SJ Berwin private equity partner David Davidson has acted before for nCoTec but this is the first deal the firm has done for the other investors – NPM Capital and TTP Ventures. Davidson scooped the work after nCoTec’s transaction director George Macritchie recommended the firm to the other two, and SJ Berwin acted for all three high-tech investment vehicles in their euro100,000 (£61,000) investment in mobile enterprise applications company Idesta Group.
Idesta had been looking for investors for about one year, during which time it was advised by PricewaterhouseCoopers’ head of technology, David Leslie. nCoTec specialises in providing software for mobile workers, including salesmen, haulage and dairy workers, who rely on information such as stock market moves provided on handheld portals.
Davidson said the deal was completed swiftly considering the volume of due diligence that had to be done.