TA Associates sells Mitratech
TA Associates, a global growth private equity firm, has sold its ownership interest in Mitratech, as part of Mitratech’s sale to Ontario Teachers’ Pension Plan Board at an enterprise value of USD1.55 billion.
The transaction was completed on 18 May, 2021 after all necessary closing conditions were achieved.
With Mitratech’s proven portfolio of end-to-end software solutions, organisations worldwide are able to implement best practices and standardise processes across all lines of business to automate activities of the corporate legal department, help organisations manage legal complexity, and stay compliant with an ever-changing landscape of risks and obligations. Mitratech serves more than 40 per cent of the Fortune 250 and over 500,000 users across the globe. Additionally, more than 12,000 law firms, including 100 per cent of the Am Law 200, collaborate with their corporate clients through Mitratech’s e-Billing product offerings.
“Since beginning our partnership with Mitratech in 2015, the business has successfully executed against its growth strategy through organic initiatives and strategic acquisitions, expanding its software offerings and global reach,” says Hythem El-Nazer, Managing Director at TA. “We believe that Mitratech is well-positioned for continued acceleration in growth going forward.”
Over the last 24 months, Mitratech has completed seven acquisitions, expanding its product portfolio and enabling global organisations of all sizes to benefit from a market-leading suite of legal, contract lifecycle management, risk and compliance solutions. In addition, the company introduced a number of significant product innovations and achieved double digit bookings growth.
“The acceleration in growth, operational excellence and results at Mitratech have been impressive,” says Mark Friedman, former Chairman of Mitratech and ST6 Managing Director. “The company has a commanding market leadership position and tremendous momentum, and it will be exciting to watch Mitratech’s future success.”
“TA and ST6 have been invaluable partners over the last six years,” says Mike Williams, CEO of Mitratech. “TA has been pivotal in driving our acquisitions and ST6 has been instrumental in scaling the company and accelerating our overall progress. It’s been great to work with Mark and Hythem again, and I appreciate their contributions to Mitratech’s success.”