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CMS Advises Riverside on Purchase of Majority Interest in Fadata

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CMS has successfully advised the Riverside Company — a global private equity firm — on the purchase of a majority interest in Fadata, a leading IT company providing software solutions to the global insurance industry.

Fadata — which is headquartered in Bulgaria — provides global distribution system and supports subsidiaries as well as partners' networks in more than 30 countries. The agreement to acquire a majority stake in Fadata was made by Riverside collectively with Charles Taylor plc, a public company quoted on the London Stock Exchange. The established joint venture between Charles Taylor, Riverside, and the management of Fadata is aimed at accelerating further growth in the global technology market both of Fadata and all the parties involved.

"Attracting a global investor will allow Fadata to further strengthen its position as a global provider of IT solutions to the insurance sector,” said Warsaw-based CMS Partner Marek Sawicki. "We are happy to see a company from our region succeed in expanding so vastly in so very different markets. It is also an example of how legal advice can cross boundaries between jurisdictions — in this case, a transaction involving global players in the Bulgarian market was handled by a team of Polish lawyers. Knowledge of CEE markets has enabled us to follow the client to other jurisdictions in the region." 

The CMS team advising Riverside Company included Warsaw-based Partners Marek Sawicki and Jakub Marcinkowski and Associate Tomasz Waligorski, working alongside Sofia-based Partner Atanas Bangachev, and Associates Alexander Rangelov and Zornitsa Georgieva.

Editorial Note: After this article was published, Wolf Theiss announced that it had advised founders of Fadata AD on the sale. The Wolf Theiss team consisted of Budapest-based Partner Richard Clegg, Senior Associate Katerina Novakova, and Associate Nikoleta Nikolova.