A Midlands law firm has acted on a multi-million pound acquisition.

Wright Hassall, of Leamington Spa, advised Cobent on its sale to AIM-listed Access Intelligence for £5.2 million.

Cobent, an Oxfordshire-based company which specialises in training and compliance software, will now become part of the Access group.

All of Cobent’s staff were retained under the deal, which was made up of £3.2 million cash and Access Intelligence shares.

Cobent’s chief executive, Howard Sears, has also become a director of Access Intelligence.

Tim Goodman, a senior corporate lawyer at Wright Hassall, said it was encouraging to see confidence returning to the market, with the deal funded by an equity placing of £3m.

He added: “Both the mergers and acquisitions market and AIM are recovering from a very difficult period and it is good to see the purchase of a profitable, high growth software company by an acquisitive AIM company through equity funding.

“It is also encouraging for a deal to take place when there are no financial pressures involved. This is about Cobent benefiting from being a core part of a larger AIM listed group.

“Cobent has been a long-standing client of our firm and we are delighted to have been able to advise its shareholders on the sale.”