Mitratech, a provider of enterprise legal and risk management solutions for companies around the world, has secured an investment from private equity firm HgCapital.
TA Associates, which invested in Mitratech 18 months ago, will continue to retain a minority interest in Mitratech.
Mitratech’s software portfolio has expanded to include solutions that help its clients meet increasingly demanding compliance and regulatory obligations. It 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 organisations and 500,000 users across the globe. Additionally, over 12,000 law firms, including 100 per cent 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 success in the US and international markets. Its footprint has expanded to include operations in the UK and Melbourne, Australia. Over the same period, Mitratech's global user community has more than doubled while client retention has stayed consistently above 95 per cent.
Founded in 2000, HgCapital invests in high-growth private companies. The firm has a current portfolio of 35 companies around the world and has more than USD10.5 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," says 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," says 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," says 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 advisers to TA Associates and Mitratech during the transaction. Goodwin Procter provided legal advice to TA Associates and Mitratech.
