Newcastle-headquartered RG Corporate Finance (RGCF) has advised on the acquisition of a majority stake in an SaaS procurement software provider.
Market Dojo helps procurement professionals solve inefficient sourcing and supplier management processes by digitalising activities.
As part of the acquisition by Esker, the company’s flagship module – Sourcing Dojo – will enable the buyer to bring eSourcing into its platform proposition.
The deal is also expected to yield greater opportunities for both organisations and their customers.
Esker has bought 50.1 per cent of the shares and voting rights in Market Dojo, with the agreement including the remainder of the group’s shares to be acquired after a period expected to be four years.
Market Dojo will continue to operate as its own business unit, retaining its own brand. However, collaboration and synchronisation of product plans will take place.
Market Dojo was advised by Carl Swansbury, Rhiannon Nightingale, Kerry Hurst and Adam Tindale of RGCF, with tax advice provided by Simon Whiteside and Simon Hopwood of RG Business Tax.
Legal advice was provided by David Martin, Roshni Gotecha and Sarah Quicke of London-based Simon Murihead Burton.
Carl Swansbury, partner and head of corporate finance at RGCF, said: “This is an important transaction for the UK tech sector, highlighting the dynamism and innovation of UK businesses, which is generating interest from international investors and strategic acquirers such as Esker.
“Its resources, market presence and global customer base will add significant value to Market Dojo, which, in turn, brings its suite of established e-procurement products that will enhance Esker’s product portfolio and create a further platform for growth.”
Alun Rafique, co-founder and chief executive of Market Dojo, added: “With Esker’s backing, we can now accelerate our growth plans to enhance our products and address international markets.
“Thus, helping more organisations who want to create efficiency, enhance their supplier engagement, minimise risks and reduce costs within the sourcing of goods and services.”
