07 September 2018

Press Release: Bartier Perry & William Buck advise on global IT tie-up

Published in the Australasian Lawyer on 19 September 2018 by Sol Dolor: Sydney boutiques work with global giant on $313m cybersecurity buyPublished in itnews on 7 September 2018 by Matt Johnston: 5-eyes giant L3 snaps-up locals Azimuth and Linchpin for $313m

Bartier Perry and William Buck have advised one of Australia’s leading IT security firms on a tie-up with a global player.

The firms advised leading Sydney-based IT security firm, Azimuth Security, on its acquisition by New York-based L3 Technologies.

L3 Technologies has acquired two businesses, Azimuth Securities and Linchpin Labs, for a combined purchase price of AUD 313m including a potential earn-out of up to AUD 43m. Linchpin Labs was advised by Addisons.

“Azimuth have developed an international reputation for excellence in the rapidly growing space of information security,” said Bartier Perry Corporate & Commercial head Michael Cossetto. “We have worked closely with Manda Trautwein of corporate advisory and accounting firm William Buck to release the value in the Azimuth business given the recent surge in international interest in their expertise.”

“It is always great to see Australian businesses punch above their weight on the global stage. I am extremely proud of the result we have been able to achieve with our client. It has been an honour to go on this journey with them” said William Buck director, Manda Trautwein.

Based in Australia, New Zealand, Canada, the United Kingdom and the United States, Azimuth and Linchpin operate in the strategic fields of computer network operations and vulnerability research for intelligence partners and other government, defence and security agencies around the world.

“The team worked across several jurisdictions, firstly to get the deal signed and then to get the required regulatory approvals in place for the close” said Mr Cossetto.

“Azimuth have done an incredible job in building an international reputation over a short period of time. As a firm, we enjoy working with fast-growing private companies to help them achieve their ambitions in Australia and internationally.”

Deal summary

Corporate Advisors: William Buck (Azimuth)

Legal Advisors: Bartier Perry (Azimuth); Addisons and Mann Lawyers (Linchpin); Norton Rose Fulbright (L3 Technologies)

Deal: L3 Technologies has acquired Australian-based Azimuth Security and Linchpin Labs.

Value: Approx. AUD300 million

Area: M&A

Key players: The Bartier Perry legal team was led by corporate partner Michael Cossetto and worked closely with Manda Trautwein of corporate advisory and accounting firm William Buck.

Deal significance:
Based in Australia, New Zealand, Canada, the United Kingdom and the United States, Azimuth and Linchpin operate in the strategic fields of computer network operations and vulnerability research for intelligence partners and other government, defence and security agencies around the world. Headquartered in New York City, L3 Technologies employs approximately 31,000 people worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms.

“As a firm, we enjoy working with fast-growing private companies to help them achieve their ambitions in Australia and internationally.” – Michael Cossetto.