Francisco Partners has agreed to acquire Elite, a legal software and payments provider, from TPG Capital and Thomson Reuters, in a deal set to complete in Q3 2025. Financial terms were not disclosed.

Elite, which serves around 2,000 law firms globally, including 75% of the Am Law 100 and 72% of the Global 100, offers cloud-native financial management and billing software tailored to the legal industry. Its flagship product 3E, alongside integrated AI and payments capabilities, has seen strong growth under TPG’s ownership.

TPG initially partnered with Thomson Reuters to carve out Elite in 2023. Since then, Elite has launched new AI-enabled offerings, expanded its cloud subscriber base, and acquired payments platform Tranch.

“With Francisco Partners’ financial support and extensive legal software and payments expertise, we are confident they are the right partner to help us continue to deliver our transformative products to the legal industry,” said Mark Dorman, CEO of Elite.

Peter Christodoulo, Partner at Francisco Partners, added, “Elite’s powerful, cloud-based platform for large law firms positions it perfectly for long-term growth.”

TPG Partner Tim Millikin said, “We’re proud to have partnered with Mark and the team to transform Elite from an innovative solution within a corporation into an independent, cloud-first legal tech provider.”

Evercore acted as exclusive financial advisor and Davis Polk & Wardwell LLP as legal advisor to TPG and Elite. Francisco Partners was advised by Centerview Partners and Kirkland & Ellis LLP.

The acquisition marks Francisco Partners’ latest investment in the legal technology space, following its long-standing focus on tech-enabled businesses. TPG will exit the business as part of the transaction.

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