Francisco Partners, a global investment firm that specialises in partnering with technology businesses, will acquire Elite, a software and integrated payment solutions provider for the legal industry, from TPG Capital and Thomson Reuters.
The acquisition will provide Elite with a new financial partner to help the company capitalise on its current momentum and continue to drive product innovation and growth. Terms of the transaction were not disclosed.
Since partnering with TPG in 2023, Elite has modernised operations, launched a cloud-native platform, expanded its cloud subscriber base, rolled out embedded AI capabilities, and integrated a native payments application.
Elite has grown its cloud-based financial management product 3E to solve billing, payments, and accounting complexity industry-wide due to increased demand for these services over recent years.
Across its solutions, Elite currently serves about 2,000 law firms, including 75% of the Am Law 100 and 72% of the Global 100. The business also expanded its native payments capabilities through its acquisition of B2B payments and invoice management platform Tranch, enhancing customers’ ability to seamlessly manage invoicing and payment processes.
The transaction is expected to be completed in the third quarter of 2025, subject to customary closing conditions.
Evercore served as exclusive financial advisor and Davis Polk & Wardwell served as legal advisor to Elite and TPG. Centerview Partners served as financial advisor and Kirkland & Ellis served as legal advisor to Francisco Partners.
