Background
• Close Brothers Corporate Finance was retained to support the Board of SmartStream and majority shareholder TA Associates on the selection and evaluation of the most suitable advisers for the planned initial public offering
• SmartStream Technologies provides enterprise-wide, real-time Transaction Lifecycle Management solutions to 1,000 clients, including more than 75 of the world's top 100 banks. SmartStream's solutions enable clients to tackle the barriers to Straight Through Processing and create more efficient, customer focused, cost-effective, compliant operations
Process & Outcome
• Close Brothers Corporate Finance provided independent corporate finance advice to the company and TA Associates throughout the IPO process, including guidance on investor communication and interaction with the syndicate and other advisers
• Following the approach by Dubai International Financial Centre Investments, Close Brothers Corporate Finance was instrumental in assisting the company and TA Associates through the sale process. On 12 November 2007 the acquisition of SmartStream by DIFC Investments, the investment arm of the Dubai International Financial Centre was agreed
• SmartStream, the UK based software licensing and professional services business will be at the heart of the secure, scaleable trade processing and data management platform that DIFC is building
Testimonial
Andy Balchin, CFO of SmartStream commented:
"Close Brothers Corporate Finance's assistance ensured a well-organised IPO process and helped steer senior management through an unfamiliar process. The involvement minimised the drain on senior management time and its structured fee negotiations led to significant cost savings. Close Brothers Corporate Finance then seamlessly took the role as sell-side adviser and provided sound guidance throughout the successful sale process."
For more information regarding this transaction, please contact Simon Willis, James Craven or Harry Kalmanowicz on +44 (0) 20 7655 3100