Leading national law firm Mills Oakley has advised foundU Holdings Limited (foundU) on the off-market takeover bid by Citation Group (a UK global compliance software specialist backed by Hg and KKR) for the acquisition of all of the issued shares in foundU.

foundU is a cloud-based workforce management platform available to Australian and New Zealand businesses, designed specifically to handle and automate the complexities of onboarding, rostering, training and paying employees.

foundU is based in Brisbane and provides its software to more than 70,000 monthly active users and more than 650 unique clients across multiple industries including hospitality, labour hire, manufacturing and healthcare.

Mills Oakley advised on all aspects of the transaction, including drafting and negotiating the conditional bid implementation deed, preparing the documents necessary to exercise and convert all options and warrants on issue into ordinary shares (before Citation Group’s offer was formally made to foundU shareholders) and drafting the Target’s Statement.

The Mills Oakley team was led by Corporate Advisory Partners Tim Cox and Tony Lalor and was assisted by Skyler Trivett.

Commenting on the transaction, Tony Lalor said:

“Working with the board and management of foundU in its off-market takeover by Citation Group was an absolute pleasure.

“This deal will be extremely rewarding for foundU shareholders in realising their investment in the company and we were delighted to be able to assist the board and management in taking on some of the load of a control transaction and working through to a successful completion of the takeover process.

“The cross border aspects of the transaction meant that there were some nuances to overcome but our team was able to work with our client to ensure that overall the transaction proceeded on a timely basis and solutions were always available.”