As part of the deal, Biztech Lawyers represented Cannon’s major shareholders in their successful share sale to OMG that sealed a $12.5 million valuation for Cannon.
Biztech Lawyers Managing Director (APAC) Anthony Bekker and Special Counsel Yehuda Orelowitz represented Cannon’s major shareholders in the significant share sale to OMG.
The deal represents a consolidation of a longstanding joint venture between the two companies, and will see OMG further integrate Cannon’s API offerings into its platform.
Cannon is a market leader in API development and support for the Australian equities market, while OMG is a trading and wealth management fintech, providing a full suite of technologies and market infrastructure to fintechs and AFSLs; the group includes Openmarkets which is one of Australia’s largest retail brokers. Cannon offers custom solutions and support to all things API and the foundation for ASX and CHI-X execution and integration.
The Biztech team worked with Cannon directors Philip Tauberman and Aurelien Garreau, from ideation to execution stage, responding to the unique aspects of the existing JV.
“We were supported throughout the process with very capable counsel who understood objectives, the pre-existing joint venture relationship and could read the room as it evolved. Anthony and Yehuda understand technology, and particularly technology M&A transactions, very well,” says Philip Tauberman of the Biztech Lawyers team.
Aurelien Garreau adds: “The Biztech team had a solid understanding of the technology that we are selling and were able to use this knowledge to help us navigate the commercial terms required for a successful deal.”
Bekker from Biztech said “We were thrilled to work with Aurelien and Phil who are true leaders in their field to achieve an excellent transaction outcome which advances the interests of both Cannon and OMG shareholders who now move forward together as one.”
OMG’s acquisition of Cannon is supported by a $7.8 million capital injection which is an extension to its $10 million pre-IPO raise back in March. They were represented by leading independent, national firm McCullough Robertson on the transaction.
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