Brækhus advised ISS Corporate on the acquisition of technology company Celsia

Brækhus advised ISS Corporate on the acquisition of technology company Celsia

ISS Corporate Solutions, Inc. (“ISS Corporate”), a leading provider of compensation, governance, cyber risk monitoring, and sustainability offerings to help companies improve shareholder value and reduce risk, announced on April 11th the acquisition of Celsia. Celsia is an Oslo-based provider of SaaS solutions for corporate sustainability reporting.

Brækhus acted as buy-side legal advisor in connection with the acquisition of Celsia. The core team consisted of Christoph Morck, Kristine Slotnæs, Alexander Mollan and Ingrid Abildsgaard. The team assisted ISS Corporate throughout the entire acquisition process, from due diligence through the drafting and negotiation of relevant transaction documents until the signing and closing.

Formed in 2021, Celsia‘s software simplifies regulatory sustainability reporting with a particular focus on solving for the European Union’s Corporate Sustainability Reporting Directive (CSRD) regulations. The CSRD, which took effect on 1 January, includes the European Sustainability Reporting Standards, an extensive, detailed new sustainability reporting framework that is addressed by Celsia’s offering. Celsia’s software also supports EU Taxonomy and Sustainable Finance Disclosure Regulation reporting requirements. Presently, more than 300 companies rely on Celsia’s software solutions and the expertise of its staff for accurate and timely sustainability reporting.

ISS Corporate provides expertise in designing and managing governance, compensation, sustainability, and cyber risk programs that align with company goals, reduce risk, and manage the needs of a diverse shareholder base by delivering data, tools, and advisory services. ISS Corporate’s global client base extends across North America, Europe, Asia, and other established and emerging markets worldwide. ISS Corporate is a wholly owned subsidiary of Institutional Shareholder Services Inc., majority owned by Deutsche Börse Group.

Click here for the full press release from ISS Corporate.

Our lawyers are recognised by The Legal 500

Our lawyers are recognised by The Legal 500

Each year, law firms around the world are assessed and ranked by Legal 500. The rankings are based on feedback from clients and other market research. This year too, Brækhus is ranked as a Leading Firm.

In this year’s edition of Legal 500, a number of our lawyers, spread across various fields of expertise, receive recognition for their specialist skills.

Partners Alexander Mollan and Julius Berg Kaasin also achieve individual rankings and are ranked in the category ‘Next Generation Partner’. Alexander is recognised for his in-depth expertise in the field of TMT, and Julius is recognised for his expertise in the field of Intellectual Property.

We are pleased to observe that the fields in which we receive recognition by The Legal 500 represent core business areas for Brækhus. This underline our strong competence environments.

This is what some of our clients say about us:

Highly competent, proactive and we were involved well along the way

Our experience with Brækhus is that they always seek the right expertise from the right person so that challenges and problems can be highlighted quickly. This means that the right solutions are chosen in a short time

A very nice, friendly, cooperative and resolutive team. They are always willing to help and support you in your cases, propose alternative ideas and solutions, and be honest and clear about your situation

An extremely high level of expertise, insight and experience that we as clients can capitalise on. Not least very quick responses to inquiries

Our lawyers have been recognised in Legal 500 2023

Our lawyers have been recognised in Legal 500 2023

Our lawyers have been recognised in the 2023 edition of Legal 500, a comprehensive global guide to law firms. Each year, Legal 500 evaluates and ranks law firms worldwide based on client feedback and market research. In this year’s edition, Brækhus has been ranked as a Leading Firm.

15 of our lawyers across 6 practice areas have been acknowledged in this year’s edition of Legal 500. Associate Partner Alexander Mollan has been named ‘Next Generation Partner’ for his expertise in the TMT (Technology, Media, and Telecommunications) practice area.

The recognized practice areas are fundamental to Brækhus’ core business, and we take great pride in being highlighted by Legal 500 for our strong expertise in these areas.

Our firm has been ranked in the following practice areas:

What our clients say about us:

Quick response rate. Clear recommendations. Efficient use of resources. Close follow-up.

Very diverse and competent team with international knowledge and a very service-minded approach.

