Dear Clients and Friends,
Houlihan Lokey is pleased to present its inaugural Legal Technology and Services Industry Update.
We have included a sector overview, recent M&A and investment themes, relevant transaction
announcements, a public markets overview, and other insights to help you stay ahead in our dynamic
and constantly evolving industry.
This issue spotlights alternative legal services providers (ALSPs) and some of the key industry trends
and investment themes observed in the sector.
We hope you find this update to be informative and that it serves as a valuable resource to you in
staying abreast of the market. If there is additional content you would find useful for future updates,
please don’t hesitate to call or email us with your suggestions.
We look forward to staying in touch with you.
Regards,
2
Legal Technology and Services Q3 Update
Industry Subsectors Covered
Attorney Workflow
Solutions
Alternative Legal
Services Providers
Enterprise Legal
Management Software
Legal Practice
Management Software
Chin Pandya
Director, BPO and Legal
Services
Los Angeles
[email protected]
310.789.5758
Julian Moore
Managing Director, Joint
Head of Legal Software
London
JW[email protected]
+44 (0) 20 7907 4219
Charlie Stocks
Managing Director, Joint
Head of Legal Software
New York
Charlie.Stoc[email protected]
917.751.7087
Tom Battersby
Director, BPO and Legal
Services
Manchester
[email protected]
+44 (0) 161 240 6424
3
Houlihan Lokey is the trusted advisor to more top
decision makers than any other independent global
investment bank.
Houlihan Lokey Transactions in the Legal Technology and Services Sector
Market Leader Across Sectors and Geographies
Tombstones included herein represent transactions closed from 2018 forward.
*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey
or by professionals from a Houlihan Lokey joint venture company.
2021 Investment Banking Rankings
All Global Technology Transactions
Advisor
Deals
1
Houlihan Lokey
124
2
Goldman Sachs
114
3
JP Morgan
91
4
Morgan Stanley
87
5
William Blair
67
Source: Refinitiv. Excludes accounting firms and brokers.
Houlihan Lokey is the trusted advisor to more top decision-makers than any
other independent global investment bank.
has been acquired by
a portfolio company of
Sellside Advisor
has been acquired by
a portfolio company of
Sellside Advisor
a portfolio company of
has acquired
Buyside Advisor
a portfolio company of
has acquired
Buyside Advisor
has acquired
a portfolio company of
Buyside Advisor
has been acquired by
a portfolio company of
Sellside Advisor
has acquired
a portfolio company of
Buyside Advisor
has been acquired by
a portfolio company of
Sellside Advisor
has been acquired by
Sellside Advisor*
a subsidiary of
has been acquired by
Sellside Advisor
has been acquired by
Sellside Advisor
has been acquired by
a portfolio company of
Sellside Advisor
a subsidiary of
has been acquired by
a portfolio company of
Sellside Advisor
2021 Investment Banking Rankings
All Global Transactions
Advisor Deals
1 Houlihan Lokey 549
2 Goldman Sachs 511
3 JP Morgan 508
4 Rothschild 437
5 Morgan Stanley 393
Source: Refinitiv. Excludes accounting firms and brokers.
2021 M&A Advisory Rankings
All Global Business Services Transactions
Advisor Deals
1
Houlihan Lokey 80
2
PricewaterhouseCoopers 65
3
KPMG 60
4 K3 Capital Group 45
5
Deloitte 43
Source: Refinitiv.
$17.3
$17.6
$18.4
$20.8
$22.2
$23.6
$25.2
2019 2020 2021 2022 2023 2024 2025
Sources: Allied Market Research, Thomson Reuters, Statista, industry research.
4
Overview
The legal technology and services sector, comprising software and/or services providers to law firms
and corporate legal departments offering everything from point solutions to end-to-end capabilities,
will continue to see significant investment and growth driven by a number of broad market trends.
• Legal software market is expected to reach $25.2 billion in 2025, driven by the demand for legal expertise
and the influx of new tech, such as advances in cloud computing, remote work, and machine learning.
• The ALSP market is worth ~$14 billion and has become a growing part of the legal landscape, driven by the
need for more efficiency and speed to handle the growing volume of legal work, combined with tightening
budgets, driving demand for cost-effective alternatives to outside counsel or hiring in-house resources.
At a Glance
CAGR 6.4%
Global Legal Tech Market ($B)
▪ Over 2019–2025, the global legal tech market is
expected to post a 6.4% CAGR to reach $25.2
billion from $17.3 billion.
▪ The sizeable growth in the adoption of legal tech
is driven by the rising opportunities available in the
legal services market, which has allowed for
greater awareness of tech-related solutions for
purposes such as billing and tracking, document
management, and payment processing.
▪ The associated benefits of using software
solutions, such as contract management and
efficient legal data analysis, are further boosting
the demand for legal software solutions.
Legal Technology and Services Subsectors
These solutions will help in-house legal departments manage and optimize legal operations and
workflows, including legal spend and eBilling, matter management, contract management, IP
management, entity management, legal hold, compliance management, and search and reporting.
