International legal practice Osborne Clarke has advised the shareholders of MatsSoft Limited, a leading cloud-based low-code software provider, on its acquisition by Netcall PLC.

The initial consideration is £11.1 million in cash and the issue of 3,499,864 new ordinary shares of 5p each in the capital of Netcall PLC (“Netcall Shares”). Potential further consideration of up to £2.3 million cash and 9.5 million Netcall Shares is also payable dependent on achieving specified performance targets achieved over various periods from completion of the acquisition.

Netcall funded the acquisition through its existing cash reserve and a £7.0 million loan note from the Business Growth Fund.

The acquisition will increase the company’s cloud presence and give Netcall access to the fast growing low-code market.

Headquartered in Bedford, UK, MatSoft was founded in 2008 and employs 56 people. The company has approximately 60 customers globally across private and public sectors, including Vodafone, Nationwide Building Society, ITV and Adur & Worthing Councils.

The Osborne Clarke team who advised on the transaction were led by Partner Robert Wood, Senior Associate Vicky Dudding and Associate Katie Carter.

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