LONDON, March 29, 2022 – Baker Botts L.L.P., a leading international energy, technology and life sciences law firm, is pleased to announce that it has advised Azimo, a global money transfer business, on its sale to Papaya Global (Papaya), the global people management platform for the remote working era, headquartered in Tel Aviv, Israel.
A cross department team of UK and U.S. based lawyers led by partner David Marshall in London, who joined Baker Botts in January 2022, represented Azimo. David has over 20 years of experience across all forms of M&A, with a particular focus on private equity, venture capital and growth capital transactions in the technology sector.
The deal brings together Papaya’s deep expertise in remote workforce management technology with Azimo’s long experience building digital cross-border payment networks to move money quickly and smoothly around the world. Azimo is backed by venture investors including Headline (formerly eVentures), Greycroft, Accion, TempoCap and Frog Capital.
The acquisition is subject to standard closing conditions, including regulatory approval. The two companies will continue to operate independently until closing. All Azimo employees will join Papaya.
Today’s transaction comes on the heels of a number of technology sector deals led out of Baker Botts’ London office including:
- Representing the shareholders and management of Connect Fibre in its investment from Foresight Group LLP. The investment is intended to support the installation of a full fibre network across the East of England delivering broadband of up to 1Gbps to over 100,000 homes and businesses.
- Advising the Electric Aviation Group (EAG), a zero-emission aircraft developer, in the creation of a joint venture, Hydrogen Hybrid Electric Propulsion Systems (H2EPS) Ltd., with the University of Nottingham to develop and commercialize kW-MW class electric propulsion systems for aerospace and non-aerospace applications.
- Advising Glint Pay on a crowdfunding campaign with crowdfunding platforms Seedrs (in the UK) and Republic (in the U.S.).
- Representing CitizenMe in the $2m by the North East Venture Fund (NEVF) alongside funds from 1818 Capital and private investors.
- Advised ViraCorp, a British biomedical firm, in a partnership with Lancaster University to develop a unique nasal COVID-19 vaccine.
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.