Taylor Wessing advises Europe’s largest independent wireless broadband provider on a €15 million funding round
Taylor Wessing has advised The Cloud Networks Limited, Europe’s largest independent wireless broadband provider, on a €15 million funding round.
The funding came from current investors (€7.25M), a new Norwegian investor Ferd Venture, (€7.5M) and GP Bullhound, The Cloud’s corporate finance advisers who invested €0.3 million. The funding will be used to support growth plans across Europe, where the mobile wireless broadband market is currently fragmented and primed for consolidation.
Taylor Wessing, recognised as "one of Europe's best know firms in the technology sector" [Legal 500 2008], was appointed legal adviser to The Cloud in 2008, following a legal supplier review. Taylor Wessing's European spread makes it perfectly positioned to advise The Cloud on its vigorous European acquisition strategy. The Cloud currently has over 12,000 contracted international network locations and over 20,000 WiFi network access points in 11 European countries with its core businesses trading out of the UK, Germany, Sweden and Denmark.
Hamil Stevenson, General Counsel at The Cloud, comments:
"We were very pleased with Taylor Wessing’s support during this transaction, which was both attentive and efficient. They have impressed us with their professionalism, quality of advice and speed of turnaround."
The Taylor Wessing team advising The Cloud was led by Simon Walker and Adrian Rainey.
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Notes to editors
For more information please contact Sarah le Cheminant at Taylor Wessing:
Tel: +44 (0)20 7300 4930
Email: s.lecheminant@taylorwessing.com
Taylor Wessing LLP is a leading law firm providing legal support for commercial organisations doing business in Europe, the Middle East and China. Based in Belgium, Dubai, France, Germany and the UK, Taylor Wessing provides the full range of legal services to major corporations and growing enterprises. Taylor Wessing boasts a strong reputation in the corporate, finance and real estate sectors alongside in-depth experience across the full range of legal services including intellectual property and technology, tax, litigation & dispute resolution, employment & pensions and private client.
About The Cloud
The Cloud was launched in 2003, is privately owned and has rapidly established itself as the clear independent European market leader in wireless broadband services.
The Cloud provides hotel chains, fast food & retail outlets, transport hubs and city councils / regional authorities with state of the art WiFi solutions that provide mobile customers with a fast, simple and cost effective means to connect to the Internet over laptops, mobile phones and mobile entertainment devices.
The Cloud is based in the UK, with European offices in Munich in Germany, Stockholm in Sweden and Copenhagen in Denmark – The Cloud has network coverage in over 12,000 European locations spanning 11 European countries with plans for further expansion as WiFi becomes the preferred option for mobile connectivity to the Internet.
The Cloud is pioneering ‘free to view’ public access services, leading the markets development of a fast, simple and fully interactive audio / video user interface, through working closely with leading device manufacturers, such as Nokia & Apple, mobile operators, such as O2 & Vodafone and leading retail chains, such as McDonalds.