Fried Frank advised Permira on its agreement to buy a “significant” stake in Motus, a software platform for reimbursing remote-working costs, from fellow private equity firm Thoma Bravo.
Sidley Austin and Kirkland & Ellis are advising Thoma Bravo, which will remain a significant investor in Motus, according to a statement. No financial details were disclosed for the transaction, expected to close in the fourth quarter.
Launched in 2004, Motus provides proprietary software to simplify the reimbursement and management of vehicle, device, and remote work costs, using an Internal Revenue Service-approved methodology, the statement says.
The company claims 280,000-plus users, with customers including Papa John’s, Yuengling Brewery, Kellogg Company, and Coca-Cola Bottling Company United.
“Thanks to its foundation of innovative technology and customer loyalty, Motus is well-positioned to capitalize on the growing needs of businesses as employees work more flexibly than ever before,” said John Mulflur, principal at Permira.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer at copfer@bloomberglaw.com
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