Our corporate and tax teams have acted for the shareholders of XLCubed Limited ("XLCubed") on its acquisition by Canadian private company, Fluence Technologies Inc. ("Fluence"), the provider of financial close and consolidation software for mid-sized companies, principally backed by Banneker Partners. Simultaneously with completion of the sale, XL3 Holdings Ltd, the parent company of BIX Software SAS, the French software company acquired in December 2019 by one of the founders of XLCubed was also sold to Fluence.
Founded in 2002, XLCubed provides a self-service, interactive reporting and analytics experience powered by data-connected Excel. It balances the agility required by finance and business users with the governance and data integrity demanded by IT. The Gowling WLG team was led by Corporate Partner, Jeff Elway, assisted by Abby Parkin (Corporate Associate), Zoe Fatchen, Tom Rank & Elizabeth Emerson (Tax & Share Options).
Mark Scanlon, Co-Founder and CEO of XLCubed, said:
"We believe this combination represents a great opportunity for the entire XLCubed and Fluence community. Our organizations and products are very complementary, and I am confident they will blend together rapidly to create a new leader in the financial performance management market."
"The Gowling WLG team provided a valuable service to the shareholders enabling the acquisition to meet the challenging timeline and dealing with the Fluence legal teams in Canada, USA, France and the UK. The acquisition was not without it challenges which were all handled successfully and I wouldn't hesitate to recommend them to other founders in a similar situation. "
Jeff Elway, Corporate Partner at Gowling WLG, said:
"It has been a pleasure to have brought our M&A expertise to bear on such an important acquisition. Having originally set up XLCubed Limited for the shareholders we are delighted to have been involved in its sale, creating significant value for its shareholders and option holders. We will watch with interest the next chapter in its growth within the Fluence Technologies group. "