| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 29 June 2021 |
| Pathway(s) | Significant business assets National Interest assessment |
| Investment | Acquisition of 100% of the shares in Timely Limited by EverCommerce Solutions Inc. (via EverTime Limited). |
| Consideration | Enterprise Value of NZ$140 million |
| Applicant | EverCommerce Solutions Inc. North America (83.56%) Asia and Middle East (14.57%) Various (1.87%) |
| Vendor | Shareholders of Timely Limited New Zealand (99.55%) United Kingdom (0.45%) |
| Background | The Applicant (via EverTime Limited) is acquiring 100% of the shares in New Zealand company, Timely Limited. Timely offers cloud-based booking software, primarily to salon and beauty industry clients. The Applicant considers the acquisition of Timely aligns with its investment strategy. The EverCommerce group is a provider of software-as-a-service (known as Saas) for small and medium sized businesses or services. The Applicant is largely owned by widely held investment funds. The Applicant and the individuals who control the Applicant have satisfied the investor test criterion, meaning they are not unsuitable to own or control sensitive New Zealand assets. The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest. |
| More information | Mark Forman MinterEllisonRuddWatts (Auckland) PwC Tower Level 22 15 Customs Street West Auckland 1010 |