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PARTNERING WITH
Rewarding builders
with secondaries
Kry is building the leading digital-first healthcare provider in Europe, with a hybrid model combining telemedicine with in-person clinics.
Starting in Sweden, they expanded into France and the UK, where they’ve grown into local leaders. Kry employs over 500 people, all of whom own equity in the business.
Eligible sellers
142
Process length
3 weeks
Instruments
Warrants, UK CSOPs,
UK NTAs
Tax regimes
10+
Currencies
4
Transaction docs
1376
Participation rate
> 95%
Verification
KYC & AML checks
Geographies
6
Support response time
<15 mins
PARTNERING WITH
Rewarding builders
with secondaries
Kry is building the leading digital-first healthcare provider in Europe, with a hybrid model combining telemedicine with in-person clinics.
Starting in Sweden, they expanded into France and the UK, where they’ve grown into local leaders. Kry employs over 500 people, all of whom own equity in the business.
Eligible sellers
142
Process length
3 weeks
Instruments
Warrants, UK CSOPs,
UK NTAs
Tax regimes
10+
Currencies
4
Transaction docs
1376
Participation rate
> 95%
Verification
KYC & AML checks
Geographies
6
Support response time
<15 mins
PARTNERING WITH
Rewarding builders
with secondaries
Kry is building the leading digital-first healthcare provider in Europe, with a hybrid model combining telemedicine with in-person clinics.
Starting in Sweden, they expanded into France and the UK, where they’ve grown into local leaders. Kry employs over 500 people, all of whom own equity in the business.
Eligible sellers
142
Process length
3 weeks
Instruments
Warrants, UK CSOPs,
UK NTAs
Tax regimes
10+
Currencies
4
Transaction docs
1376
Participation rate
> 95%
Verification
KYC & AML checks
Geographies
6
Support response time
<15 mins
PARTNERING WITH
Rewarding builders
with secondaries
Kry is building the leading digital-first healthcare provider in Europe, with a hybrid model combining telemedicine with in-person clinics.
Starting in Sweden, they expanded into France and the UK, where they’ve grown into local leaders. Kry employs over 500 people, all of whom own equity in the business.
Eligible sellers
142
Process length
3 weeks
Instruments
Warrants, UK CSOPs,
UK NTAs
Tax regimes
10+
Currencies
4
Transaction docs
1376
Participation rate
> 95%
Verification
KYC & AML checks
Geographies
6
Support response time
<15 mins
The
challenge
The challenge
The
challenge
Promoting a culture of ownership and making equity tangible to employees.
Sell to cover. To cover their exercise cost and tax liability, employees had to sell a portion of their vested shares.
Cashless exercise. To avoid an out of pocket expense and downside risk for the sellers, the exercise cost had to be deducted from their proceeds of sale.
Direct exercise. To let options holders exercise their options by their own means, a dedicated solution had to be built.
Words FROM THE KRY TEAM
Words FROM THE KRY TEAM
“Semper was a dedicated and very responsive partner throughout the entire process. From establishing the initial list of potential investors, to helping with the equity story and finally executing the transaction they led Kry to successfully run a complex secondary.”
“Semper was a dedicated and very responsive partner throughout the entire process. From establishing the initial list of potential investors, to helping with the equity story and finally executing the transaction they led Kry to successfully run a complex secondary.”
“Semper was a dedicated and very responsive partner throughout the entire process. From establishing the initial list of potential investors, to helping with the equity story and finally executing the transaction they led Kry to successfully run a complex secondary.”
Luke Buhl-Nielsen
CFO
Luke Buhl-Nielsen
CFO
“Semper was very supportive and engaged along the whole cycle of collaboration. The team paid attention to every detail so that we could ensure a work stream with high quality. Support was always available, flexible and quick. Working with Semper creates a feeling of being part of a team, I would definitely recommend Semper to other Comp&Ben teams.”
“Semper was very supportive and engaged along the whole cycle of collaboration. The team paid attention to every detail so that we could ensure a work stream with high quality. Support was always available, flexible and quick. Working with Semper creates a feeling of being part of a team, I would definitely recommend Semper to other Comp&Ben teams.”
“Semper was very supportive and engaged along the whole cycle of collaboration. The team paid attention to every detail so that we could ensure a work stream with high quality. Support was always available, flexible and quick. Working with Semper creates a feeling of being part of a team, I would definitely recommend Semper to other Comp&Ben teams.”
