Burness Paull advises on MBO of tech leader
Burness Paull has advised on the successful management buyout of Cortex Worldwide from a multi-billion dollar global corporation.
The independent company, which provides cloud-based digital marketing solutions, will remain headquartered in Edinburgh where it will focus on continued international growth. It plans to remain investor-free, increasing sales and global revenues, rather than pursuing external investment.
Peter Lawson, head of corporate at Burness Paull , said: “Cortex is an ambitious company that is already a global leader. We are absolutely delighted to have advised Peter Proud and his team. The dynamic leadership at Cortex and Peter’s desire to use his extensive global skills to support our tech sector is great news for Scotland.”
Cortex founder and managing director, Peter Proud, added: “Having the support of Burness Paull through our year-long buyout has been pivotal to our successful completion. Peter Lawson, Claire Dowle and the team have been diligent, responsive and detailed, while also being a pleasure to work with.”
Callum Sinclair, head of technology at Burness Paull commented: “This deal underpins Scotland’s position as a global leader in the tech sector. It also demonstrates that there is a ready pool of talent in the country that will have a fundamental role to play in determining the success of tech in Scotland.
“There’s no doubt that under Peter’s leadership, Cortex will be an inspiration to many other technology businesses and is a very welcome boost as we head towards the end of the year.”