Category Archives: Company News

ScribeStar and Reynen Court announce partnership on unique capital markets technologies

ScribeStar, a digital ecosystem that improves efficiency and reduces the cost and time required for document production for capital markets transactions, today announced a partnership with Reynen Court. ScribeStar will feature its capital markets offering in the Reynen Court Solution Store, making it available for containerized deployment to law firms and corporate legal departments through the Reynen Court platform.

“We are incredibly excited that ScribeStar, as a leading capital markets solution provider, has joined our family of vendors helping to speed the sourcing and deployment of solutions through our platform,” said Christian Lang, Reynen Court’s Head of Strategy. “I have no doubt ScribeStar’s unique offering, focused specifically on generating efficiencies in capital markets documentation drafting, will be a key solution for our platform and provide significant value add to our community of legal users.”

The Reynen Court platform combines a solution store for legal technology along with a powerful control panel that makes it easy for law firms and legal departments to run cloud-based applications either on-premises or within virtual private clouds, thus enabling firms to access modern cloud-based solutions without sacrificing security or stability. The platform also enables firms to manage software subscriptions and provides usage monitoring and advanced application-specific metrics to aid better predictability of IT software and infrastructure maintenance and expenditure.  It is supported by a consortium of 20 leading global law firms co-chaired by Latham & Watkins and Clifford Chance, with Paul Weiss serving as vice-chair.

A crucial factor in the post-Covid world for lawyers is the time taken to improve their workflow and they are seeking new technologies to help with this. The consortium of firms backing Reynen Court recognized the need for a single place to access curated and vetted solutions. ScribeStar’s selection by Reynen Court shows that it has been recognized as the best-in-class technology and vetted as a secure solution for use on capital market transactions internationally.

ScribeStar has so far had over 50 transactions on its ecosystem allowing deal teams from around the world to work together. ScribeStar’s clients have seen up to 50% reductions in the time taken to complete issuance documentation on first issues, and even more on follow on equity issues, and the company is now seeing interest in complicated bond documents such as those for high yield bonds. ScribeStar’s software allows capital markets deal-teams to work in a controlled, role based environment, where they can draft, review and approve complex documents, perform backup, circle-up and meet regulatory requirements – all the way to final printed versions without involving any third parties. It also includes additional modules for capital markets processes allowing General Counsels to get their securities offering and regulatory documents ready quicker, faster and smarter.

Srinivas Suravarapu, CEO of ScribeStar, said: “We are really excited by the opportunity to deliver our unique technology through Reynen Court and make it accessible to their clients globally. The future of how technology is delivered to drive higher efficiencies is rapidly evolving and capabilities that enable automated compliance, smarter contract documents and data analytics are changing the way lawyers work.

Sri continued: “We are working closely to develop a fully functional and ‘virtual instance’ of ScribeStar for law firms. The ability to deliver the benefits of a SaaS service in the cloud, on or off premise at a low cost, combined with more control for firms and their clients of their data for capital markets transactions would be a first of its kind. There will be a significant reduction in the barriers of cost and speed of procuring technology, thereby enabling clients of law firms to move faster and raise money cheaper. The future of collaboration on capital markets transactions will be different and it will focus on the entire deal team, including regulators, where everyone works in the same ecosystem. This collaboration with Reynen Court highlights our focus and commitment to improving efficiencies for lawyers and their clients in capital markets and driving change for a digital future.”

By providing access to ScribeStar for the time of a transaction, clients are able to massively reduce the burden of capital markets document production cost for all parties. As a business we will be more agile and the assurance our partnership with Reynen Court provides to customers is of immense value. The end goal is to deliver technology that is cost effective and accessible, be it to small or large law firms, and this partnership is strategically aligned with our target market and vision.”

 

Further information:

Contact Simon Barker at:
sbarker@barkercomms.com
+44 7866 314 331

Media Inquiries at Reynen Court
+1.917.588.0746 / +31.623660310
info@reynencourt.com

Key Takeaways from the European Issuers Webinar

ScribeStar Co-Founder and Executive Chairman Adam Shaw participated today in the Europeanissuers webinar on the Digitalisation of EU Capital Markets to discuss technology and market trends in the capital markets space. He was joined by Peter Kerstens, Adviser on Technology and Innovation at DG FISMA, Friedrich Luithlen Global Head of Debt Capital Markets at DZ Bank, Hervé Labbé, CEO of NowCP, and  Robert Koller, the Executive Chairman of the european primary placement facility (eppf).

