Penningtons Manches advises on sale of UK software business

Posted: 23/01/2019

Penningtons Manches' corporate team has advised the shareholders of Silverbear Limited on its sale to private equity backed ClearCourse Partnership LLP. Corporate partner Simon Bickerdike led the team, supported by corporate associate Katharine Robinson, tax expert Kathy Hills and employment partner Mike Cole.

Originally launched as a CRM integration and development business in 2000, Silverbear later transitioned to a provider of integrated management solutions for the membership and trade association sectors. The Microsoft Dynamics ISV continues to grow and has implemented digital transformation programmes for more than 65 organisations, with over four million members using its flagship Silverbear Membership product.

ClearCourse is a partnership with a mission to acquire innovative technology companies providing membership software and services to groups, organisations and businesses. It is backed by Aquiline Capital Partners, a New York and London based private equity firm investing in businesses globally across the financial services and technology sectors.

Mark Travis, founder of Silverbear, Carl Grieves, Silverbear CEO, and the current management team will continue to steer and grow the company.

Commenting on the acquisition, Mark Travis said: “This exciting partnership with ClearCourse will allow us to continue providing new and innovative solutions to the membership management space at a rate that is more in line with our ambitious growth plans. We now look forward to leveraging the capabilities of the ClearCourse platform, expanding our offering to new and prospective customers and delivering our next stage of growth.”

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