These solutions will help law firms manage and optimize firm operations and workflows,
including practice management software, billing and time management software, and case
management software.
Software, data, and tools for legal professionals will increase efficiency in delivery of legal
services and insights, including contract management, eDiscovery, document management,
verdict and regulatory research, AI and advanced analytics, and IP management.
Enterprise
Legal
Management
Software
Alternative
Legal Service
Providers
Their comprehensive services, traditionally offered by or procured from law firms, include
litigation and investigation support, legal research, document review, eDiscovery, legal process
outsourcing, IP filing and renewals, legal translation, compliance services, legal staffing,
settlements administration, and firm support services.
Legal Practice
Management
Software
Attorney
Workflow
Solutions
Sources: Globalscape, Gartner, Corporate Legal Operations Consortium (CLOC), industry research.
(1) Based on a Gartner study of 117 organizations in the second half of 2020.
5
Common Themes and Value Drivers Across the
Sector
Cloud and AI Adoption Driving Push to Adopt New
Technology
As corporates worldwide move their IT systems away from
on-premise hosted solutions to cost-effective public cloud
deployments, legal departments are shifting their reliance to
new technology.
The demand for integration capabilities, agile work
processes, and composable architecture, coupled with
digital transformation, is driving cloud adoption.
Exponential Growth of Enterprise Data
Increasing enterprise data volume globally is boosting the
demand for streamlined, standardized systems, which help
organizations find, manage, access, store, and secure their
data.
Constantly rising information volume due to regulation,
litigation, or compliance investigations requires software
solutions to govern and scrutinize the data effectively and
increase real-time access.
Increasing Regulatory and Compliance Risk
Compliance spending was projected to remain flat to 2019
levels in 2020 due to widespread disruption of COVID-19
after several years of rapid growth, according to Gartner.
Total compliance spend per 1,000 employees grew more
than 42%, from $114,000 in 2017 to reach $162,000 in
2019.
Cloud and Digital Transformation Market ($B)
Global Enterprise Data Volume (Terabytes)
Compliance Spend Per 1,000 Employees ($)
(1)
297
570
221
498
201
407
193
390
89
160
2020
2022
Internally Managed Data Centers
Cloud Repositories
Third-Party Data Centers
Edge and Remote Locations
Other Locations
$19.0
$22.4
$26.5
$31.2
$36.9
$43.6
$13.9
$16.5
$19.5
$23.0
$27.1
$32.0
$69.7
$82.4
$97.3
$114.9
$135.7
$160.2
2020 2021 2022 2023 2024 2025
IaaS PaaS SaaS
$114K
$142K
2017
2019
Sources: GlobalScape, Gartner, CLOC, industry research.
(1) Based on the 2021 CLOC State of the Industry survey report, containing responses from 200 organizations across
more than 22 industries and 21 countries.
6
Significant Opportunity for Workflow Automation
Global legal spend remains significantly concentrated in
human labor hours, creating a large opportunity for software
vendors capable of automating manual tasks and increasing
efficiency for corporate clients and law firms.
eSignature, eBilling, contract management, and document
management remain the top four technology areas of
investments by legal departments.
Rise of the Legal Ops Professional
Jobs of legal ops professionals in corporate legal
departments are increasingly taking center stage, driven by
their growing focus on cost management and shift toward
remote work.
This has led to the adoption of a more holistic approach to
IT and software needs in the legal and compliance space, in
addition to coordination and optimization of outside counsel
spend and investments in advanced legal technologies.
Increasing ALSP Adoption as Corporations and Law
Firms Seek to Reduce Costs
Growing access to specialized expertise remains a strong
driver of the adoption of ALSPs both by law firms and
corporations in the U.S.
This adoption is expected to accelerate, owing to the belief
that the outsourcing of certain tasks to ALSPs rather than
assigning them to in-house or external attorneys can better
preserve margins.
55%
56%
63%
67%
74%
79%
87%
Board Management Solution
Legal Analytics and Dashboards
Web Portal/Internal Site
Document Management
Contract Management
eBilling System Management
eSignature
% of Respondents Employing Technology
(1)
13%
17%
20%
40% 1%
2018
2020
Yes, Role Is Served by Lawyer
Yes, Role Is Served by Non-Lawyer
Yes, Role Is Served by a Dedicated Specialist Outside Legal
51%
72%
79%
61%
70%
71%
2016 2018 2020
U.S. Law Firms U.S. Corporations
Departments With Legal Ops Manager
(1)
Use of ALSPs by Law Firms and Corporations
Common Themes and Value Drivers Across the
Sector (cont.)
ALSPs offer a wide range of functional and outsourced support services to law firms and
corporations, including eDiscovery, litigation support, legal process outsourcing, and specialty
legal services.
Source: Industry research.
