Automic Group delivered a Scheme of Arrangement for Nearmap with consideration of A$1.05b, a major milestone for the Australian financial services industry.
Additionally, Automic’s Capital Markets team facilitated the successful collection of bank account details via the Automic Investor Portal to achieve an EFT payment rate of 95.1%.
A scheme of arrangement is a shareholder and court-approved statutory arrangement between a company and its shareholders that becomes binding on all shareholders by operation of law. Schemes can also be used to demerge and to selectively cancel some shares leaving the remaining shareholders in control, which are not acquisitions.
Nearmap, founded in 2007, has evolved from a small online start-up to a next-generation digital content leader in aerial technology. Nearmap captures wide-scale urban areas in Australia, New Zealand, the United States and Canada, making current geographical information instantly available in the cloud via their web app or API integration.
The intelligent, cloud-based technology provides high-quality, georeferenced maps and aerial imagery to thousands of companies worldwide who rely on deep, data-driven insights – to enable informed decisions, streamlined operations and better financial performance.
Thoma Bravo is one of the largest software investors in the world, with a 40+ year history and over US$120 billion in assets under management as of September 2022. The firm invests in growth-oriented, innovative companies that operate in the software and technology sectors.
Nearmap engaged Automic in November 2022 to oversee the Scheme of Arrangement with Atlas AU BidCo Pty Ltd, a wholly owned subsidiary of a fund advised by Thomas Bravo L.P, under which it was proposed that Thoma Bravo would acquire 100 percent of shares in Nearmap.
Although Nearmap had shareholder approval, the Scheme remained subject to several conditions for it to be successful, including:
“The Automic team delivered exceptional management of our recent Scheme of Arrangement, utilising innovative technology and their expert Capital Markets team to guide us seamlessly through project planning, project management, and final scheme payments.”
WENDY LI, GROUP FINANCIAL OPERATIONS MANAGER
Chris Hill led the Automic Capital Markets team to ensure smooth and efficient service through the Scheme of Arrangement.
Automic’s industry-leading technology has been designed with the latest IT security architecture and infrastructure capabilities.
We continue to provide the full spectrum of financial functions to meet your specific requirements while guaranteeing compliance, delivering efficiency and driving lasting value to your organisation, thanks to our sophisticated cloud-based solution and experienced Capital Markets teams.