Howes Percival advises on deal for document management specialist

Law firm Howes Percival's Leicester team has supported the acquisition of a document management specialist by SPS. 

Blyth-based Cleardata provides services including archive storage, document scanning, digital mailroom and automated document processing. It has joined forces with Zurich-headquartered SPS, which takes a further step in its growth strategy. 

Howes Percival advised the Cleardata shareholders on all legal aspects of the sale, which included managing the legal structure of the deal, negotiating key terms with the buyer, and coordinating input from multiple shareholders. 

Led by corporate partner Jeremy Hyde, the Howes Percival team included corporate lawyers Chloe Chambers and Tanya Hancox. Samuel Moore advised on tax matters and Mia Lees and Helen Parrott on property matters.

Hyde said: "I'm really pleased we were able to support the Cleardata team on this transaction, which involved 36 individual shareholders in total, led by majority shareholder Dave Bryce. It's a fantastic business with a strong reputation and we look forward to seeing them thrive as part of SPS.

"We have had a strong start to the year in terms of transactions and part of that is the continued demand for businesses operating in document management, digitisation and business process outsourcing, as companies look to improve efficiency and accelerate digital transformation. 

"Strategic buyers are actively seeking acquisitions that enhance their technology capabilities and broaden their service offering, particularly in sectors handling large volumes of data and documentation."

Dave Bryce, Cleardata chief executive, added: "The team at Howes Percival were incredible. Their dedication, work ethic and attitude to get our deal completed on time was superb. Not only that but during stressful periods of the sale, they were a calming influence and at times, it felt like it was their company they were selling as they cared so much about every aspect.

"They demonstrated unwavering commitment, going above and beyond and exceeding all expectations in what was a complex transaction to complete in such limited time. Experience and deal knowledge was also a key factor and some of the points that they put forward more than covered off their fees. I can’t recommend them highly enough."