7
Spotlight: Alternative Legal Services Providers
Breakdown by Subsectors
eDiscovery
eDiscovery allows legal professionals to process, review, tag, and produce electronic
documents—such as emails, files, and databases—with the intent of using them as
evidence in civil or criminal legal cases.
Legal Staffing/Document Review allows companies and legal professionals to recruit
the right professionals and enables organizations to examine the documents related to a
litigation matter to assess their relevancy, responsiveness, and privilege.
Deposition Services is a solution offered by highly trained professionals with the ability
to capture the words spoken during a court or deposition proceeding and convert them
into readable, searchable, and archivable information.
Records Retrieval refers to the process of finding or locating old data, documents, files,
or records—such as legal documents, account records, medical records, or insurance
records.
Litigation
Support
Legal Process Outsourcing refers to the practice wherein a law firm or corporation
outsources flexible lawyering, contract management, compliance, legal software and IT
support, or specialty consultation services on a functional or “captive” basis.
For law firms, LPO refers to internal support functions—such as IT, research, legal ops,
and procurement—to save costs.
For corporates, LPO refers to a third-party alternative to traditional law firms, providing a
fully or partially managed solution for all legal services.
Legal
Process
Outsourcing
Legal Translations involve translation of text from documents such as identity-related
documents, financial documents, official reports, transcripts, filed patents, legal rulings,
and witness statements into the official language of the pertinent jurisdiction.
IP Services and Solutions include a comprehensive suite of solutions such as patent
landscaping, freedom to operate searches, patent filing and translation, patent renewals,
patent licensing, and prosecution.
Legal Settlements/Administration are often driven by regulatory and/or compliance
requirements in regular business activities as well as litigation such as class action, mass
tort, and personal injury.
Specialty
Legal
Services
8
Spotlight: ALSPs (cont.)
13.9
10.7
8.4
201920172015
Global ALSP Market ($B)
Fast-Growing and Evolving ALSP Market…
…Creating a Massive Market Opportunity
Big Four,
10.1%
Independent ALSP,
86.5%
Captive LPOs,
3.46%
2019:
$13.9B
Market Segmentation
(1)
Sources: Alternative Legal Service Providers 2021, industry research.
(1) Big Four includes PwC, Deloitte, KPMG, and EY.
Corporate legal departments are bringing more work in-house due to
rising outside counsel costs and shifting needs for expertise in
specific areas, choosing to work directly with ALSPs.
Widening Gap Between the
Demand and Need for
Outside Counsel
Although the highlighted categories represent a ~$14 billion TAM,
the ALSP landscape includes multiple adjacent categories—such as
records, compliance, and contract management—which would likely
more than triple the overall market size.
Multiple ALSP Categories
Representing a $50+ Billion
Addressable Market
Law firms often struggle to profitably and efficiently compete with
ALSPs, given their cost structure, and hence focus on making their
own investments in technology and infrastructure so as to offset both
pricing pressure from their client base and increasing salaries for
talented attorneys.
Law Firms Invest to Compete
Against ALSPs
Investments in technology and software by ALSPs have automated
workflows, thereby driving efficiency and reducing turnaround times
and costs—a compelling value proposition for law firms and
corporations alike.
Technology Adoption
Despite experiencing record investment and consolidation over the
past five years, the ALSP market remains fragmented, with even the
largest category leaders representing less than half of the overall
market.
Fragmented Market
Landscape Ripe for
Consolidation
9
Spotlight: ALSPs (cont.)
Opportunities for the “Integrated” ALSP Model
Current Model:
Many competitors offer strong expertise in
one “stage” of the litigation lifecycle but
lack the product offerings, expertise, and/or
scale to meet diverse client needs
“Facts” Begin
“Injury” Occurs
Document Requests
Depositions
Pre-Trial Motions
Trial
Appeal
Injury Discovered
Pre-Suit Investigation
Suit Filed
Motion to Dismiss
Gather Documents
Review and Select Documents
Litigation Lifecycle
01
02
03
04
05
06
07
08
09
10
11
12
13
End-to-End Solutions
Discovery Consulting
Managed Review
Data Hosting
Translations
Legal Staffing
Data Collection
Data Processing
Data Analytics
Data Productions
Deposition Preparation
Depositions
Deposition Summaries
Services
Integrated Model:
Long-term, stickier client relationships;
virtuous, compounding cycle of sales and
delivery; direct control and greater share of
contingent spend and resources; and
increasing productivity and efficiency
Sources: Alternative Legal Service Providers 2021, industry research.
10
eDiscovery,
Document Review,
Compliance Solutions
eDiscovery, Contract and
Document Review,
Data Management
Legal Consulting
and eDiscovery
Business
4/17/2018 10/30/2018 5/14/2021 10/19/2021 12/14/2021
Advanced Discovery
provides eDiscovery,
compliance risk assessment,
cybersecurity, legal
operations consulting, data
forensics, paper discovery,
and legal recruiting solutions.
