26 November 2015
Clifford Chance advises on IPO for relocation start-up, Updater
Leading international law firm Clifford Chance has advised Moelis Advisory Australia Pty Ltd and Euroz Securities Limited in their roles as underwriters to the initial public offering (IPO) of Updater, Inc on the Australian Stock Exchange (ASX).
Updater, which was founded in 2010, is a New York based start-up that has developed an online platform to coordinate the relocation process for consumers moving into and around the United States. Specifically, the platform helps users manage the resource-heavy tasks of transferring utility companies, and amenities and updating contact details when relocating premises.
Lead partner on this matter Lance Sacks said, "The increasingly prevalent demand economy is driving growth for a number of technology-based service companies. It is exciting for us to work on these types of transactions as we're seeing a real upswing in the creative use of technology to address the needs of consumers."
Lance was supported by associates Terence Kwong and Alexandra Boxall.
This deal follows a string of transaction work for Clifford Chance in Australia with the firm having recently advised manufactured home estate provider Gateway Lifestyle on its AUD$500 million IPO, shareholders of Menulog Group on its proposed acquisition by Just Eat for AUD$855 million, and the AUD$160 million IPO of Victoria's largest homebuilder Simonds Group Limited.