Client profile: RUMM Limited
RUMM was established in 2005 having been spun out of work undertaken at the University of South Wales, formerly Glamorgan University, in relation to student attendance. The then new mobile phone technology used in the initial application was developed to meet a market need for energy management services.
The technology development coincided with sharp increases in energy costs and an increase in energy related legislation, primarily designed to reduce usage. Historically, the view was that energy efficiency reviews were a one off process, with a lack of ongoing management.
The technology developed enables energy usage to be monitored from individual utility meters, remotely gathering, storing and analysing consumption. This enables active, pro-active and informed energy management by customers and the provision of associated consultancy services.
The uniqueness of the technology and the growth and potential of the company caught the attention of a number of companies in the industry.
RWE acquired the company and the technology for an undisclosed sum, with two of the three the founding directors remaining with the company to support the implementation of their vision.
RWE, which is the second largest supplier of energy to British businesses, will roll out RUMM’s software to its biggest customers in Q2 2015, with the goal of delivering energy efficiency at scale.
How we helped
We supported the directors through the process through the following:
- Advising the shareholders on the structure of the transaction, including any elements of deferred consideration or earn out;
- Reviewing documentation such as the Heads of Terms and Sale & Purchase Agreement from financial and commercial points of view;
- Supporting the directors to provide financial information for the due diligence process;
- Providing input into warrantees, indemnities and contracts of employment;
- Liaising with legal advisors and other parties as required;
- Providing the directors with a commercial and financial sounding board; and
- Supporting completion processes, including completion accounts.
What the client said about us
“The transaction proceeded rapidly and therefore it was important to us to have support on hand to guide us through. Leighton and Seamus at MHA Broomfield Alexander were available whenever we needed them and we trusted them to provide us with practical, commercial and honest advice. This enabled us to proceed confidently, both with the transaction and continuing to run a successful business.”
Jamie Watkins, Co-founder and Sales Director, RUMM