The acquisition enabled
Consilio to offer expert
advisory, data security, and
infrastructure.
DiscoverReady is an
information intelligence
solution provider specializing
in legal, compliance, and
governance.
The acquisition helped
Consilio serve investigation,
litigation, and compliance
matters of all sizes and
complexities across the
globe.
XDD is an international
provider of eDiscovery, data
management, and managed
review services for law firms
and corporations.
The merger was expected to
allow the combined company
to operate as a global
technology-enabled service
provider and eDiscovery
leader.
Adecco Group’s D4 and EQ
is the legal consulting and
eDiscovery (“legal solutions”)
business of Special Counsel.
The acquisition milestone
significantly bolsters
Consilio’s document review,
legal process outsourcing,
and cyber incident response
capabilities.
Legility operates as a global
legal services provider.
The acquisition was
estimated to enhance
Consilio’s resources with a
deepened breadth of new
talent in managed review,
flexible legal talent,
enterprise legal solutions,
eDiscovery, and investigation
and litigation support to
corporations and law firms.
eDiscovery,
Risk Management,
Document Review
eDiscovery, Enterprise
Legal Services
Litigation Support
Outsourcing Services,
Record Retrieval
Medical Record Retrieval
Service System
Court Reporting,
Legal Video Services
5/11/2021 9/15/2021 12/21/2021 2/22/2022 6/1/2022
Imber specializes in workers’
compensation matters and
serves a large group of law
firms, third-party
administrators, insurance
companies, and corporations.
The acquisition allowed
Lexitas to broaden its reach
nationally in the outsourced
litigation services market.
Benchmark is a premier
resource for court reporters,
litigation support, and legal
video services.
This acquisition deepened
Lexitas’ presence in the
highly attractive Midwest
market, further strengthening
its national presence and
strategic growth plan.
TaylorMorse is a premier
resource for medical record
retrieval.
This acquisition was
expected to enhance Lexitas'
commitment for growth in the
West Coast market and
expand its reach in civil
litigation in California.
Strehlow, headquartered in
Newtown, Pennsylvania, is a
premium provider of court
reporting and legal video
services.
This acquisition was
estimated to allow Lexitas to
expand the depth and quality
of its service offerings in the
greater Philadelphia market.
Yorkson Legal is a legal
talent outsourcing services
provider in the U.S.
This acquisition is estimated
to allow Lexitas to increase
its service offerings to law
firms and corporate legal
departments nationwide.
Workers’-Compensation-
Related Outsourced
Litigation Support Services
Legal Staffing,
Legal Compliance
Sources: Company website, press release, industry research.
Spotlight: ALSPs (cont.)
The ALSP sector continues to experience record levels of investment and M&A activity as
providers seek to add scale, new clients and geographies, and capability sets to differentiate
themselves in the market.
Common M&A Themes and Value Drivers—Rapid Consolidation
Common M&A Themes and Value Drivers—The One-Stop-Shop Model
has been acquired by
a portfolio company of
Sellside Advisor
has acquired
a portfolio company of
Buyside Advisor
11
Select ALSP M&A Transactions
Sources: S&P Capital IQ, press releases.
(1) An enterprise legal management software company specializing in intellectual property.
eDiscovery
Litigation
Support
Legal
Process
Outsourcing
Specialty
Legal
Services
The transactions below represent a select list of relevant deals across the ALSP sector that
highlight some of the themes driving investment and consolidation in the industry.
Acquirer Target Subsector
Announced
Date
Houlihan Lokey
Deals
eDiscovery Nov-21 –
eDiscovery Jul-21
eDiscovery Apr-21
eDiscovery Aug-20 –
Compliance Oct-20
Legal Staffing/Review Mar-20 –
Records Retrieval Feb-20
Records Retrieval Jan-20 –
Deposition Services/
Records Retrieval
Nov-19 –
Deposition Services Aug-18 –
LPO Dec-21 –
LPO Jun-21 –
LPO Aug-20 –
LPO Sept-18 –
Legal Translations Apr-22 –
Legal Settlements/
Administration
Dec-21 –
IP Jun-21
IP Apr-21
Legal Translations Mar-21
IP Mar-21 –
IP Oct-20 –
(1)
Deals advised by Houlihan Lokey
(1)
(1)
(1)
(1)
12
Public Markets Overview
Legal Technology and Services
TEV/2022E EBITDA
TEV/2022E Revenue
40.9x
26.2x
NM
NM
15.2x
NM
31.0x
12.6x
19.8x
9.3x
33.9x
16.6x
20.6x
13.5x
NM
23.0x
8.1
NM
33.0x
10.0x
16.2x
8.2x
23.3x
15.9x
2021 2022E
3.5x
8.4x
7.4x
5.7x
6.5x
3.8x
6.6x
3.7x
6.0x
1.7x
8.5x
5.0x
2.9x
5.6x
5.5x
4.5x
4.5x
3.2x
5.0x
3.5x
6.1x
1.8x
8.1x
5.0x
2021 2022E
Revenue growth, EBITDA, and other projections are based on S&P Capital IQ consensus estimate
data points as of 30 June 2022.
