Pannone has embarked on an innovative relationship with the company it hired to improve its website by investing in it.
Pannone ran a competitive tender exercise earlier this year to find a company to re-engineer its website and optimise search engine results. The successful bidder was I-Com, a Manchester-based company established just two years ago.
Managing partner Joy Kingsley told The Lawyer that the firm was impressed enough by I-Com’s tender presentation that it decided a closer relationship would be beneficial to both parties.
The agreement reached sees Pannone take a one-third share of I-Com, with Kingsley becoming a board director. The amount of the investment is confidential, but Kingsley said it was “substantial”.
Pannone will also refer I-Com to its clients if they need similar services.
Kingsley said she hoped that the investment will increase in size over the course of the next few years. If and when the firm decides to sell its stake in I-Com, Pannone’s partners at that time will receive an equal share of the proceeds.