Keystone Law has acted for UK healthcare company, Network Locum, on its first M&A transaction to expand its reach.
Network Locum, which has built a workplace management SAAS platform and a marketplace for locum staff, acquired a UK locum GP-booking platform, RLocums, this month for an undisclosed amount.
RLocums, which was founded in 2011, has around 3,000 doctors signed up to its regional marketplace boosting the overall tally of temps in Network Locum’s national database - as of last month Network Locum had 40,000 registered sign-ups and 5,000 active users.
This is Network Locum’s first acquisition and follows the closing of a $7 million Series B investment round last month, led by UK fund BGF Ventures, feeding a strategy of unifying locum booking needs across the UK onto a single platform.
Leading the corporate deal team was Keystone’s Nadim Zaman, who also advised Network Locum on its Series B investment round earlier in the year. Tom Daltry of Keystone, and previously the head of tax at Eversheds, advised on the tax aspects of the corporate acquisition.
The CEO of Network Locum, Melissa Morris, commented:
“This acquisition is significant milestone for Network Locum and was financed by our recent Series B fundraise.”
“We were advised by the Keystone Law team led by Nadim Zaman, who navigated us smoothly through our M&A transaction with strong legal and commercially relevant advice. We look forward to working with Nadim and the team on our next deal.”
“We are delighted to be the trusted adviser to Network Locum and to have recently acted on both its Series B round and first piece of M&A. Both transactions straddled the UK Brexit vote, which although unexpected, did not impact the successful outcomes.”