13
Public Markets Overview
Legal Technology and Services (cont.)
Valuations Are Correlated to Future Revenue Growth
(1)
Publicly Traded Legal Technology and Services Providers
R² = 0.4855
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
TEV/2022E EBITDA
2022/2023E Revenue Growth
The legal technology and services sector continues to enjoy robust growth, which is a major driver
of valuations.
Valuation is also driven by business models, with SaaS businesses driving the highest multiples,
followed by subscription content business and tech-enabled services. This is similar to most other
information verticals.
($ in millions, except per-share prices) Market Data
As of 6/30/22 % of 52- Total 2022E TEV/ 2022E
Company Name
Stock
Price
Week
High
Equity
Value
Enterprise
Value
Revenue
Gross
Margin
EBITDA
EBITDA
Margin
FCF
Conversion
(2)
Net Debt
Net Debt/
EBITDA
2022E
EBITDA
2022E
Revenue
Cellebrite DI Ltd. $5.10 86.3% $965.9 $851.2 $292.0 81.6% $41.3 14.1% 79.8% ($181.1) N/M 20.6x 2.9x
Clarivate Plc 13.86 50.0% 9,321.5 15,698.6 2,792.8 67.5% 1,162.1 41.6% 85.7% 5,428.2 4.7x 13.5x 5.6x
CS Disco, Inc. 18.04 26.0% 1,057.8 840.8 152.2 72.2% (46.0) (30.2%) N/M (194.1) 4.2x NM 5.5x
DocuSign, Inc. 57.38 18.2% 11,472.8 11,224.8 2,472.5 80.3% 488.5 19.8% 82.4% (647.3) N/M 23.0x 4.5x
Dye & Durham Limited 16.89 43.1% 1,167.6 1,932.2 425.4 NA 238.6 56.1% 99.7% NA N/M 8.1x 4.5x
Intapp, Inc. 14.64 35.8% 910.9 922.1 291.0 NA (8.1) (2.8%) N/M NA N/M NM 3.2x
Magnet Forensics Inc. 13.41 26.2% 547.8 461.5 92.5 92.6% 14.0 15.1% 77.5% (130.2) N/M 33.0x 5.0x
Open Text Corporation 37.84 68.5% 10,130.0 12,711.9 3,599.2 NA 1,271.2 35.3% 93.4% NA N/M 10.0x 3.5x
RELX PLC 27.05 90.0% 51,843.2 59,198.4 9,713.9 64.3% 3,645.1 37.5% 86.9% 6,825.0 1.9x 16.2x 6.1x
RWS Holdings plc 4.18 50.5% 1,628.6 1,641.3 900.5 NA 200.1 22.2% 78.4% NA N/M 8.2x 1.8x
Thomson Reuters Corporation 104.18 85.7% 50,607.4 53,963.7 6,676.9 35.6% 2,313.4 34.6% 77.2% 2,903.8 1.3x 23.3x 8.1x
Wolters Kluwer N.V. 96.76 87.9% 24,662.4 26,890.1 5,319.5 70.0% 1,692.1 31.8% 81.2% 2,153.3 1.3x 15.9x 5.1x
Median $1,686.5 71.1% $363.6 27.0% 81.8% $1,011.5 1.9x 16.1x 4.8x
Mean $2,727.4 70.5% $917.7 22.9% 84.2% $2,019.7 2.7x 17.2x 4.7x
Revenue growth, EBITDA, and other projections are based on S&P Capital IQ consensus estimate data points as of 30 June 2022..
(1) CS Disco and Intapp are not a part of the analysis due to negative EV/2022E EBITDA values.
(2) FCF Conversion defined as (EBITDA – CapEx)/EBITDA.
14
Legal Technology and Services Transactions
Source: S&P Capital IQ.
Deals advised by Houlihan Lokey
Announced
Date
Acquirer Target Target
Description
Enterprise Legal Management Software
Jun-22
Shanghai Yunqi Investment
Management Co., Ltd.
One Contract Cloud
Develops contract management software offering contract templates, drafting,
approval, signing, and changes solutions
Jun-22 Intapp Billstream (Wilson Allen)
Provider of billing automation solution intended to help businesses automate their
billing process
May-22
Tiger Global; Avatar Growth Capital;
Sequoia Capital; Partners Group
Sirion Labs Private Ltd.
Provides SaaS-based enterprise post-signature contract management solutions
such as contract repository and automated invoice reconciliation
May-22 LexisNexis Parley Pro
Provides contract lifecycle management (CLM) solution such as contract request,
drafting, negotiation, signature, and post-signature management
Mar-22 Main Capital Partners BV Blika Solutions AB
Develops tax and legal management SaaS software solutions such as entity
management, contract management, document generator, and filing tracker
Mar-22 G Squared; G2VP, LLC LinkSquares, Inc.
