LONDON, UK: Gateley, the legal and professional services group, announced the acquisition of Symbiosis IP Limited for a maximum consideration of circa £2.5 million.
Founded in 2008 by Directors, Julie Myint and Rob Docherty, Symbiosis IP is a chartered patent attorney firm specialising in IP services for the life sciences industry.
Symbiosis IP is the second patent attorney business Gateley has acquired onto its Business Services Platform following the acquisition of Adamson Jones in January 2022. For the year ended 31 March 2022, Symbiosis delivered revenue of £1.8 million, with corporatised profit before tax of £0.3 million.
Alongside Adamson Jones, the acquisition of Symbiosis IP further enhances the development of complementary business services with an IP and brands focus.
The Group aims to build an industry relevant patent and trademark attorney offering via a mix of acquisitive and organic growth, and by adding new patent specialisms and geographical areas.
Under the terms of the agreement, Gateley will pay consideration of approximately £2.5 million subject to a completion accounts adjustment. The consideration will be satisfied as to approximately £1.5 million in cash and £1.0 million by the allotment and issue of new ordinary shares of £0.10 each in Gateley.
Commenting on the Acquisition, Rod Waldie, Chief Executive Officer of Gateley, said: “I am delighted to welcome Symbiosis to the Group. This strategic acquisition will extend the reach of our offering in IP, patents and trademark work across our consultancy and legal services teams who operate in this field. The Acquisition of Symbiosis IP forms part of an acquisitive and organic growth plan that builds on the expertise we have in the intangible assets market and where we believe there is potential for further development.”