Hall & Wilcox, led by John Bassilios, advises Adatree on the sale of shares to Fat Zebra

Adatree, a market leader in open data intermediation for the Australian Consumer Data Right, finds strategic alignment with Fat Zebra's extensive clientele, including notable names like Macquarie and Sip. The comprehensive legal guidance, from heads of agreement to share purchase deed, signifies the culmination of Adatree's journey from startup inception, with Hall & Wilcox serving as a crucial partner throughout.

In a groundbreaking move that is set to reshape the fintech landscape, Hall & Wilcox has played a pivotal role in advising Adatree, a leading fintech business, on the complete sale of its shares to Fat Zebra, a prominent Australian payments gateway. The sale, marking a significant milestone for both companies, underscores the evolution of Adatree from a startup to a major player in the Australian Consumer Data Right space.

Adatree has been at the forefront of open data intermediation, specialising in facilitating the secure and transparent sharing of consumer data. This role has become increasingly crucial in an era where data privacy and security are paramount concerns. The Australian Consumer Data Right empowers the public to share their data safely, and Adatree has emerged as a market leader in facilitating this process.

Fat Zebra, on the other hand, boasts an impressive clientele, with over 30,000 clients, including major players like Macquarie and Sip. The acquisition of Adatree aligns seamlessly with Fat Zebra's mission to enhance its offerings and solidify its position as a leading payments gateway in the Australian market.

The Hall & Wilcox team, led by Partner and Fintech & Blockchain Lead John Bassilios, demonstrated expertise throughout the process. The team, which included Partner Anthony Bradica, Special Counsel James Bull, and Lawyer Daniel Shisas, was instrumental in advising, preparing, negotiating the heads of agreement, and finalising the share purchase deed. This comprehensive legal support facilitated the smooth completion and settlement of the sale.

John Bassilios, reflecting on the deal, emphasised its significance for both Adatree and Hall & Wilcox. "This is a very significant step for our client. Being a startup, the exit is always special. The deal is also special for Hall & Wilcox, as we have had Adatree as a client from its early days. It was part of our Frank Lab startup program in 2021, so seeing the company grow to its exit is significant."

Adatree's CEO and Co-founder, Jill Berry, expressed gratitude for Hall & Wilcox's integral role in their journey. "Hall & Wilcox has been an integral part of our startup journey, from being part of the Frank program and helping grow and scale our capabilities, to being key to our exit. They’ve been able to help with our challenges and opportunities along the way and couldn't have been a better partner for our legal needs."

The transaction not only signifies a successful exit for Adatree but also showcases the effectiveness of partnerships between legal firms and innovative startups. As Adatree enters a new phase under the umbrella of Fat Zebra, the collaboration between these two entities is expected to bring about transformative changes in the fintech sector. The deal highlights the crucial role that legal advisory firms like Hall & Wilcox play in facilitating the growth and success of startups, from their inception to strategic exits.