Provider of AI-powered contract and legal document analytics tool offering crisis
management, contract review, and compliance solutions
Mar-22
Eurazeo SE; Cathay Capital Private
Equity; Sagard Holdings
DiliTrust SAS
Provides SaaS-based software solutions such as contract management, legal
entities management, and centralized management of legal areas
Feb-22
Empire Technologies Risk
Management Group
Palmeiro & Platt Law Firm
Acquired cybersecurity and data protection practice of Palmeiro & Platt law firm
Feb-22
Red Dot Capital; Vintage Ventures;
Shasta Ventures; Aleph Venture
Anecdotes A.I Ltd.
Develops a SaaS enterprise-class compliance platform offering data evidence
collection solutions to automate evidence collection
Feb-22 MLM 2 and Warburg Pincus Minesoft
Provider of global patent search software and information services
Feb-22 team.blue Iubenda
Offers products and services such as a privacy and cookie policy generator, cookie
solution, consent solution, and internal privacy management
Feb-22 Lexly AB LegalHero
Provides online legal advisory platform where companies can create cases and
receive legal advice online from a curated selection of legal experts
Jan-22 Alt Legal Towergate
Provides intellectual property monitoring, reporting, and data feed services to law
firms and organizations
Jan-22 SAP SE (XTRA:SAP) Icertis, Inc.
Develops a cloud-based contract management platform that manages sellside,
buyside, and corporate enterprise contracts
Jan-22 Vista Equity Partners Management BigTime Software, Inc.
Develops cloud-based platform offering time-tracking, billing, resource
management, and project management for professional services firms
Jan-22 Mitratech Quovant
Operates as a legal-spend management software that provides analytics,
engagement visibility, and managed services to legal professionals
Jan-22
Eight Roads; Union Square;
Seedcamp Investments; Point Nine
Juro Online Ltd.
Develops a SaaS-based contract management software that helps legal and
business users agree and manage contracts in one unified workspace
Jan-22 Onit SecureDocs
Provides cloud-based business software that helps companies store and share
critical business documents
Dec-21
Golub Capital; Meritech Capital;
StepStone; Signal Peak
Filevine, Inc.
Provides case management, lead management, document management, contract
management, business analytics, and eSignatures solutions
Dec-21 Mitratech Continuity
Provides regulatory technology services to automate compliance management for
banks, credit unions, and financial institutions
Dec-21 LexisNexis Closd
Provides legal project management solutions such as automated workflow
management, secure document sharing, data rooms, and electronic closing
Dec-21 Mitratech
Integrum Management
Systems
Provides integrated management services solutions in health and safety, risk,
quality, environmental, training, document, and compliance
Dec-21 Arteria AI H4
Operates as a provider of a contract lifecycle management platform offering digital
repository, online collaboration, and contract migration solutions
Nov-21 MyCase, Inc. Woodpecker (U.S.)
Provides an AI-enabled tool to automate legal document drafting through automated
population of data, document generation, and custom templates
Nov-21 Gemspring Capital LLC AINS, Inc.
Provides case management, human capital management, contract lifecycle
management, and governance, risk, and compliance solutions
Nov-21 Plum Ventures; Blue Lake Capital One Contract Cloud
Develops contract management software offering contract template, contract drafting,
contract approval, contract signing, and contract changes solutions
Announced
Date
Acquirer
Target Target
Description
Nov-21 Smarsh
Micro Focus International
DigitalSafe Business
Offers compliance, data surveillance, social media governance, and compliance
review to meet all SEC, FINRA, IIROC, GDPR, and other regulatory requirements
Nov-21
TPG; HIG Growth Partners; Capital G; Menlo
Ventures; Andreessen Horowitz; K9 Ventures
Everlaw
Provides cloud-based eDiscovery software offering early case assessment, legal
holds, trial preparation, data privacy, and matter management solutions
Nov-21 Entreda, Inc. Privva, Inc.
Develops and offers cloud-based vendor risk assessment platform to law firms,
academic institutions, and healthcare technology companies
Oct-21 Scanmarket A/S Symfact AG
Provides enterprise compliance management solutions such as contract
management, risk management, legal entity management, and IP management
Oct-21 VR Ventures Management GmbH ContractHero GmbH
Develops a SaaS-based contract management software, offering a central digital
contract filing system to archive digital contracts, and lease management software
Oct-21 Cellebrite Digital Clues
Operates as an omnichannel digital intelligence platform that offers open-source
intelligence tools such as ProBot, ProFound, and Profiler
Sep-21 Onit BusyLamp
Operates as a legal spend and matter management platform that offers legal advice,
automated budget notifications, reports, and legal analytical services
Sep-21
Noro-Moseley Partners; TDF Ventures;
Osage Venture Partners
Malbec Solutions, Inc.