Milena Malmros
Compensation & Benefits Associate
Setup
Setup
Semper provided the playbook, regulatory infrastructure and operational expertise to run a secondary transaction across multiple jurisdictions and currencies. From discerning available volume for sale to crafting investor materials, handling taxes, and addressing KYC and currency hedges all within the bounds of Kry's corporate processes, we covered it all.
Semper provided the playbook, regulatory infrastructure and operational expertise to run a secondary transaction across multiple jurisdictions and currencies. From discerning available volume for sale to crafting investor materials, handling taxes, and addressing KYC and currency hedges all within the bounds of Kry's corporate processes, we covered it all.
SEK
€
45%
Investor
process
Investor process
Investor
process
Secondary transactions require a quick and confidential process with institutional investors who understand the tech asset class. Over 6 weeks, Semper ran a process with a special emphasis on Nordic & Healthcare investors and helped Kry tap into a network of 200+ institutional investors from family offices to hedge funds.
Secondary transactions require a quick and confidential process with institutional investors who understand the tech asset class. Over 6 weeks, Semper ran a process with a special emphasis on Nordic & Healthcare investors and helped Kry tap into a network of 200+ institutional investors from family offices to hedge funds.
Execution
Execution
From collecting seller information to wiring payments, Semper handled the entire execution work stream on platform. Closing happened within 3 weeks.
Semper coordinated with Kry and their corporate lawyers to produce the legal documents required for the transaction (SPA, S431 election, exercise notice etc.). We also guided Kry and their local payroll providers on all taxes associated with sell to cover and withholding.
We onboarded and conducted KYC on all the sellers (both individuals and corporates) and facilitated execution of all legal documents.
From collecting seller information to wiring payments, Semper handled the entire execution work stream on platform. Closing happened within 3 weeks.
Semper coordinated with Kry and their corporate lawyers to produce the legal documents required for the transaction (SPA, S431 election, exercise notice etc.). We also guided Kry and their local payroll providers on all taxes associated with sell to cover and withholding.
We onboarded and conducted KYC on all the sellers (both individuals and corporates) and facilitated execution of all legal documents.
Payments
Payments
Cashless secondary transactions require careful handling of payments. Semper provided the infrastructure to collect the money from investors, then pay the exercise price and withholding taxes to Kry, deduct Semper's own fees, and pay the net proceeds to the sellers.
Cashless secondary transactions require careful handling of payments. Semper provided the infrastructure to collect the money from investors, then pay the exercise price and withholding taxes to Kry, deduct Semper's own fees, and pay the net proceeds to the sellers.
+€
+€
-€
Withholding taxes
Exercise costs
Semper fees
SELLERS
Paid
Paid
Paid
Paid
Paid
Paid
Freja Nielsen
Emilia Lund
Magnus Jensen
Sofia Berg
Mikkel Larsen
Marcus Dahl
Customer support & education
Customer support & education
Seller queries were responded to by the Semper team on average in under 15 minutes.
Sellers may not have participated in a secondary transaction before so reactivity of support is often key to closing within the necessary timeframe. Semper provided support on all questions related to Kry's TLP and on direct exercise of options. Any queries requiring financial or tax advice were redirected accordingly.
Seller queries were responded to by the Semper team on average in under 15 minutes.
Sellers may not have participated in a secondary transaction before so reactivity of support is often key to closing within the necessary timeframe. Semper provided support on all questions related to Kry's TLP and on direct exercise of options. Any queries requiring financial or tax advice were redirected accordingly.
What is a subscription price? I think I have already paid this.
Can I use a non-swedish bank to receive my funds?
Can I exercise the warrants myself?
Post transaction
Post transaction
Properly recording secondary transactions shouldn't be a headache. Thanks to Semper's partnership with Ledgy, Kry was able to update its registers on the Ledgy platform accurately and virtually instantaneously. Semper can work with any cap table or share registry provider to ensure the transaction data meets your requirements and is always up to date.
Properly recording secondary transactions shouldn't be a headache. Thanks to Semper's partnership with Ledgy, Kry was able to update its registers on the Ledgy platform accurately and virtually instantaneously. Semper can work with any cap table or share registry provider to ensure the transaction data meets your requirements and is always up to date.