IPH Limited today announced that three of its group businesses – Australian IP firms Fisher Adams Kelly Callinans (FAKC), Cullens and Asia-Pacific IP firm Spruson & Ferguson – will combine to form one firm, operating under the Spruson & Ferguson brand from April 2018 with full integration expected to be completed in July 2018.
The combined firm will have the largest Australian patent market share of 16% and employ more than 400 people, including 152 IP professional staff, with primary offices in 10 locations across the Asia-Pacific region.
IPH Managing Director and CEO, Dr Andrew Blattman said: “Spruson & Ferguson, Fisher Adams Kelly Callinans and Cullens are highly respected IP firms with strong local and international client bases and complementary IP expertise.
“Through this merger we expect significant benefits will flow to the business, its clients and people, with synergies in operations, access to an even greater talent base and integration with Spruson & Ferguson’s Asia-Pacific service offering.
“This move strengthens our ability to best service the Australian market and provides a strengthened platform to support our continued growth and expansion in the Asia-Pacific region.”
It is anticipated that this merger will provide annualised net financial benefits of between $1m and $2m from FY19 onwards, primarily through the consolidation of leased office space and efficiencies in administrative processes and operations. These savings take into account the cost of extending participation in the IPH Equity Incentive Plan to eligible FAKC and Cullens staff in FY19.
One-off restructuring costs of approximately $1m will be incurred in the FY18 year in order to achieve these savings.
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