Maclay Murray & Spens advises FreeAgent on IPO

Maclay Murray & Spens LLP (MMS) advised FreeAgent Holdings plc (FreeAgent), a provider of cloud-based Software as a Service (SaaS) accounting software solutions and mobile applications designed specifically for UK micro-businesses, on its £34.1 million flotation on London’s Alternative Investment Market (AIM), which takes effect today.

FreeAgent’s AIM IPO is the third major deal for MMS’ capital markets team in as many months, and follows their recent work on the £261 million recommended takeover of British Polythene Industries plc (BPI) by RPC Group plc and the £9 million recommended takeover of Superglass Holdings plc by Inflection Management Company Limited.

MMS partner and head of capital markets, Brian Moore, who led the MMS team, said: “Flotation is always a landmark moment for any fast-growing business and we’ve been working closely with our long-standing client FreeAgent on their IPO for some months now.

“FreeAgent is in a strong position to capitalise on the new funding and other opportunities this development offers and we’re looking forward to working with Ed Molyneux and his team during this exciting next phase in FreeAgent’s story.

“The flurry of capital markets deals MMS has recently been involved with includes advising both BPI and Superglass on their recommended takeovers, all of which goes to show that despite the lingering uncertainty over Brexit and now the outcome of the US election, there is still widespread demand for quality UK investment opportunities.”

Ed Molyneux, founder and CEO of FreeAgent, added: “We’re very pleased to have achieved our goal of floating FreeAgent on AIM. MMS guided us through the considerable preliminary work – and the complex transaction itself – with much-needed clarity and unfailing attention to detail. We feel as well-equipped as we can be as we look forward to our future as a listed company, in no small part thanks to the sterling efforts of Brian and the MMS team.”

Set up in 2007, Edinburgh-based FreeAgent provides cloud-based SaaS accounting software solutions and mobile applications designed specifically for UK micro-businesses (defined as sole traders and companies with fewer than 10 employees) and their accountants.

The MMS multi-disciplinary deal team included specialist lawyers from a number of the firm’s practice groups, including partners Brian Moore (capital markets), David McGrory (venture capital), Alison Bryce (IP & technology), Lorna McCaa (tax & share schemes), Susan Kelly (banking & finance) and Mark Hamilton (employment).