Harneys advises SPAC on proposed US$135.7 million acquisition of tech and software innovator

Harneys has advised Nasdaq listed Fat Projects Acquisition Corporation on its proposed business combination with Avanseus Holdings Pte. Ltd for an enterprise value of US$135.7 million. Avanseus, a technology and software innovator, and Fat Projects, a Cayman incorporated special purpose acquisition company (SPAC), agreed terms and signed a business combination agreement on 26 August 2022.

Avanseus considers that this combination offers the potential for a "once in a decade" disruption in the fabric of technology infrastructures across multiple domains: cloud-based architectures will be largely self-healing and will provide flexibility for cloud native applications to be deployed and updated automatically and securely. Avanseus aims at leveraging such disruption opportunity by combining its artificial intelligence-based proprietary algorithms, its cloud native software foundation, and its deep understanding of networks to deliver software capabilities and functionalities that will augment human operations, improve the performance of technology infrastructures, and help to reduce the energy cost of running such infrastructures.

Harneys acted on instructions from US firm Nelson Mullins Riley & Scarborough LLP with Pinsent Masons MPillay LLP acting as Singapore counsel. Lucosky Brookman LLP and Eng and Co. LLC are serving as U.S. and Singapore legal counsel to Avanseus respectively.

The Harneys team was led by Partner George Weston with support from Partners Phil Graham and Christopher Hall, and Associate James Kitching.

George commented: “We are delighted to have worked on this deal and continue to support the SPAC space, working once again with a fantastic team at Nelson Mullins. The deal highlights the public M&A and equity capital markets expertise we have across our teams in Cayman and the BVI.”

The Corporate team at Harneys excels at complex cross-border transactions involving BVI, Cayman Islands, Luxembourg and Cyprus vehicles. The firm’s significant track record includes complex mega-deals, high value private equity transactions, landmark IPOs and the full spectrum of public and private M&A and joint ventures.