Complex transaction managed virtually during pandemic lockdown
IndustryTechnology & Media
Vortiv Ltd is an ASX listed company which operated cyber security businesses Cloudten and Decipher Works (Cyber Business) and holds a minor investment in payment solutions business TSI India. Following an unsolicited approach for its Cyber Business in June 2020, BDO was appointed to advise the board on how it should manage the offer and ensure directors’ duties would be discharged whilst maintaining competitive tension through a confidentially-managed process.
BDO bought together a range of M&A specialists from across the nation to manage the complex issues and regulatory requirements, including navigating ASX Listing Rules, Corporations Law, ATO tax rulings, Independent Expert determination and FIRB approval process. BDO managed the $25 million transaction to a successful completion with BGH Capital backed CyberCX in December 2020, delivering a circa 20% price increase on the original approach.
BDO provided experienced, dedicated M&A partners and professionals across Perth, Melbourne and Sydney to support every aspect of the transaction. COVID-19 pandemic protocols necessitated an entirely online transaction and negotiation process, leveraging cross-office cooperation to bring the deal to a successful conclusion and deliver an exceptional outcome to the client.
““The Vortiv Board engaged BDO to advise on strategic options relating to an unsolicited approach we received for our Cyber Security businesses.
BDO demonstrated a strong understanding of the regulatory framework whilst maximising the value achieved for the Cyber Security business.
We appreciated BDO bringing sector experts across multiple offices which was critical to the success of the deal conducted through the COVID19 lockdown.”
Jeffrey Lai, Managing Director, Vortiv Limited