Faegre & Benson advised Bright Things plc (LSE: BGT) on its acquisition of Get On With It Limited (GOWIT), a software company that has been providing development and support services for the company's SocialGO networking product since 2007.
SocialGO provides a social platform that enables businesses and individuals to harness the power of networking media by creating online communities to sell products and services, raise money, and build their brands online. SocialGO enables customers to own their own content and membership—a key differentiator in this sector.
Faegre & Benson further advised Bright Things on a significant investment in the company by Veddis Ventures, in conjunction with which Vikrant Bhargava joined the Bright Things Board as a non-executive director. Mr Bhargava was a co-founder and marketing director of PartyGaming plc, playing a key role in its development from a startup in 2001 to a company with almost a billion dollars in revenue by 2006. Mr Bhargava is joined on the board by GOWIT directors Steve Hardman and Alex Halliday, who have been appointed as joint managing directors.
The Faegre & Benson team was led by corporate partner Melanie Wadsworth, working with associate Nick Jennings. They were assisted by Neal Bhattacharyya with advice from John Duffy on property aspects.
Melanie Wadsworth commented:
"We have acted for Bright Things since its IPO in 2004 and are delighted to see the company achieve this milestone. It is exciting to watch SocialGo taking off—and now positioned to move forward significantly with development and promotion of the product. We look forward to working with the expanded team as the businesses become fully integrated and the company further executes its business plan."
Dominic Wheatley, CEO of Bright Things, commented:
"It's not easy outside Silicon Valley to find lawyers who understand Web 2.0 companies sufficiently to advise them on both the legal and commercial aspects of proposed deals. The UK has a wealth of technology and creative talent that is inadequately supported by the professions and the investment community. Melanie and her team at Faegre & Benson have unfailingly supported Bright Things and understood the potential of SocialGO.com since the start."