Ward Hadaway advises on £350,000 investment in software company
05th June 2013
Law firm Ward Hadaway has provided legal advice to The North West Fund for Venture Capital, managed by Enterprise Ventures, on its investment in Deposit Sense Limited, a company which provides a software package designed for Independent Financial Advisers (IFAs).
Developed by the former Operations Director of the Co-operative Bank’s IFA business, Paul Adkins, the software allows IFAs to generate a new source of commission by comparing interest rates and managing their clients’ bank accounts.
The program is much more sophisticated than price comparison websites and can also take account of the need to spread larger sums across multiple banking providers to take advantage of government guarantees which are limited to £85,000 per person with any one bank.
Enterprise Ventures’ investment will be used to market the software and secure orders from IFA firms.
Melanie Yeomans, Partner in the Corporate team at Ward Hadaway, led the team advising Enterprise Ventures.
Melanie said: “We are delighted to have assisted Enterprise Ventures on this latest investment from The North West Fund for Venture Capital.
“This is an innovative product targeting a substantial market sector.”
This is the latest in a series of investments from The North West Fund for Venture Capital which Ward Hadaway has advised on.
The North West Fund for Venture Capital is part of the £155m North West Fund, financed jointly by the European Regional Development Fund and the European Investment Bank.