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Brabners Chaffe Street advises on Wooshii investment
28/01/2011

Leading North West law firm Brabners Chaffe Street has advised Wooshii Limited on an investment from Getupdated Internet Marketing AB. The deal sees Getupdated, parent company of Just Search, take a 25% share of the business. In exchange, Getupdated and Just Search will market an integrated, new service offering based on the video know-how of Wooshii.

Wooshii is a video content company based in Manchester with a global user base of 3,500 registered providers of video content. An agreement has been signed, whereby Getupdated has acquired an equity share of 25% in Wooshii, and has an option to acquire up to 51% and subsequently the total and remaining shareholding of the company. The sellers are the founders of Wooshii who retain their current positions in the company's management.

Brabners Chaffe Street Corporate Associate Ruth Hargreaves and Corporate Partner Sam Mabon provided legal advice on the investment deal. Ruth Hargreaves said: “The team at Wooshii has built a strong business model and being part of an international group like Getupdated represents a fantastic opportunity for growth.”

Fergus Dyer-Smith of Wooshii comments: “As part of the Getupdated Group, Wooshii will get the marketing leverage needed for a broad commercialisation of a unique set of video expertise and services.”

Paul Yates, CEO of Getupdated and Just Search comments: “Online video content will add significant benefits to our customers and Wooshii provides a perfect accompaniment to our existing core range of services.”

The long term plan is for a total acquisition by Getupdated, and a subsequent integration of Wooshii in the Getupdated Group. The initial acquisition involves the provision of marketing services provided by Getupdated and Just Search. The next stage of acquisition is based upon Wooshii hitting certain financial targets and at a pre-agreed valuation as at today.


For further information contact Ruth Hargreaves at Brabners Chaffe Street on 0161 836 8800

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