timely, pragmatic corporate finance and tax advice throughout the process. The partnership of Simon Wilding and his management team, Vertex Law and Grant Thornton worked incredibly well as all involved were absolutely committed to ensuring the company found the right partner, on the best terms. We are delighted that Simon and his team have now been able to join the Point Group, where they should have a very exciting future and fantastic prospects.”