The event came at a time when Europe is making strong strides towards a Capital Markets Union, and the market is rapidly adjusting to accommodate COVID19 induced demands for quick and efficient access to capital and for new ways of remote capital markets operations. It was an exciting panel of technology providers, bankers, and policy makers, each with a unique perspective on the role of digitalisation  in this respect, and what the European capital market of the future looks like. Below are just some of our takeaways from the discussion.

  • THE BIG TECH TRENDS:There are five notable technology trends driving innovation and change in the capital markets space. These are cloud computing, APIs, Big Data and analytics, Process Automation, and finally DLT, blockchain, crypto, and tokenization. Demand driven market transformation will also inspire regulatory change, but also induce a quicker tech adoption curve on the side of market participants and regulators.
  • LISTING PROCESS AND COSTS FOR SMEs: Though there is still strong demand for innovation on the trading and settlement side, technology advancements on the non-trading side have been slower. This is primarily in respect to documentation production and process management associated with bringing companies and transactions to market, and keeping them compliant with market regulations. For an SME a cost of an IPO can reach up to 15% of the value of the issuance, while regulatory burdens and costs associated with ongoing compliance are often mentioned by managers as some of the most laborious and costly business processes.
  • DIGITAL CAPITAL MARKETS ECOSYSTEM: In order to have a truly seamless issuance process, whether that’s via an independent bond or equity trading platforms or via an established stock exchanges, we have to create a digital environment where the pre-issuance documentation creation and compliance process is integrated with the trading side and linked with automated ongoing compliance. ScribeStar does that by bringing together multiple dislocated market participants to create and manage transaction documentation and process in a secure regulatory compliant digital environment. ScribeStar creates documents in structured data format, allowing for such level of automation and data utilization by the platforms and investors, regardless of the type of security, marketplace, or location.
  • THE ROLE OF STOCK EXCHANGES: To demonstrate this, we’ve mentioned our work with Aquis, a dynamic growth market in the UK, where we are redefining the standards of what an issuance process looks like, how much it costs, and how long it takes. By working together with the regulators, and by placing the issuance and compliance process on a digital platform, in an automated and templated way, issuers will be offered with a simple and efficient listing process, and thus cheaper and easier way to access the market and stay there.
  • REGULATIONS AND WHY WE NEED THEM: Regulations inflate post-crisis, and deflate in times when the economy needs a stronger boost. It is a cyclical process. There is an ongoing debate to reduce regulatory diversity at an EU level, but there are also decisions to be made in terms of the intensity of those regulations. It is a balancing act which has to be approached carefully, and considered in respect of EU capital markets harmonization as well as how it impacts on market participants. Ultimately, regulations are there to protect investors and the market as a whole. Technology is therefore a way of easing compliance with appropriate levels of regulation rather than reducing the levels of regulation. By automating and digitising regulatory processes, the associated time consumption and costs for complying can be reduced. Embracing digitalisation also helps regulators and policy makers to better understand regulatory impacts and make better educated decisions.
  • SUPPORT FOR INNOVATORS: If it doesn’t want to be left behind, Europe has to nurture and support innovation, and help build a strong technology infrastructure. We have to secure risk capital to help companies innovate and grow, and give them a playground where their technology can be tried and tested. For that purpose, sandboxes and a good safe environment to experiment in, while also allowing regulators and supervisors to learn directly from the innovators.
  • BOND TRADING PLATFORMS:Taking bond markets as an example, innovation will mostly be driven by large issuers who have identified shortcoming in the process, that being placement and allocation, documentation, settlement, underwriting, advice, or validation of decisions made by the issuers. From the current perspective there is a strong case to be made for platforms to address the issue of documentation, some aspects of trading, placement and allocation. We should also note that many liquidity bond trading platforms are natural monopolies. Whether that’s ok is a question for the market and policy makers. An example of such a question would be whether the dealers and the issuers would want independent bond platforms monopolising data that they would like to have access to.
  • EQUITY MARKETS:In respect of the equity market, especially SMEs, there is not a single solution that would fit in the same way as for bonds given the bespoke nature of each issuance and the fact that all of the current issuance processes are static and do not allow the use of structured data. Everyone agrees that SMEs have to have a clearer and easier path to market. Currently there are too many legal and compliance costs involved with that process. By creating a digital environment where structured data can be used for equity markets will allow automation, which will a significant positive impact for the market as a whole and in particular for SMEs. Automation will also allow for things to be better standardised, in line with the CMU HLF action points, and data will allow investors to be able to compare and understand investment opportunities quicker. Simpler analysis would drive more investments in SMEs, and more companies to market. Furthemore, enabling the issuers to work together with their deal teams, the exchange, the regulators and the market in a digital online manner will obviate the relevance of location and proximity.

