10 May 2019
Taylor Wessing has advised Attraqt Group plc, the provider of SaaS solutions powering exceptional online shopping experiences, on its conditional EUR 16 million acquisition of Early Birds SAS ("Early Birds").
The purchase price is being satisfied partly in cash and partly through the issue of Attraqt shares. Completion is subject to shareholder approval.
The unified solutions created from this acquisition will deliver omnichannel search, merchandising, and product and content personalisation for retailers and brands. It combines Attraqt’s pedigree in data-led search and merchandising capabilities to optimize product discovery and visual curation, with Early Birds’ award-winning ability to empower learning algorithms to orchestrate and personalise the entire shopper journey.
Early Birds provides an artificial intelligence powered SaaS platform that allows internet retailers to personalise their offering to individual customers, in real-time, across both online and offline channels. Early Birds is positioned as one of the market leaders in France for true AI-driven personalisation.
A long-standing client, Taylor Wessing also advised Attraqt on its admission to AIM in August 2014 and its £25m reverse takeover of cloud-based merchandising and marketing optimization software provider, Fredhopper B.V. in March 2017.
Commenting on the deal, corporate partner Tandeep Minhas, said: “We have expertise in advising tech companies throughout their lifecycle and here we have been able to help our long-term client grow even further. This deal required expertise from across the UK and France, allowing us to flex our international muscles. Attraqt's focus on becoming a leader in AI-driven eCommerce requires a smart and innovative use of technology to achieve. We share this vision of transforming markets through cutting-edge technology and we are privileged to bring our depth of experience to bear for another successful acquisition for Attraqt."
Luke McKeever, CEO of Attraqt added: "The acquisition of Early Birds is a transformative acquisition and a big step forward for our vision of building an AI eCommerce leader that is integral to the world's best shopping experiences. We would like to thank Robert, Tandeep, James and the rest of the international team for the excellent support they provided on the acquisition – it's undeniably a better deal thanks to their efforts."
The team was led by international corporate partners Robert Fenner and Tandeep Minhas (London), and François Mary (Paris).
Further support was provided by senior associate James Homan (Corporate) in London and associates Camille Nouhaud (Corporate) and Julie Filliard (Employment) in Paris.
by Robert Fenner and Tandeep Minhas