Offers contract management and quote management solutions such as contract
redlining, negotiation, review, repository, and eSignature execution
Sep-21 Mitratech Alyne
Provides risk management software that offers cybersecurity, risk management, and
compliance capability services
Sep-21 Recurring Capital Partners Hanzo
Provides in-house control over dynamic and collaborative data sources to corporate
legal and compliance teams
Sep-21 Onit Bodhala
Operates as a legal spend management platform that gathers data around attorneys’
performance, experience, and referrals with counsel options
Aug-21 BlackRock Morae Global Corporation
Provides digital and business transformation solutions such as discovery services,
document management, legal hold, and compliance services for the legal industry
Aug-21
Insight Venture Management, LLC;
AirTree Ventures Pty. Ltd.
LawVu Ltd.
Provides software offering matter, contract, spend, knowledge and document
management, and analytics and reporting solutions
Jul-21 Ipro Tech, LLC ZyLAB, Inc.
Provider of legal discovery platform covering legal hold, collection and processing,
legal discovery workflow, and legal data analytics solutions
Jun-21 Litify, Inc. LegalStratus
Provides enterprise legal management system offering legal matters management
and financial and analytics to lawyers and legal professionals
Jun-21
Picus Capital Management; Kalaari
Capital Advisors; Arka Venture Labs
Simplicontract
Technologies Private Ltd.
Develops a contract management platform covering the lifecycle from request to
renewal and all types of contracts
Jun-21 Corsearch Incopro
Operates as an online IP and brand protection software provider that helps brand
owners with actionable intelligence related to IP and copyright infringements
Jun-21
Sorenson Capital; Xerox Holdings; Catalyst
Investors; Bottomline Technologies; MassMutual
Ventures; First Ascent Ventures; BGV
Management
LinkSquares, Inc.
Provider of AI-powered contract and legal document analytics tool offering crisis
management, contract review, contract storage, and compliance solutions
Jun-21 Nordic Eye Venture Capital ContractZen
Provides governance software for advanced contract management, board meeting
management, entity management, eSignature, and virtual data management
May-21
Future Energy Ventures; British
Business Investments; NextLaw Labs
Libryo Ltd.
Develops regulatory compliance management software
May-21 Mitratech Contract Room, Inc.
Provides an enterprise cloud-based negotiation and contract management platform
May-21 Mitratech AdvanceLaw
Specializes in identifying lawyers and law firms through its in-house legal teams
May-21
Shasta Ventures Management, LLC;
AirTree Ventures Pty. Ltd.
LawVu Ltd.
Provides software offering matter, contract, spend, knowledge and document
management, and analytics and reporting solutions
May-21 Anaqua SeeUnity
Developer of content integration, sync, and migration software products catering to
various types of business applications
May-21 Intapp Repstor
Provides data management SaaS and offers backup and recovery, cloud archiving,
disaster recovery, and data migration
Apr-21 Thomas Bravo Proofpoint
Operates as a cybersecurity and compliance company offering email security and
protection, threat protection, cloud security, and compliance and archiving
Apr-21
OMERS Private Equity; G Squared; M12; One
Peak Partners; Altos Ventures Management;
Rembrandt Partners
PandaDoc, Inc.
Provides document workflow automation platform that enables users to create sales
documents, employ quoting, get eSignatures, and automate workflow
15
Legal Technology and Services Transactions (cont.)
Source: S&P Capital IQ.
Deals advised by Houlihan Lokey
Announced
Date
Acquirer
Target Target
Description
Mar-21
HenQ Capital Partners B.V.; Kima
Ventures SAS
Leeway SAS
Develops contract management software offering contract monitoring, visibility and
control, and contract collaboration to in-house legal departments
Mar-21 Ironclad, Inc. PactSafe, Inc.
Provides contract management and eSignature solutions for large and
small businesses
Mar-21
Parkwalk Advisors Ltd.; Perivoli
Innovations
Legislate Technologies
Ltd.
Provides software platform offering contract management, create agreement,
automated insights, and contract lifecycle management solutions
Mar-21 Silver Lake Relativity
Provider of eDiscovery and enterprise legal software solutions such as early case
management, data privacy, legal holds, and patent search
Mar-21 Ontario Teachers Mitratech
Provides web-based enterprise legal management solutions such as matter
management, spend management, eBilling, legal hold, and contract management
Feb-21
Meritech Capital; Headline; Greycroft;
Premji Invest; B Capital Group; PSP
Growth
Icertis, Inc.
Develops a cloud-based contract management platform that manages sellside,
buyside, and corporate enterprise contracts
Feb-21 Anaqua Quantify IP
Provider of intellectual property (IP) cost estimation software that gathers IP cost data
and combines them into its product line
Feb-21 RLDatix Ltd. Ecteon, Inc.
Provides contract management services, including strategic planning,
implementation, training, and support services
Jan-21 Peak Capital BV Precisely AB
Operates as a legal tech company that develops cloud-based automation software
for contract management
Jan-21 BOND Ironclad
Provides contract lifecycle management platform to handle all contract types—legal,
sales, finance, HR, marketing, and procurement
Jan-21 Questel doeLEGAL, Inc.
