Voicu & Asociații lawyers assisted the founding entrepreneurs and shareholders of Romanian Software, the Romanian market leader in payroll and human capital management (HCM) solutions, operating under the Colourful HR brand, in the process of selling the company to the Belgian SD Worx group, the leading European provider of human resources and payroll solutions, as part of its expansion strategy on the European market. (SD Worx acquires Romanian payroll market leader Romanian Software S.R.L. and continues European expansion | SD Worx).

The firm provided assistance to clients from the early stages of discussions and signing of the non-binding agreement, assistance during the due diligence process performed by the buyer, but especially during the negotiations of the final commercial terms of the transaction and the related legal documentation.

The project was approached in a multidisciplinary perspective, being coordinated by Dumitru Rusu, Partner and was carried out with the involvement of Simona Merdariu, Partner, and Vlad Irimia, Managing Associate. Alex Tabacu, Partner at Voicu Financial & Tax Advisers, was also involved for tax matters.

As it is a two-step takeover transaction (80% after the buyer obtains approval from the Competition Council and 20% in 2025), assistance will continue for the implementation of the subsequent stages of the transaction.

“It was a complex transaction, as a structure and also by the very intensive involvement of shareholders, not only in negotiating the final commercial terms, but also in negotiating the transaction documents, with very detailed mechanisms and formulas for calculating the price, or the terms of the joint management until the final and full takeover of the company by the buyer” said Dumitru Rusu, Partner and Head of Banking and Finance department within Voicu & Asociații.

The project involved interaction with the buyer’s team of financial and legal consultants, PwC Romania and D&B David and Baias.

Voicu & Asociații is a group of companies providing full-spectrum legal services, founded in 2001, being included over time among the most important law firms on the Romanian market, for the valuable assistance and expertise offered to its clients in large-scale projects regarding the local and regional business environment. The range of services provided, completed over time by specialized firms of insolvency practitioners, VF Insolvență SPRL, and tax consultants, Voicu Financial & Tax Advisers SRL, targeted over 1,000 clients, international and national companies operating in various industries.

For more information about our services, please visit www.voicu-asociatii.ro.