International legal practice Osborne Clarke has advised AIM-quoted essensys plc, the leading global provider of mission critical software-as-a-service platforms and on-demand cloud services to the flexible workspace industry, on its conditional £31.3 million primary placing and up to £2 million open offer.
essensys intends to use the net proceeds of the fundraise to take advantage of the significant opportunities presented by the growing flexible workspace industry by accelerating its proven go-to-market strategy and product development, including increasing its market share in key markets such as North America, the United Kingdom and Continental Europe and Asia Pacific.
The fundraise, which was announced on 8 July 2021, also included a secondary placing which raised £6.3 million for Mark Furness, essensys' CEO and is conditional on approval of shareholders at a general meeting on 26 July 2021.
Singer Capital Markets Advisory LLP is acting as essensys’ nominated adviser in connection with the fundraise. Singer Capital Markets Securities Limited and Joh. Berenberg, Gossler & Co. KG are acting as joint brokers and joint bookrunners in connection with the placing.
The Osborne Clarke team that advised essensys on the transaction was led by Partner Jonathan King who was assisted by Senior Associate Ed Nisbet and Associate Oliver Woods. The same Osborne Clarke team advised essensys on its IPO in 2019 and £7m placing in 2020.
Osborne Clarke’s Corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers, is considered a go-to practice for many companies, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.