Investment builds on Mitratech’s global expansion and mission to help businesses break down the barriers between legal, compliance, and operational risk
AUSTIN, Texas, April 4, 2017 – Mitratech, a market-leading provider of Enterprise Legal and Risk Management solutions for companies around the world, announced today it has agreed to a strategic investment from HgCapital, a leading global growth private equity firm with offices in London, England and Munich, Germany. TA Associates, which invested in Mitratech 18 months ago, will continue to retain a minority interest in Mitratech.
For over 30 years, Mitratech has consistently been recognized for the breadth, depth, and proven value of its software solutions for companies of all sizes and all industries. Mitratech’s software portfolio has expanded to include solutions that help its clients meet increasingly demanding compliance and regulatory obligations. Today, Mitratech provides legal matter management, spend management, e-Billing, legal hold, contracts management, risk management, policy management, audit management, and health & safety management solutions for over 1,200 organizations and 500,000 users across the globe. Additionally, over 12,000 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 TA Associates’ investment in 2015, Mitratech has seen tremendous success in the U.S. and international markets driven by its strong financial profile, investment in its award-wining software portfolio, and multiple strategic acquisitions. In that time, Mitratech’s footprint has expanded to include operations in the United Kingdom and Melbourne, Australia. Over the same period, Mitratech’s global user community has more than doubled while client retention has stayed consistently above 95%.
Founded in 2000, HgCapital is a technology sector expert that invests in high-growth private companies with the goal of supporting management teams to help companies grow faster than their market, create employment and become the leader in their industry. Today, the firm has a current portfolio of 35 companies around the world and has more than $10.5 billion in funds under management.
“TA Associates has been a strong partner for us over the past 18 months, and an important part of our unprecedented recent growth. We look forward to continuing this relationship for years to come,” said Jason Parkman, Mitratech CEO. “Our new partnership with HgCapital brings us additional strength to fuel our growth in legal and risk management generally, as well as the focus to accelerate our current momentum of international expansion. The combination of these two strategic investors provides more access to global resources and enables us to invest even more to deliver innovation and value for our clients.”
“We are delighted to be working with Jason Parkman and his talented management team, alongside TA Associates,” said Jean-Baptiste Brian, a Director in the HgCapital TMT team. “HgCapital has a strong track record of successful investments in regulatory compliance-driven software companies. We are impressed with the excellent progress Mitratech has made in establishing itself as a global player in this sector, and we look forward to supporting their continued growth going forward.”
“Since forming our strategic partnership with Mitratech in September 2015, it has been a pleasure to partner with Jason Parkman and his team,” said Hythem El-Nazer, a Managing Director at TA Associates. “The business has more than doubled during our partnership and, more importantly, Mitratech has solidified itself as a leader in the Enterprise Legal and Risk Management software market. We look forward to continuing to support Mitratech and partnering with HgCapital as the business continues to expand globally.”
Additional terms of the deal were not disclosed. Lazard and Marks Baughan Securities acted as financial advisors to TA Associates and Mitratech during the transaction. Goodwin Procter LLP provided legal advice to TA Associates and Mitratech.
Mitratech is a market-leading provider of legal, compliance, and operational risk solutions for more than 1,200 organizations of all sizes across the globe, representing almost 40 percent of the Fortune 500, and over 500,000 users in over 160 countries. Mitratech’s portfolio of enterprise legal and risk management software includes: legal matter management, spend management, e-Billing, legal hold, contracts management, risk management, policy management, audit management, and health & safety management. To learn more, visit www.mitratech.com.
HgCapital is a sector expert private equity investor, supporting management teams to grow industry champions. Deeply resourced sector teams focus on specific sub-sectors and investment themes to identify companies occupying an established position within a niche, and which have the potential to grow faster than their market, create employment and become the leader in their industry. HgCapital’s dedicated portfolio management team provides practical support to management teams to help them realise their growth ambitions. HgCapital invests in expanding segments of the TMT, Services and Industrials sectors across Western Europe. Based in London and Munich, HgCapital manages c. £9 billion for some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.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 480 companies around the world and has raised $24 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 business services, consumer, financial services, healthcare and technology industries. More information about TA Associates can be found at www.ta.com.
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