Depotnet is a SaaS business specialising in job management software for utilities and telecoms companies.

From 2014, Depotnet secured a transformational opportunity to collaborate with a large national network provider, and other fast growing telecoms and utility clients, providing a unique and exciting opportunity for expansion and growth. From there, the company witnessed year-on-year growth, evolving from a modest team to over 60 employees and scaling revenues from a few hundred thousand to a multi-million pound operation. However, with growth came complexities, including increased interest from potential acquirers and the need for strategic decision-making.

Like most businesses, Depotnet faced challenges through its growth journey and as it focused in on securing investment, but the strategic partnership with CG played a key role in overcoming hurdles, facilitating growth, and enhancing operational efficiency. As Depotnet attracted attention from private equity firms eager for acquisition, they found themselves navigating increasingly unfamiliar territory.

Initially enticed by a speculative investment offer, Depotnet attempted to negotiate the deal independently and only coming to advisers once heavily involved in the process. However, encountering complexities and realising the necessity for legal expertise, they were introduced to CG by their accountants. Once working closely with CG, the deal progressed however increasingly became contentious with an aggressive ‘buy-side’ approach and a focus on the business' contractual position rather than its commercial strength and product delivery After clear cut and direct legal advice and counsel, it ultimately lead to Depotnet walking away from the deal.

Darren Bridge, Executive Director at Deponet, said: “As you wear multiple hats in your business, you're hesitant to delegate tasks because it's your own venture, and keen not to over spend on advisors. You crave complete visibility into every aspect of the business, so that nothing is missed or overlooked. However, as your business expands, especially with increased investment, the dynamics change. While you now have the resources to delegate, it requires a shift in mindset towards trust and getting the right team to support you in the right way for your business. CG just set to integrating themselves into the business and adding value, which just set my mind at rest, and with further trust came a stronger relationship and greater support.”

Recognising the need for strategic guidance, Depotnet engaged CG to explore alternative avenues. CG's Relationship Director, Andy Dunn, was able to offer strategic advice which proved invaluable as they guided Depotnet through the process of going to market and assessing various acquisition scenarios. By introducing Depotnet to corporate finance advisors and facilitating presentations, CG empowered them to take control and explore opportunities on their terms.

Darren added: “This type of service isn’t something we could get from another law firm, but it proved invaluable to us. Their knowledge and contacts opened up avenues to us that we just wouldn’t have known about or been able to access.”

Beyond corporate transactional support, Depotnet recognised the value of CG's comprehensive legal services. Engaging through CG’S unique retainer offering, the Commercial Team has worked with the business to update and revamp Deponet's standard customer SaaS contracts and support this by way of providing ongoing legal advice in negotiating these with customers. This helps to ensure that Depotnet can rely on a robust legal framework and has helped to mitigate and manage risks which are inherent in working with customers. In addition, this ongoing ‘in-house’ offering has reduced the burden of legal complexities, allowing Depotnet to focus on strategic initiatives with confidence and the benefit of a trusted advisor.

Darren said: “The retained service works so well for us. There’s no shocks or huge bills and it allows us plan with greater confidence.”

CG's involvement extended beyond transactional and commercial matters, encompassing strategic planning and operational efficiency. Beyond transactional support, CG's client-centred approach fostered trust and collaboration, positioning Depotnet for sustained success in an ever-evolving market landscape.

CG's proactive support and collaborative approach fostered a culture of trust, enabling Depotnet to navigate challenges effectively and plan for future growth with confidence.

The partnership between Depotnet and CG exemplifies the transformative impact of strategic legal advice on business growth and decision-making. By leveraging CG's expertise, Depotnet navigated the difficult and complex journey through to an exit, strengthened its legal frameworks, and enhanced operational efficiency.

As Depotnet continues its journey, the partnership with CG remains instrumental in achieving strategic objectives and navigating future opportunities with confidence.