Mitratech, the market-leading provider of Enterprise Legal Management (ELM) solutions for corporate legal departments, announced today it has agreed to receive a strategic majority investment from TA Associates, a leading global growth private equity firm. Marks Baughan is pleased to announce its role as financial advisor to TA Associates in this transaction. Vista Equity Partners will no longer retain its interest in Mitratech. Additional terms of the deal were not disclosed.
This transaction represents Marks Baughan’s continued leadership role in the evolution of the ELM sector, having also advised Bridgeway (acquired by Mitratech), Datacert (acquired by Wolters Kluwer), and Serengeti (acquired by Thomson Reuters). The deal further underscores Marks Baughan’s commitment to the legal software sector, with other recent notable deals including advisory mandates for Aderant (acquired by Madison Dearborn Partners), Anaqua (acquired by Insight Venture Partners), CTI (acquired by Markit), Eclipse Legal Systems (acquired by Capita plc), and Iris Data Services (acquired by Epiq Systems).
Since 1987, Mitratech has been consistently recognized for the breadth, depth, and proven value of its software solutions for legal departments of all sizes and industries. The company delivers integrated matter management, spend management, e-Billing, legal hold, contracts management, entity management, and GRC solutions for over 750 organizations and 100,000 users across the globe, including 7 of the Fortune 10, 52% of the Fortune 50, and almost 40% of the Fortune 500. Additionally, over 11,000 law firms, including 100% of the Am Law 200 and 99 of the Global 100 law firms, collaborate with their corporate clients through Mitratech’s e-Billing product offerings.
Since Vista’s investment in 2011, Mitratech has advanced its mission to make the legal department the best-run function in the organization through dramatically increasing investment in its software and services, completing three strategic acquisitions, and expanding into Europe – ultimately becoming the largest privately held provider of ELM software in the world. In that time, Mitratech’s client base has grown by almost 500% and revenue has tripled. Over the same period, client satisfaction has increased every year, and client retention has stayed consistently above 95%.
Founded in 1968, TA Associates aims to invest in leading private companies in high-growth industries, with the goal of helping existing management teams further accelerate their company’s growth. The firm has invested in more than 450 companies around the world, including more than 100 software companies, and has raised more than $18 billion in capital.
“Our four-year partnership with Vista Equity Partners allowed us to transform our company and to execute on a strategy to deliver products that are powerful and comprehensive, but easier to adopt and less expensive for clients to implement and upgrade – an option never before offered to legal departments,” said Jason Parkman, Mitratech CEO. “Our new partnership with TA Associates allows us to stay private, nimble, and focused on our current strategy while leveraging TA’s global footprint and growth focus to deliver even more innovation and value to our clients.”
“We’ve been tracking the evolution of the entire legal software market for years and the strategic expansion of the General Counsel’s role in particular,” said Hythem El-Nazer, a Director at TA Associates who will join the company’s Board of Directors. “Mitratech has emerged as the market leader in providing software solutions to GCs and corporate legal departments, and we are excited to further accelerate their success and growth in this rapidly advancing legal landscape by partnering with a management team that has proven its ability to operate a world-class organization.” Ashu Agrawal, a Managing Director at TA Associates, will also join Mitratech’s Board of Directors.
“Mitratech has delivered an unparalleled story of business transformation and growth over the past four years,” added Rob Rogers, Principal and Co-head of Vista Equity Partners Foundation Fund. “We are excited to see their trajectory continue through their partnership with TA Associates, and we are confident that they are in a great position to deliver even more value to their clients.”
For more information on this transaction, please contact:
Nick Baughan
nbaughan@marbau.com
610.616.3294
Chris Skoff
cskoff@marbau.com
610.616.3297
About Marks Baughan Securities
Marks Baughan provides investment banking services to growth companies. Our clients are software, technology-enabled services and data-intensive companies seeking shareholder liquidity or growth capital. We work tirelessly alongside our clients and excel at defensible positioning and disciplined processes that maximize shareholder value. Our professionals come from senior positions at bulge-bracket firms, giving our clients access to the relationships and experience that come from our years of interaction with the top executives and investors in companies in our fields. Our clients receive top-flight advice throughout any advisory relationship, because our boutique approach allows our senior advisors to stay deeply involved with each client on a continuous basis. No handoffs to junior staff. No preferential client relationships. No conflicts of interest.
For more information on Marks Baughan, visit www.marbau.com.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 450 companies around the world and has raised over $18 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare, and consumer industries.
For more information about TA Associates, visit www.ta.com.
About Mitratech
Mitratech is the most trusted, market-leading provider of fully-integrated Enterprise Legal Management (ELM) solutions for over 750 global legal departments of all sizes, representing 7 of the Fortune 10, almost 40% percent of the Fortune 500, and over 100,000 users in over 150 countries. Mitratech’s products are also used by over 11,000 of its clients’ external partners, including 99 of the Global 100 and 100 percent of the Am Law 200 law firms. Mitratech’s portfolio of ELM software solutions offer end-to-end matter management, spend management, e-Billing, legal hold, contracts management, GRC, and reporting solutions. Clients are able to prove demonstrable value creation for their organization by automating legal workflows, improving business outcomes through actionable data and insight, increasing collaboration with external partners, and reducing overall legal spend.
For more information on Mitratech, visit www.mitratech.com.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with more than $14 billion in cumulative capital commitments, currently invests in software, data and technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing.
For more information on Vista, visit www.vistaequitypartners.com.