ELMO Software (ASX:ELO) has been approved by the Supreme Court of New South Wales for a scheme of arrangement under which Cookie Monster, an entity controlled by investment funds advised or managed by K1 Investment Management, LLC, will acquire all of the issued shares in ELMO.

The scheme will become legally effective upon lodgement with the Australian Securities and Investments Commission, expected to take place on Thursday, 9 February 2023.

ELMO's shares will be suspended from trading on the ASX at the close of trading on that day.

ELMO Software, established in 2002, is a cloud-based solution provider for small businesses and mid-market organisations, and operates on a SaaS business model in Australia, New Zealand and the United Kingdom.