Independent UK law firm Burges Salmon has advised Dancerace, a fast-growing Fintech company and the leading provider of cloud-based software solutions for major banks and lenders globally, and its outgoing majority owner Newable Capital, on a significant new investment from international software and technology-focused investment firm Norland Capital.
Bath-based Dancerace offers purpose-built, business-critical workflow software to support some of the world’s leading banks and lenders offer invoice financing and asset-based lending products to their customers. The investment further strengthens Dancerace’s market-leading position and is set to support its global expansions plans and product development initiatives. The transaction sees Norland Capital acquire 100% of Newable Capital’s majority ownership stake with Elliot Avison, CEO of Dancerace, rolling 100% of his ownership position into the new partnership.
The Burges Salmon team was led by Corporate partners Alex Lloyd and Richard Spink with support from senior associate Rebecca Brown and associate Tom Curnow. Alex comments: “It has been a pleasure to work with the Newable Capital team and to see another local software and technology company going from strength to strength. We wish Elliot Avison, the rest of the Dancerace team and Norland Capital great success in the future.”
Peter Barrand, Managing Director at Newable Capital, adds: “We’ve worked closely with Dancerace for a number of years and are incredibly proud of everything we’ve achieved together. We’re grateful to Alex and the team at Burges Salmon for guiding us through this complex process with clarity and straightforward advice.”
Advising start-ups, high growth scale-ups, global financial institutions, major corporates and investors, Burges Salmon’s Fintech team guides clients through a broad range of matters from M&A transactions and fundraisings, financial regulation and products, technology and data through to banking, employment, and IP issues.