Firm will relocate to Glasgow
Pinsent takes majority stake in compliance business
Pinsent Masons launched Cerico two years ago in conjunction with IT consultancy Campbell Nash.
The latest deal will see Richard Masters, former managing partner of McGrigors, become executive chairman of Cerico.
The technology developed by the firm automates many of the compliance processes that businesses need as a result of legislation such as the Bribery Act and the Health & Safety at Work Act.
The technology developed by the firm automates many of the compliance processes that businesses need as a result of legislation such as the Bribery Act and the Health and Safety at Work Act.
Cerico has made significant progress, securing contracts with the likes of ProServ, Electricity North West Limited, Aggregate Industries, Clyde Blowers Capital portfolio companies and Qinterra.
Mr Masters, who remains a partner at Pinsent, said: “This is a really exciting challenge and something I’m very much looking forward to. We have been in start-up mode over the past 24 months, and during that time have seen real and sustained demand for a solution which takes the heavy lifting out of the compliance burden for general counsel. The potential in the business is there for all to see, and it’s now a question of delivering on that promise.”
“This investment will allow us to take the business to the next level in terms of further development of the platform.”
Pinsent senior partner Richard Foley, added: “”This significant investment is a demonstration both of the confidence we have in the Cerico business, and of Pinsent Masons’ appetite for taking a chance on bold and innovative solutions.
“Through new products and technologies such as Cerico, SmartDelivery and Vario our aim is to lead disruptive change in the market rather than be defined by it. Richard has the right entrepreneurial instincts to develop Cerico and I am confident that he and Jim will make Cerico a great success.”
Photo: Richard Masters, Julia Trotter and Jim Armstrong