Wallace advised the founders and the management team of Livingstone Technologies on the sale of a majority shareholding in the company to the Carlyle Group. The management team retained a substantial stake in the company and will continue to run it. The deal size has not been disclosed.
Livingstone Technologies was founded eight years ago and has become the largest independent provider of Software Asset Management (SAM) Managed Services in the UK. The company is headquartered in Reading, UK and has operations in the US and the Asia-Pacific region. It delivers SAM intelligence to its customers so that they can closely manage their software licences and achieve cost savings, quantifiable risk mitigation, licence optimisation and vendor audit readiness. Livingstone currently has a wide range of international blue-chip customers across many industry sectors including financial services, industrials, telecoms, automotive, retail distribution and consumer products.
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager. Equity for the investment came from Carlyle Europe Technology Partners III. The investment will support Livingstone’s plans for continued growth and expansion.
Rex Newman and Charlotte Wheeldon led the Wallace team, assisted by corporate colleagues Laura Gillard, Jamie Thornton, Josh Broza and Sabrina Mitchell. Mark Randolph, Frank Jennings and Daniel Isaac provided specialist input in real estate, intellectual property and employment.