Marriott Harrison LLP advises Nasstar Plc on equity fundraising and acquisition of Modrus Limited

Friday 2nd September, 2016

Marriott Harrison LLP acted for AIM listed provider of remote hosted desktop services to business on its £13m acquisition of the entire issued share capital of managed IT, cloud and hosted desktop services provider Modrus Limited. Nasstar Plc also raised £13.3m by way of the issue of new ordinary shares arranged by its nominated adviser and broker finnCap Limited. This is the third acquisition Nasstar Plc has undertaken since its reverse takeover by Denara Holdings Limited, the parent company of e-know.net Limited, the principal operating subsidiary. Lord Peter Daresbury, Chairman of Nasstar Plc, commented: “We are delighted to announce the acquisition of Modrus which represents a significant step in our acquisition strategy to increase our ‘go to market’ verticals and further diversify our customer base. Modrus introduces three new target market verticals to Nasstar’s product suite, Media, Property Services and ISVs whilst adding further penetration in Financial Services and Recruitment. This acquisition represents a highly complementary fit with obvious synergies within licensing costs and data-centre consolidation. We are delighted that our placing to raise £13.3m has been well supported by both new and existing institutional investors”

Corporate partner Simon Charles, the client partner for Nasstar Plc, led the transaction for Marriott Harrison LLP, assisted by IP partner Tony Morris and IP and IT associates Aideen Burke, Richard Woods and corporate trainee solicitor Olga Ayers. Employment partners Bob Cordran and Katherine de Souza provided input on the employment matters and property partner Guy Hitchin and associate Sam Swann provided input on the property aspects of the transaction.

Simon Charles
MH Corporate

Nasstar Plc