Takes a holistic approach, and guides on commercial aspects to make sure nothing falls between the cracks.

No fuss, straight to the point. Great people to work with. Delivers results.

New restrictions on hiring temporary employees from staffing companies

New restrictions on hiring temporary employees from staffing companies

New legislation on hiring personnel temporarily
from staffing companies has been passed in Norway, and will be effective from 1 April 2023.

The rules on hiring from staffing companies is significantly tightened. The objective of the new restrictions is to limit the staffing industry’s scope and role, and to ensure full and permanent positions based on a two-party relationship between the employee and the employer. The changes support the main rule in the Working Environment Act that employees should be employed permanently.

The new rules will come into force on 1 April 2023, but with a three months transitional period for contracts already entered into.

The following changes have been adopted:

  • It is as a main rule no longer allowed to hire personnel for temporary work from staffing agencies.

In the event of a temporary need of labor (i.e. seasonal workers), it may be possible to hire temporarily if an agreement with the company’s union representatives allowing for hire of employees from staffing companies for temporary work. Such agreements will only be possible for companies bound by collective agreements with trade unions of a certain size.

  • Hiring of health personnel may, subject to further considerations, still be allowed.
  • Hiring of specialist workers performing advisory and consultancy services in clearly defined projects may, subject to further considerations, still be allowed.
  • Employees temporarily hired for more than 3 years continuously is given the right to permanent employment in the company which hired them (independent hiring basis)
  • The distinction between hiring of staff and engagements under service contracts is clarified more closely. A practical and legal guide on the matter will be prepared by the authorities.
  • The Norwegian Labour Inspection Authority (Arbeidstilsynet) is given extensive responsibility and authority to ensure compliance with the new regulations.

Please note that hiring employees from companies, whose main purpose is not to hire out labor is not affected by the restrictions. There are certain criteria which will have to be fulfilled and each specific case will have to be assessed closely before hire from such companies are carried out.

Furthermore, it will still be possible to make use of service contracts (i.e., subcontractors). The legal amendments also bring new provisions to clarify the distinctions between hiring of labor and service contracting. There are new additional factors to consider when assessing whether there is a hiring of employees or a service agreement (In Norwegian: entreprise). The rules lean towards defining more contracts as hiring of employees than before.

The new regulation intends not to introduce any new regulation for determining what is a staffing agency. As of today, in addition to typical agencies whose only business is lease of personnel, companies having its main revenue from lease of personnel will be covered. The same goes for companies with longer lease contracts and lease of personnel as separate business lines.

The new regulation will definitely create a need to look further into whether the company hiring out employees, is to be defined as a staffing agency. Further, it will be important to clarify if a classification as hire of personnel is likely and, if possible, to adjust contracts to avoid such a classification. Above all, the new situation needs to be addressed in order to avoid interruptions where previous used personnel are not able to perform work agreed. Change of model will also have an impact the tax situation for both the company and foreign employees used in Norway.

In what situations will it be possible to hire from staffing companies?

  • For temporary replacement of permanent employees during holidays, leave of absence, sick leave and similar situations.
  • Work training as for instance trainees.
  • For participants in Labor market schemes under the auspices of or in cooperation with the Labour and Welfare Administration (NAV).
  • For athletes, trainers, referees and other leaders within organized sports
  • Upon agreement with employees’ union representatives, if the company is bound by a collective agreement with a trade union of a certain size.

Options for companies in need of increased labor for a limited period:

  • Increase the number of permanent employees
  • Hire employees from companies which main purpose is not being a staffing company
  • Employ workers temporarily directly in the company
  • Divide the work by entering into construction agreements with clients.

These options will have to be assessed further based on the facts and circumstances of each individual case.

Special rules for construction work on construction sites in Oslo, Viken and former Vestfold county

A ban is introduced on hiring from staffing companies for construction work on construction sites in the aforementioned areas.

As of from 1 April 2023, it will be no possibility of hiring from staffing companies on construction sites in these areas as regards to the construction work. A transition period of 3 months applies to already concluded contracts.

The terms “construction work” and “construction site” are defined in separate regulations.

Our team is here to discuss these matters with you. Please do not hesitate to reach out to us.