Walker Morris is advising specialist spend management solution provider, PROACTIS, on a transformational deal to conditionally acquire Perfect Commerce for up to $132.5m, together with a conditional placing to raise £70m and new debt facilities of £45m.

The deal, which constitutes a reverse takeover under the AIM Rules (and is therefore subject to shareholder approval), will significantly accelerate PROACTIS’ growth strategy and its geographic footprint.

Perfect Commerce develops and sells cloud-based, technology-led, spend management solutions for the public and private sector markets. It has global reach with operations in the US, UK and Europe.

Walker Morris is leading the deal across 11 jurisdictions (in Europe, the Americas, Asia and Australasia) working with leading independent law firms in the relevant jurisdictions to deliver a coordinated and single client interface.

PROACTIS has also announced the appointment of Hampton Wall Jr, currently President and Chief Executive Officer of Perfect Commerce, as Chief Executive Officer of PROACTIS, with effect from Completion. Hampton will replace Rod Jones as Chief Executive Officer, who retired from the Board yesterday with immediate effect. Tim Sykes, the current Chief Executive Officer Designate and Chief Financial Officer will, with effect from Completion, resume his role as Chief Financial Officer.