Francisco Partners to back software firm Paradigm

Oct 14, 2021 | News

Private equity firm Francisco Partners has agreed to invest in legal software platform Paradigm in a deal that valued the firm at $400m, people familiar with the matter told Reuters.

The deal is the latest bet on the legal technology sector from Francisco Partners, which earlier this year took online legal platform LegalZoom Inc. public. Francisco Partners remains one of the biggest shareholders in LegalZoom.

Under the Paradigm deal, current majority owner Alpine Investors will sell its entire stake to Francisco Partners, the sources said. The sources requested anonymity as the discussions are confidential.

Free Webinar: The Future State of M&A: Gaining the Competitive Edge with Digitalization

Learn More
  • Common barriers GPs face during the M&A process
  • How AI and machine learning can optimise the M&A process
  • The outlook for M&A in 2022

New York-based Paradigm, formerly known as ASG LegalTech, offers a wide range of technology tools including PracticePanther, Bill4Time, MerusCase, and Headnote to law firms. Its practice management software and integrated payments solutions are used by 11,000 law firms.

The company grew rapidly during the COVID-19 pandemic, as remote working drove up demand for technology and software tools for law firms that are handling more cases and deals virtually.

Over the past month, tech-focused Francisco Partners has invested in software businesses such as SourceScrub, RugsUSA and Follett School Solutions. In September, the buyout firm sold its stake in payments firm NMI in a deal that valued the company at over $1.5 billion.

Source: Reuters

Can’t stop reading? Read more