Midac Technologies Pty Limited (“Midac”) started up in 1981 in Sydney and pioneered early “smart building” direct digital control technology. In 1994 Midac made an early start developing online software and solutions. The then Dungog based business was instrumental in encouraging and assisting many organizations to make their online debut, including large corporate entities like Boral and James Hardie. From about 1995 Midac focused on developing solutions for the tourism and real estate sectors and developed early online or “cloud based” applications.
By 2012 the Midac owners were ready to take a break from their business of some 30 years. By that time their online holiday rentals bookings management and reservation system, “YesBookit” was respected as the leader in the industry, providing an online application to booking agents around Australia, and some overseas. YesBookit also connected with and distributed an online bookable accommodation product to most leading accommodation portals; including Wotif, Home Away, Take a Break, Rent a Home and Stayz (a Fairfax Media division).
For a small business sale, the process was relatively complex and involved the sale of the business, intellectual property, transfer of staff, application and hosting servers, online application client service relationships and a myriad of provider contracts.
“Initially we thought Sydney Solicitors would be the way to go, but we found the answer just down the road in Newcastle. Roberts Legal did a fantastic job with the entire process.
They expertly assisted us with every stage from, the preparation of an Information Memorandum, consideration of Expressions of Interest, negotiation of an Exclusivity Agreement, purchaser due diligence, the novation of key provider contracts and licences and the execution and performance at an exhaustive Business Sale Agreement including post-completion Fixed Term Consulting Agreements.
I couldn’t have been more pleased with my decision to engage Sam [Roberts] and his team for this assignment. They were more than capable and worked well with both in-house and external legal teams of the purchaser and other concerned parties to see the sale through to a successful outcome.
I certainly would recommend Sam and the Roberts Legal team for this kind of work and would be pleased to speak with any prospective clients about the time we worked together.”