The future looks bright, and there are many promising technology initiatives which will drive positive change. The only way forward is for the industry, technology providers, regulators and policy makers to work together. We enjoyed exactly such an experience in today’s panel. Many thanks to our panellist colleagues for the engaging discussion, all the participants for tuning in, and EuropeanIssuers for organising. We’re looking forward to the next one!

How technology is driving efficiency in the capital raising process

Join us  on Thursday 26 November at 15:00 GMT  on a webinar hosted on the LSEG Issuer Services Spark, to explore how technology has intervened in the capital raising process to enhance digital communication, distribution, documentation and cash management. Some interesting discussions around the pandemic and its impact on the adoption of technology across capital markets

To register – Click here

 

Digitalisation of EU Capital Markets

Join Adam Shaw Founder, Executive Chairman of ScribeStar at the European Issuers webinar on the Digitalisation of EU Capital Markets, alongside colleagues from DG FISMA, DZ Bank, European Primary Placement Facility, and European Issuers members.

This Webinar is part of European Issuers Capital Markets Webinar Series Programme on key trends in the capital markets space, in partnership with NASDAQ and Euronext.

Join to learn what the European public markets can do to make raising capital easier, how the efforts around the Capital Markets Union will affect exchanges, issuers, and investors, and how technology can help tackle these challenges.

Register for free here;
http://www.europeanissuers.eu/ecmwebinarsprogramregistration

Do you have questions or comments you’d like us to address at the event? We’d love to hear from you at info@scribestar.com.

For some background reading on the topic, here is our take on the latest High Level Forum Report on the Capital Markets Union – https://www.lsegissuerservices.com/spark/scribestar-digitalisation-stock-exchanges

ScribeStar joins CMS’ equIP

London, 29 April, 2020. ScribeStar, a digital ecosystem that improves the efficiency and reduces the cost and time required for document production for capital markets transactions, has been selected by CMS, one of the world’s largest law firms, to join its accelerator program, equIP.

CMS’ equIP programme brings together a network of international start-ups and helps them with their growth ambitions. ScribeStar will benefit from the support and strength of CMS through legal advice and contacts within the legal sector, and through the network effect of partnering with other equIP companies.

Srinivas Suravarapu, CEO of ScribeStar, said: “We are delighted to join CMS’ exclusive equIP programme. It offers us an exciting opportunity to expand the use of our technology in capital markets and leverage CMS’ network of other leading legaltech companies across the world. Our track record in the UK in capital markets keeps growing. In the same way that datarooms went online, we are seeking to bring digital benefits to the capital markets documentation process. Our partnership with CMS takes us a step closer to realising that goal.”

Charles Kerrigan, Fintech Partner at CMS, comments: “We are very pleased to welcome ScribeStar to CMS equIP. The programme has developed a track record of supporting some of the brightest minds in the start-up world, and we think that ScribeStar’s innovative platform will be a perfect fit. ScribeStar is at the forefront of the digitalisation of capital markets transactions, transforming what was previously a manual process into something much more efficient. We plan to work with ScribeStar in our capital markets practice globally and use its technology in other areas of our firm.”

CMS has used ScribeStar for capital markets transactions for almost three years. Mostly recently, in February, CMS completed the Sequoia Economic Infrastructure Income Fund prospectus on ScribeStar’s platform.

Other capital markets documents produced on ScribeStar’s platform include: the Aston Martin IPO registration document and prospectus; both Smithson Investment Trust Plc IPO prospectuses – the first being the largest ever investment trust IPO; S4 Capital plc’s last three fundraising prospectuses; and the Equiniti Group plc rights issue prospectus.

Contact Simon Barker at sbarker@barkercomms.com 

+44 7866 314 331

 

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