Business law firm Turner Parkinson has advised data security firm Cryptosoft Ltd in a share deal with AIM listed Tern plc. The team led by Stephen Hadlow and assisted by David Easdown, advised Cryptosoft owner Jon Penney.
Under the terms of the deal, Jon Penney has been issued shares in technology investment company Tern, and will remain instrumental in continuing to grow and develop the Cryptosoft business.
Cryptosoft have developed an innovative software platform which many organisations have adopted as the standard solution for provisioning security within their IT ecosystem.
Tern director Al Sisto, who becomes chairman of Cryptosoft as part of the deal, said: "I believe Cryptosoft offers real solutions to fast growing markets that require data security; and there are no effective competitive products. The opportunities for Cryptosoft are very significant worldwide."
Jon Penney commented “This was a complex deal structure completed within a very short timeframe, the Turner Parkinson team led by Stephen Hadlow proved flexible and effective at all times. We look forward to working with them as Cryptosoft expands its operations over the coming years”
Commenting on the deal Stephen Hadlow, Corporate Partner said “We have a track record of advising growing technology businesses. This deal allowed our sector expertise to shine in what is a developing area of technology. Businesses and consumers today are more focused on their own commercial and personal security. We were delighted to help advise Cryptosoft in an area where we see further development”.