International law firm Bird & Bird LLP advises new client PassivSystems Limited on the acquisition of Digital Living Limited, a niche consultancy for smart metering and compatible energy efficiency solutions, and on a subsequent Series A round equity financing by WHEB Ventures.
Established in 2008 and headquartered in the UK, PassivSystems is developing the new PassivEnergy home energy management system. Without forcing energy consumers to dramatically change their lifestyles, PassivEnergy monitors and automatically optimises energy consumption in the home including heating, hot water and electrical appliances.
Colin Calder, the Founder and CEO of PassivSystems, previously founded and managed Paragon Software Ltd before leading that company to a successful sale to phone.com (now Openwave) at a landmark price. Several members of Colin’s management team at Paragon Software have joined him to work on his latest venture.
The Bird & Bird team was led by London-based Corporate partner Angus Miln, assisted by associate Chris Charlton.
Colin Calder, CEO of PassivSystems, commented: “These back-to-back transactions represent a significant milestone in our development. The Bird & Bird team provided us with astute commercial advice and were great to work with. They were extremely responsive throughout the process, thereby enabling us to close both transactions on an expedited basis. We look forward to further developing our relationship with the firm”.
Angus Miln, Partner, Bird & Bird, London, commented: "We were delighted to have the opportunity to work with a proven entrepreneur like Colin, and with his management team. We were able to utilise our extensive experience in working with early stage technology companies to achieve swift and cost-effective completion of these inter-related transactions, and look forward to cementing the relationship with PassivSystems still further in the future.”
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Bird & Bird is an international legal practice comprising Bird & Bird LLP and its affiliated and associated businesses, and has offices in Beijing, Bratislava, Brussels, Budapest, Düsseldorf, Frankfurt, The Hague, Helsinki, Hong Kong, London, Lyon, Madrid, Milan, Munich, Paris, Prague, Rome, Shanghai, Singapore, Stockholm and Warsaw.
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About PassivSystems Limited
PassivSystems Ltd was established in 2008 and aims to be the leading provider of Home Energy Management Systems. Bringing together specialists from two normally separate sectors, energy and telecoms, PassivSystems is an expert in domestic home energy management. The PassivEnergy Home Energy Management System has been designed to help people reduce wasted energy, increase comfort and save money. The system is due to be launched in early 2010 and has been designed to be simple to install and easy to use.