Bamburgh Capital leads second cross-border software deal

May 12, 2023

Leading independent corporate finance advisor Bamburgh Capital has advised London-based software company Old Street Solutions, on agreeing to sell its Slovakian subsidiary, Amovos s.r.o. and its flagship app, Custom Charts, to Tempo Software.

Since its incorporation in 2018, Custom Charts has become one of the fastest growing paid apps in the Atlassian Marketplace and is a Plug-in for use with Atlassian’s Jira and Confluence software.

Tempo Software is an acquisitive project management software specialist backed by Los Angeles-based software and technology investment specialist, Diversis Capital.

This is the second cross border transaction within the Atlassian ecosystem that Bamburgh Capital has led in quick succession, having previously advised the owners of fast-growing project management app developer Jexo Tech to US based Appfire Technologies in December 2022.

Bamburgh Capital was pleased to have worked again with leading German software investor Reichert Network Solutions GmbH, which backed both Old Street Solutions and Jexo Tech, and legal sector disrupter Keystone Law, which provided legal advice on both transactions. The team worked across multiple time zones with stakeholders located in the US, UK, Germany, Slovakia, Cyprus and Thailand.

Michael Parkinson, Director of Bamburgh Capital said: “We are delighted for the senior management team of Old Street, Chris Cooke and Jacek Debiec, who have found an excellent partner in Tempo to help them meet their ambitious growth plans for Custom Charts.

“As small and medium-sized businesses look to increase productivity and continue to invest in the latest software to enable this, we are seeing strong M&A activity in this sector of the marketplace.”

The Bamburgh Capital team included Gabriel Schwalbe and Tom Brown.

Edward Dawes, Partner at Keystone Law said: “These two successive European/US cross border mergers demonstrate not only the continuing strength of activity in tech M&A, but also the effectiveness of the common, but distinctive, approach that characterises both Bamburgh Capital and Keystone; both organisations specialise in senior professionals, with the experience and confidence to give honest bold and creative advice, being actively and deeply involved throughout the project. These deals demonstrate the success of that formula.”