Vodafone sells Vouchercloud back to original owners
Invitation Digital Limited (IDL), the owner and operator of the Vouchercloud and Giftcloud brands, has been acquired from majority owner Vodafone by Cloud Savings Company Limited.
Cloud Savings Company Limited completed the acquisition of IDL following a management buy-out from the Vodafone Group, placing the company back in the hands of its original founders, Scott Davidson and Greg Le Tocq.
Vouchercloud.com is a voucher platform, having revolutionised the marketplace with the launch of Europe’s first voucher app in 2010. Its sister company Giftcloud launched in 2014 as Europe’s first entirely digital gifting app and website, allowing users instant access to digital gift cards.
Scott Davidson, chairman of Cloud Savings Company Limited, said “The deal represents a new era of independence for the business and unlimited opportunity for further growth.
“From the outset in 2010, our mission has been to make the lives of consumers easier with innovative digital solutions, which we succeeded in with our first-to-market Vouchercloud and Giftcloud apps.
“2017 has been an incredible year for both brands and the support from Vodafone has been important in getting us to this stage. We are excited to be starting the next stage of our growth journey in 2018 and the future is looking very bright”.
Greg Le Tocq, founder and director of Vouchercloud and Giftcloud, added: “It’s amazing to reflect on the journey we have been on since we launched the Vouchercloud app in 2010, when we were a team of three operating from a small office in Bristol.
“Now, eight years on, we employ a team of over 100 from the city. 2018 signals an extremely exciting time in the voucher and incentive marketplace, with lots of change equalling plenty of opportunity”.
The transaction was funded by a debt facility from Perwyn LLP.
Advisors to management were: Corporate Finance - Shaw & Co LLP; Legal - Osborne Clarke LLP and Paul Cooper; Financial Due Diligence - KPMG; Commercial Due Diligence - Drystone Strategy Partner; Tax - Milsted Langdon LLP.
Advisors to Perwyn were: Legal - Squire Patton Boggs (UK) LLP.