This deal is part of the triumphant re-emergence of former Travers Smith Braithwaite partner Nigel Campion-Smith. He resigned from the firm in 1997 following the disastrous Co-operative Wholesale Society takeover attempt. Prospective buyer Andrew Regan wrongfully obtained confidential documents. Campion-Smith, one of Travers Smith’s most respected corporate lawyers, therefore resigned – Travers Smith said at the time that he felt responsible for the embarrassment to the firm.

But there is clearly life after the Co-op. Campion-Smith has since reappeared at US firm Latham & Watkins. Last year, he acted on the £165m sale of UK & Dublin telecom group Apion to US-based Phone.com. The eLabsEurope deal saw the company raise $20m (£14.2m), $10m (£7.1m) of which was from inVentures.