Biztech is delighted to have represented Cannon Trading in its $12.5 million sale to Openmarkets Group

Biztech Lawyers is known for helping world-class Australian tech businesses realise their global potential. We bring to the table specialised knowledge that comes from servicing hundreds of entrepreneurial and startup businesses in the technology arena over the last three years.
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Biztech Lawyers, a leading specialist for Australian-US tech firms, is pleased to welcome the acquisition of independent tech platform Cannon Trading by industry peer Openmarkets Group (OMG).

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.

About Biztech Lawyers

Biztech Lawyers is known for helping world-class Australian tech businesses realise their global potential. We bring to the table specialised knowledge that comes from servicing hundreds of entrepreneurial and startup businesses in the technology arena over the last three years. 

We offer full-service transactional support, providing start-ups and technology businesses with all the benefits of an in-house counsel on an as-needed basis. We have a proven track record as a leading technology law firm with offices in Australia and the United States. Chat with us now

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Anthony Bekker
Founder | Managing Director - APAC
Anthony Bekker founded Biztech Lawyers after leading both legal and operations at e-commerce marketing unicorn Rokt - helping grow it 10x from Sydney, to Singapore, the US and then Europe.

Anthony loves helping technology companies realise their global ambitions and solve their most complex problems; bringing a practical and highly commercial approach to legal matters. That approach is born of a breadth of experience helping hundreds of startups and scaleups, stints in strategy consulting and banking as well as an INSEAD MBA. Anthony began his career at Mallesons Stephen Jaques and became dual-qualified in the UK while undertaking in-house stints at BT the OFT.

Anthony is Biztech Lawyers’ Managing Director for APAC. As a tech-centric law firm we use an array of legal technology to make legal processes more efficient, allowing clients to grow as painlessly as possible. Our global offerings are also an opportunity to propel the world’s most innovative companies to reach international markets. We’re your growth partners.
While Biztech Lawyers has used reasonable care and skill in compiling the content of this article. we make no warranty as to its accuracy or completeness. This article is only intended to provide a general guide to the subject matter and not intended to be specific to the reader’s circumstances. This article is not intended to be comprehensive, and it does not constitute and must not be relied on as legal advice and does not create a client-solicitor relationship between any user or reader and Biztech Lawyers. We accept no responsibility for any loss which may arise from reliance on the information contained in the article. You should undertake your own research and to seek professional advice before making any decisions or relying on the information provided.

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