Buzzacott advises Tollring shareholders on strategic partnership with Amity Solutions

Seller: Micro Plus Software Ltd (operating as Tollring)

Buyer: Amity Solutions (owned by Amity Corp.)

Type of deal: Strategic Equity Alliance (with Amity Solutions becoming the majority shareholder)

Sector: Artificial Intelligence (AI), Software

Value: Undisclosed

Date: August 1, 2024

Overview of deal

Our teams collaborated closely with the Tollring’s shareholders, their appointed Corporate Finance advisors , and legal advisors to ensure the transaction was structured tax efficiently. Key contributions included assessing the value of intellectual property across the business and ensured that the transaction documents reflected the shareholder’s preferred tax structure.

This strategic partnership, as announced by Tollring, aims to accelerate innovation in generative AI. We are proud to have acted on behalf of the shareholders and management team and contributed to this successful transaction.

Who are the firms involved?

Tollring is a UK-based company renowned for its market-leading software solutions in customer experience analytics, call recording, and business intelligence. Founded in 1993, Tollring has built a strong reputation for delivering innovative cloud communication services across a global footprint, with offices in the UK, USA, India, and Australia. The company’s products are widely used by over 20,000 businesses worldwide, providing deep insights into communications environments, including platforms like Microsoft Teams. 

Amity Solutions, headquartered in Bangkok, Thailand, is a dynamic multi-product software group that has recently shifted its focus toward developing Generative AI applications. Owned by the UK-incorporated Amity Corp., Amity Solutions has a significant presence in Southeast Asia, serving some of the region’s largest companies and government agencies. The company’s core offerings include AI-powered platforms for chatbots, voicebots, and workforce collaboration, making it a key player in the AI and software industry. Through this strategic partnership, Amity Solutions aims to leverage its advanced AI capabilities to enhance Tollring’s product offerings and accelerate its global expansion.

What we liked about the deal

Our Transactions Tax team enjoyed  the collaborative nature of the transaction, working closely with Corporate Finance advisors (Acuity Advisors), legal teams (360 Law Services), to optimise the tax efficiency of the deal and navigate the international tax aspects, which also included an exercise to apportion the value of Tollring’s intellectual property across the group. 

The Transaction Tax team was made up of  Tony Dillow, Adam Chick and Florence Klein supported by David Stears and Guy Walford in the Valuation team.

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