FreeAgent kicks-off AIM IPO

Ed Molyneux, founder and CEO of FreeAgent, said: “We’re very pleased to have achieved our goal of floating FreeAgent on AIM. MMS guided us through the considerable preliminary work – and the complex transaction itself – with much-needed clarity and unfailing attention to detail. We feel as well-equipped as we can be as we look forward to our future as a listed company, in no small part thanks to the sterling efforts of Brian and the MMS team.”

Set up in 2007, FreeAgent provides cloud-based SaaS accounting software solutions and mobile applications designed specifically for UK micro-businesses (defined as sole traders and companies with fewer than 10 employees) and their accountants.

There are over 5 million micro-businesses in the UK, and FreeAgent’s objective is to transition these businesses away from relying on spreadsheets to manage their finances to taking a more automated and digital approach to their accounting.

Commercial law firm Maclay Murray & Spens LLP (MMS) advised on the IPO and is the third such project for the MMS’ Capital Markets team in as many months.

It follows MMS’s recent work on the £261 million recommended takeover of British Polythene Industries plc (BPI) by RPC Group plc and the £9 million recommended takeover of Superglass Holdings plc by Inflection Management Company Limited.

MMS partner and head of capital markets, Brian Moore, who led the MMS team, said: “Flotation is always a landmark moment for any fast-growing business and we’ve been working closely with our long-standing client FreeAgent on their IPO for some months now.

“FreeAgent is in a strong position to capitalise on the new funding and other opportunities this development offers and we’re looking forward to working with Ed Molyneux and his team during this exciting next phase in FreeAgent’s story.

“The flurry of capital markets deals MMS has recently been involved with includes advising both BPI and Superglass on their recommended takeovers, all of which goes to show that despite the lingering uncertainty over Brexit and now the outcome of the US election, there is still widespread demand for quality UK investment opportunities.”

The MMS multi-disciplinary deal team included specialist lawyers from a number of the firm’s practice groups, including renowned partners Brian Moore (Capital Markets), David McGrory (Venture Capital), Alison Bryce (IP & Technology), Lorna McCaa (Tax & Share Schemes), Susan Kelly (Banking & Finance) and Mark Hamilton (Employment).