Pannone Corporate advises listed global cloud platform on overseas acquisition


Pannone Corporate has advised on the cross-border acquisition of UK-based eProcurement software company, Market Dojo.

The Manchester firm acted as legal adviser to global cloud platform Esker, which has acquired a majority stake in Market Dojo. Esker, which is listed on the Euronext market in Paris, has purchased 50.1% of the shares and voting rights in Market Dojo, with an option to acquire the remainder of the shares after a period of four years.

The Pannone team, led by Tom Hall (corporate Partner), Andrew Walsh and Behzad Borang, worked alongside Lamy Lexel, its PLG International Lawyers partner in Lyon, which provided French law support to Esker on the transaction.

Esker, which is headquartered in Lyon, France, is a global cloud platform and leader in AI-driven process automation solutions for finance and customer service functions.

Tom Hall said:

“Esker is a world leader in cloud and AI-driven technology, with a significant footprint across North America, Latin America, Europe and Asia Pacific.

“This strategic acquisition will undoubtedly strengthen Esker’s presence in the UK, while offering significant international development opportunities. It will also build on the company’s capabilities in traditional markets by enabling Esker to bring eSourcing into its platform proposition.”

Market Dojo’s eSourcing cloud solution was created to address the need for structured and digitised processes in procurement. Designed by procurement professionals, Market Dojo’s unique on-demand solution enables users to centralise information, negotiate the best value for goods and services, and select the right suppliers.

Jean-Michel Bérard, CEO at Esker, said:

“We are pleased to welcome Market Dojo to the Esker family. This acquisition provides new growth opportunities in a developing market and strengthens Esker’s positioning in the global Procure-to-Pay (P2P) arena. Additionally, Market Dojo is an excellent illustration of Esker’s strategy to invest in organic growth combined with targeted acquisitions that offer a high potential for growth.”

Mazars provided financial due diligence and tax support to Esker. Advisors to the shareholders of Market Dojo were: Ryecroft Glenton (corporate finance and tax) and Simon Muirhead Burton (legal).