Pinsent Masons to take controlling stake in cloud-based compliance platform JV
Firm will move two-year old cloud-based compliance joint venture Cerico into its Glasgow office
July 26, 2015 at 07:00 PM
2 minute read
Pinsent Masons has announced that it will acquire a controlling stake in Cerico, the cloud-based compliance joint venture that it launched with IT consultancy Campbell Nash in 2013.
Cerico is a technology platform that automates many of the compliance processes related to the Bribery Act and the Health and Safety at Work Act.
It aims to help businesses ensure that their suppliers and service providers undergo a regular compliance checks. It flags up legal risks to the supplier and client and allows the purchase of products such as e-learning information to remedy issues.
Pinsents will acquire its controlling stake in Cerico on 1 August.
Cerico, which currently has ten staff, will also move into Pinsents' Glasgow office.
It currently has contracts to the value of approximately £1m on its books. Its clients include utility provider Electricity North West, technology company ProServ, construction products company Aggregate Industries and oil field services firm Qinterra.
Pinsents partner and head of client operations Richard Masters (pictured) will become executive chairman of Cerico. Masters was McGrigors managing partner before its 2012 merger with Pinsents.
At Pinsents he has played a key role in the firm's sole legal adviser agreements with construction giant Balfour Beatty and E.ON.
Masters said: "This is a really exciting challenge and something I'm very much looking forward to. We have been in start-up mode over the past 24 months, and during that time have seen real and sustained demand for a solution which takes the heavy lifting out of the compliance burden for general counsel.
"The potential in the business is there for all to see, and it's now a question of delivering on that promise."
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