Sedulo’s Corporate Finance team led by director Paul Cheetham was instructed by the owners of Just Search Limited to find a buyer.
After undertaking a marketing and brand building campaign in a ‘hot acquisition climate’ at the time, the company was approached by 3 overseas bidders.
The team created an information memorandum and negotiated the purchase price on behalf of the shareholders. Subsequently the deal was made up of a consideration of cash, deferred cash, shares and a 2 year earn out based upon forward projections. It was sold to Getupdated Marketing AB (now Onine Group AB), a company listed on the NASDAQ OMX First North in Stockholm, Sweden- in a deal totalling circa £11m.
Sedulo were retained on a consultancy basis on behalf of the acquirer until 2014.