European late stage non-public fairness agency TPG has agreed to purchase a majority stake in Thomson Reuters Elite at a valuation of $500 million. The announcement was made internally at Elite as we speak (4 April).
Thomson Reuters will preserve a minority stake and board illustration in Elite and proceed to help it with its authorized info merchandise.
The acquisition signifies that 3E in addition to ProLaw, eBillingHub, and MatterSphere will likely be majority owned by TPG. Elite will keep present integrations with Thomson Reuters merchandise.
A proper announcement out as we speak says that the transaction will allow Elite to function with higher focus, offering extra sources and experience to speed up progress and higher help its prospects.
One TR worker instructed Authorized IT Insider that there was frustration internally with the dearth of progress in shifting corporations to the cloud on 3E and a need to concentrate on subscription-based content material quite than software program. The information is more likely to be welcomed inside Elite, which has for a very long time gave the impression to be in a state of flux and topic to continuous restructuring throughout the wider TR organisation.
“We really feel strongly that the brand new funding from TPG, together with Thomson Reuters minority possession and board illustration, will place Elite to make sure our prospects’ continued success,” mentioned Paul Fischer, president of the Authorized Professionals enterprise of Thomson Reuters. “We stay dedicated to offering our experience and expertise to assist develop Elite whereas dedicating higher focus and funding within the space of content-enabled expertise, together with AI and automatic workflow options, to raised allow prospects within the apply of legislation and to carry out their work extra effectively.”
“TPG has a historical past of investing in software program corporations that deal with the distinctive wants of vertical markets. We consider the authorized business is a market that’s present process digital transformation, and Elite companions with main corporations on that journey,” mentioned Tim Millikin, Accomplice at TPG. “Elite’s trusted expertise, sturdy buyer base, and important progress potential has made the corporate a transparent chief among the many greatest legislation corporations, and we stay up for working with the workforce to boost and broaden the platform.”
Baker McKenzie is serving as authorized counsel to Thomson Reuters, and Davis Polk & Wardwell LLP is serving as authorized counsel to TPG.
We are going to proceed to replace this breaking information story.