Allens has advised the shareholders of advertising technology business Playground XYZ on its acquisition by media and technology leader, GumGum.
Playground XYZ is a client of Allens’ Accelerate practice, which was the first dedicated startups and scaleups practice from a major law firm in Australia.
‘We are delighted to have assisted the Playground XYZ team on this transaction, given our long-standing relationship with them. Playground XYZ was one of the first high-growth companies to join our Allens Accelerate practice, and it has been fantastic to see their success,’ said lead Allens lawyer and specialist in technology M&A Dominic Anderson.
‘The sale reflects the ongoing demand and appetite from off-shore investors and strategic acquirers to invest in leading innovative Australian companies,’ said Senior Associate Madeleine Hunt.
The sale builds on Allens’ extensive portfolio of corporate work for innovative companies, which includes the digital media and advertising space, having also recently advised on the sale of digital strategy and analytics company Lens10 to MightyHive.