Thrings has advised the shareholders of independent software house Procentia on its sale to BT Pension Scheme Management (BTPSM), the executive arm of the UK’s largest private-sector pension scheme.
Bristol-based Procentia – which specialises in pensions software – has sold a majority stake in the businesses and its US subsidiary Procentia, Inc to BTPSM. The financial details of the transaction were not disclosed.
Procentia’s founding members CEO Steve Donkin, chief technical officer Trevor Scurr, product development director Ian Dowler, chief operating officer Paul Jones, and US CEO Daniel Osicka will remain with the business.
BTPSM has also announced it will be implementing Procentia’s web-based IntelliPen pension system for the scheme’s member administration services.
Established in 2002, Procentia, currently supports more than 30 clients, including a number of FTSE 100 companies and household names from its Bristol headquarters and from Chicago.
More than two million pension scheme members are currently administered on Procentia systems. It also supplies software to third-party administrators, systems integrators, technology companies and other product providers.
The transaction was completed by Thrings’ corporate team led by Elaine Meyrick. She was assisted by fellow partner Mike Tomlin, solicitors Carys Webb and Joseph Watkins, and trainee solicitors Laura Knight and Amelia Watson. Senior associate Natalie Ward provided employment advice.
Susannah Adams and Ricki Critchell from Milsted Langdon’s Bristol office advised Procentia on corporate finance and tax matters. BTPSM received legal representation from London-based Slaughter and May.
Paul Jones said: “We are delighted with the outcome of this transaction which marks the beginning of a new chapter for Procentia. After seventeen years of building the company, we are both pleased and excited to be working with BTPSM as we look ahead to the next stage in our growth story.
“On behalf of the Procentia directors, I would like to thank our advisors for their hard work over the past couple of months. The team at Thrings has done an amazing job for us by making the legal aspects of the sale completely pain-free while remaining professional and supportive throughout the entire process.”
Elaine Meyrick, who is based at Thrings’ Bristol offices, added: “This is a hugely exciting development for Procentia, a business which has developed a strong reputation for enabling its clients to deliver flexible, reliable, low-cost solutions to pension administration.
“Thrings is very pleased to have negotiated the legal complexities and brought this transaction to a positive conclusion. We are also excited to be continuing our relationship with Procentia and wish the company well as it begins what we are confident will be a long and extremely successful partnership with BTPSM.”