Thu, 19 Oct 2023 | BUSINESS SALE
Software testing company Zoonou Limited has transitioned to employee ownership through an Employee Ownership Trust (EOT). The transaction, which comes amid a significant rise in EOTs, makes the company the UK’s first employee-owned software testing company.
The deal sees co-founders Nick Turton and Jonathan Rogers and shareholders Rhodri Alexander and Garry Hardy sell 100 per cent of Zoonou’s shares to the EOT, which will hold them on behalf of the firm’s current employees.
While the company’s recently updated Board of Directors will retain responsibility for its strategic direction, a new Board of Trustees has been established to operate the EOT. This new board will have oversight of Zoonou’s performance, to ensure it is being run in the best interests of its employees.
Similar to many companies that have moved to employee ownership, Zoonou transitioned to an EOT due to a desire to retain the company’s values and recognise the efforts of its employees in building the business, which was founded in 2007.
Since its inception, the company has experienced significant growth, particularly over the past five years, and developed a strong reputation for quality assurance (QA) solutions. It employs more than 50 staff across the UK and has a wide-ranging client base of private, public and third-sector organisations, including EDF, Imperial College London, Google, the UK Health Security Agency and pizza chain Domino’s, among others.
Zoonou co-founder and Trustee Director Jonathan Rogers said: “Our team are central to both our clients’ successes and our own. By putting Zoonou in the hands of the people who push it forward every day, we are securing the stability and prosperity of the business for the future.”
Fellow co-founder and Zoonou Managing Director Nick Turton added: “Becoming the first employee-owned software testing business in the UK represents a genuine refresh for Zoonou, enhancing the collaborative nature of our workplace and the engagement of our team. I’m incredibly excited to help drive that change and see what the future holds for Zoonou.”
Find out more about what's driving the growing popularity of Employee Ownership Trusts in this in-depth analysis
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