In March 2019, ASG LegalTech went on to acquire a third practice management platform, MerusCase, which is tailored for lawyers in specific practice areas, including workers’ compensation, employment and personal injury. In February 2019, ASG merged the two companies to create a unified legal technology business under the name ASG LegalTech, naming as CEO Nettimi, who had taken over as PracticePanther CEO the prior October. The ASG LegalTech brand came about after ASG acquired its first two legal technology companies, the time, billing and practice-management platform Bill4Time in 2017 and the practice-management platform PracticePanther in 2018 (which I covered here). The largest direct investment in this sector was in April, when Clio announced a Series E investment of $110 million at a valuation of $1.6 billion, making it the first law practice management company to achieve unicorn status. The company that acquired Tabs3, ProfitSolv, also last year acquired practice management company Rocket Matter and time-and-billing software TimeSolv. That came after M圜ase itself was acquired last year in a $193 million deal by private equity firm Apax Partners. LawSites also broke the news in July that M圜ase had acquired case management platform CASEpeer and document automation company Woodpecker. Over the summer, this blog broke the news that Thompson Street Capital Partners had acquired Tabs3 Software, one of the oldest practice management products, and which also owns cloud platform CosmoLex. This news comes amid a period of unprecedented investment in law practice management technology. The transaction is slated to be completed before the end of the year. Nettimi and Colin Li, chief financial officer and chief revenue officer at Paradigm, will remain in their current roles, as will the company’s other executives and employees. “With Francisco Partners’ financial support and extensive software and payments expertise, we look forward to expanding our product suite and further innovating to help law firms operate more efficiently and easily than ever before.” “We are thrilled to announce this growth investment from Francisco Partners, which validates Paradigm’s strong position in the legal software ecosystem,” said Soumya Nettimi, CEO of Paradigm. The strategic growth investment by Francisco Partners will enable Paradigm to capitalize on its current momentum and continue to drive product innovation and growth, the company said. Paradigm says it has seen substantial growth in recent years as law firms have moved to cloud-based products, and that it currently serves 11,000 law firms. It began by acquiring Bill4Time in 2017, followed by PracticePanther in 2018, MerusCase in 2019, and Headnote in 2020. Originally called ASG LegalTech, Paradigm was formed by Alpine SG (ASG), a software platform company backed by Alpine Investors. Paradigm - the parent company to practice management platforms PracticePanther, Bill4Time and MerusCase and payments platform Headnote - is being acquired by Francisco Partners, a major investment firm that specializes in investments in technology businesses.Ī Reuters report valued the deal at $400 million, citing “people familiar with the matter.” Francisco Partners is also the largest shareholder in LegalZoom, which it helped take public earlier this year.
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