Gowling WLG's Corporate, Finance and Tax team in Birmingham has advised Palatine Private Equity's Impact Fund on its investment into e-days, the rapidly growing provider of employee absentee management software.
Palatine Private Equity's Impact Fund is a £100m investment vehicle targeting growth companies that also deliver a positive social and/or environmental impact.
Its investment into e-days is the third successful deal completion in the Midlands, following the opening of Palatine's Birmingham office in December 2015.
Formed in 2005, e-days is an employee absence management tool designed to help customers improve operational efficiency and reduce absenteeism. Provided through a software as a service (SaaS) model, the tool accurately monitors, authorises and plans employee leave and sickness, analysing patterns to deliver efficiency gains across organisations. The company has more than 175,000 users and has customers in over 80 countries.
The deal was led by partner and Head of the Impact Fund Beth Houghton and Investment Director James Gregson, with support from investment manager Tom Hustler. Both Houghton and James Gregson will join the e-days board as the business looks to develop its employee wellbeing offering.
Beth Houghton, said: "The e-days software helps companies to enhance employee wellbeing and improve absentee rates. By analysing staff sickness data, the software helps companies to become more responsible, as well as identifying underlying trends to pre-empt future absence.
"e-days is exactly the type of business we set out to support with our new Impact Fund, and we look forward to working alongside the management team in the coming months."
The transaction was led by Gowling WLG corporate Director Ragi Singh, with support from Associate Victoria Pearson on the acquisition and Stephen Bowman, Jade MacDonald and Fabiano Iesini on the investment terms. Banking Associate Richard Crawley advised on the debt management.
Ragi Singh said: "We're pleased to have supported Palatine on this major investment deal and look forward to watching e-days' growth in the months and years to come."
The Corporate, Finance and Tax teams of Gowling WLG in Birmingham deliver on private equity transactions, mergers and acquisitions and other corporate matters.