Within 5 months of buying back the VoucherCloud and GiftCloud business from Vodafone, we helped Scott Davidson and Greg Le Tocq sell the business to Groupon, the global E-commerce market place, in a deal worth $65m (£46.7m).
In December 2017, Shaw & Co helped the original founders, Scott Davidson and Greg Le Tocq, complete a management buy-out of Invitation Digital Limited (“IDL”) from Vodafone. IDL is the operator of the VoucherCloud and GiftCloud brands. It was acquired by Cloud Savings Company, a management owned vehicle supported by a unitranche debt facility which was arranged by Shaw & Co.
Vodafone originally acquired IDL in 2012 to lead its digital wallet initiative. A change of strategic direction at Vodafone gave rise to an opportunity to re-home VoucherCloud and GiftCloud. The sale to Groupon has achieved the ambition of the buy-out, namely to place the business with a supportive long term partner whose ambitions are aligned with the founders. This new combination gives rise to a powerful platform for growth. Groupon intent to invest in the Bristol team and further grow it as a European centre of excellence. An exciting prospect for current employees and those interested in building a career in technology and media within Bristol.
Greg Le Tocq remains with the business and will lead the team. Scott Davidson has taken the opportunity to retire, as was his ambition at the time of the original sale of the business to Vodafone in 2012.
