Mitratech, a specialist in Corporate Legal Automation solutions including Matter Management, e-Billing, and Governance Risk and Compliance automation, has been acquired by Vista Equity Partners (Vista), a private equity firm with USD6 billion in committed capital.
"We are thrilled to be partnering with Mitratech," says Robert F Smith, Vista’s founder and CEO. "Mitratech’s customers derive significant value by investing in Corporate Legal Automation applications and will now benefit from the added stability and operational expertise of our firm. Mitratech holds a commanding position in the industry and we look forward to continuing and evolving the Company’s partnership with its customers."
Mitratech provides market-leading Corporate Legal Automation (CLA) for corporations and their trusted partners. Customers benefit from Mitratech’s TeamConnect CLA solution by improving transparency of corporate reporting, reducing exposure to risk, and sharpening operating discipline, information security, and efficiency of corporate legal processes through the deployment of specialised corporate legal automation and governance, risk, and compliance applications.
As part of the acquisition, Mitratech announces the appointment of Eric Thurston to the role of President of the Company. Thurston will replace Afshin Behnia, who has served as President and CEO since 2004.
"I am excited to be taking on this important leadership role at a time when corporate legal automation is more important than ever and Mitratech is a very strong company with the most robust and comprehensive CLA solutions available," says Thurston. "I am looking forward to working with Mitratech employees and partners to deliver maximum value to our customers, while ensuring growth and stability for the Company long-term."
Thurston has more than twenty years of technology experience leading business development, operations, and sales and marketing organisations. Most recently, he was Senior Vice President of Operations at P2 Energy Solutions, a Vista Equity Partners company that provides a comprehensive range of software, data and services to oil and gas industries. While at P2, Thurston architected a market-centric transformation focused on delivering maximum value to customers.
"This transaction is the best possible outcome for Mitratech’s customers, products and people. Vista’s experience in growing successful software companies comes at a key time in the growth cycle of Mitratech," says Behnia. "I am proud of what we were able to accomplish over the past 24 years and look forward to seeing Vista take the Company to new heights."