Cripps helps unlock investment and purchase
Ashford-based technology business CR7 is poised for strong growth after receiving nearly £10m in private equity funding and simultaneously purchasing a London company specialising in point of sale terminals.
The acquisition of 123Send marks the first stage in CR7’s UK growth strategy, with legal advice on the purchase and investment provided by the corporate team at top 100 law firm Cripps.
CR7, which secured a £9.9m investment from Living Bridge Ltd (formerly ISIS Equity Partners), was founded last year by entrepreneur Simon Wilding, previously chief executive officer of Commidea, which was sold in 2009 to Sweden-based Point International.
Trevor Carney from Cripps, who led on the deal with support from Salim Somjee, Helen Garner and Sam Pout, said: “Simon Wilding is an experienced businessman with a track record of growing companies and an in-depth knowledge of the card processing sector. I have no doubt CR7 is going to be a tremendous success story.”
Some of the management team of 123Send will remain with the business, which will be run as an independent operation with investment and support to grow from CR7. The company’s key focus is providing point of sale terminals that use mobile/GPRS for merchants requiring a wireless, remote or mobile facility.