3 execs who sold their company to Martin Sorrell’s S4 Capital are suing, alleging they’re owed millions
Business Insider · 2026-08-19
Three former executives of CitrusByte, Brady Brim-DeForest, William Jessup, and David Kullmann, are suing Martin Sorrell's S4 Capital, alleging they are owed millions following S4's 2022 acquisition of their tech consulting firm, which later became TheoremOne. Filed in Delaware Superior Court, the lawsuit claims S4 engaged in "obfuscation and delay" to avoid payment, specifically withholding at least $7 million in escrow funds and delaying or withholding millions of S4 shares tied to the deal. S4 declined to comment on the ongoing litigation. The former execs argue S4 refused to release escrow funds after 2025 and 2026 payout deadlines, despite S4 having previously agreed CitrusByte met purchase agreement standards for a "maximum contingent payment." They contend S4's rationale for withholding money, linked to a 2025 lawsuit by former S4 commercial officer Cohen, is invalid as that matter arose post-acquisition and S4 allegedly settled it without their required consent. The suit also alleges S4 delayed delivering shares due in 2025, ultimately issuing them to Jessup and Kullmann in November that year, but not to Brim-DeForest. The plaintiffs seek at least $7 million in cash, damages for withheld equity, and legal costs, highlighting the friction in S4's acquisition-heavy growth strategy during a period when it aims to improve its business performance.
*The full article also explores the strategic implications of such a public court battle for S4 Capital's future acquisitions and overall business stability.*