Operates as an enterprise legal management and eDiscovery legal technology
company
Jan-21 Relativity VerQu
Operates as a data management software company that helps organizations
migrate and capture communication data for record retention and compliance
Legal Practice Management Software
Jun-22
Wolters Kluwer Legal, Tax &
Regulatory Europe
Level Programs S.L.
Designs, develops, and provides legal practice management software solutions to
lawyers, solicitors, advisors, company, or administration legal departments
Jun-22 Anaqua Practice Insight
Provider of business intelligence software that offers timezone handling, auto activity
tagging, and automated timekeeping for law professionals
Jun-22 AffiniPay, LLC MyCase, Inc.
Develops legal practice management software solutions such as client
communications, tracking billing cycles, case management, and lead management
Jun-22 Surepoint Technologies Coyote Analytics LLC
Develops and operates a legal software that offers financial management solutions
to law firms
May-22 MyCase, Inc. Docketwise
Provides immigration software platform and case management solutions, which
includes case tracking, workflows, two-way text messaging, and billing
May-22 Magnet Forensics Comae Technologies
Operates as a cybersecurity company that specializes in cloud-based memory
analysis used to recover evidence from the volatile memory of devices
Apr-22 Resurgens Technology Partners i-Sight Software
Develops and provides web-based case management solutions for incidents and
investigations
Apr-22 LegalTech, LLC LollyLaw
Provides legal practice management software solutions for immigration law or
related areas
Mar-22 Clio Proof Technology
Developer of a mobile application to deliver time-sensitive legal documents, real-
time tracking, and electronic proof-of-service
Feb-22 Surepoint Technologies Cole Valley Software
Offers contact-ease cloud, CRM lookup, financial system integration, outlook
integration, and implementation services
Feb-22 Softplan SAJ ADV Sistemas Ltda.
Provides legal software for integrated management, specially developed for law
firms, departments, and public bodies
Feb-22 BigHand Ltd. Iridium Technology LLC
Develops a platform that offers business intelligence (BI), financial analytics, and
timekeeping solutions for legal and professional services firms
Jan-22 Litera Corp. Prosperoware
Developer of privacy and regulatory compliance platform to ensure compliance and
drive real business value for the digitized legal industry
Jan-22 Litera Corp. Lynch Marks
Developer of shipping management software that specializes in shipping, invoice
processing, and package tracking
16
Legal Technology and Services Transactions (cont.)
Source: S&P Capital IQ.
Deals advised by Houlihan Lokey
Announced
Date
Acquirer
Target Target
Description
Dec-21 B. Riley Securities, Inc. Exela Technologies, Inc.
Provides transaction processing solutions, enterprise information management,
document management, and digital business process services
Nov-21 MyCase, Inc. Soluno
Offers workflow-based productivity software enabling law firms to move from
underinvested legacy desktop accounting systems to cloud-based software
Nov-21 MyCase, Inc. CASEpeer
Provides case management software that offers features like leads and conversions,
tasks, calendaring, settlement negotiations, and litigation tracking
Oct-21 Francisco Partners Management, LP LegalTech, LLC
Designs and develops a suite of legal software such as law practice management
software, time tracking and billing software, and an online payments platform
Oct-21 Francisco Partners Paradigm
Provider of practice management software and integrated payments to the legal
industry
Sep-21 Clio Lawyaw
Provider of legal document automation platform designed to enable legal
professionals to streamline the document-intensive part of their work
Aug-21 Clio CalendarRules
Specializes in creating calendar events based on court deadlines and offers other
features such as date calculator, docket calculator, and docket research
Aug-21
CMIA Capital Partners; Wavemaker
Partners; M Venture Partners
Tessaract Technologies
Private Ltd.
Provides workflow automation platform offering business management, law practice
management, insurance software, and accounting practice management
Aug-21 Mainsail Management Company, LLC Centerbase, Inc.
Develops and offers practice management software for law firms, focusing on
document management, timekeeping, and business development
Aug-21 Litera Corp. Concep Ltd.
Provider of digital marketing software that offers customer relationship management
(CRM) integration, email marketing surveys, and content automation
Aug-21 Litera Corp. Kira Systems
Provider of AI-driven contract analytics software that enables users to reduce the time
spent on document review and identifies and extracts provisions and data points
Jul-21 AbacusNext Zola Suite
Provides fully integrated legal practice platform that offers matter management,
document automation, time and billing, and settlement management
Jul-21 ProfitSolv Tabs3
Provides software products for law firms and legal professionals, ranging from
billing to practice management, check writing to general ledger, and trust accounting
Jul-21 Litera Corp. Objective Manager
Provider of strategic planning, performance management, and talent engagement
software primarily for law firms
Jul-21 Dye & Durham
GlobalX Information
Services
Provides cloud-based software solutions, including business regulatory information,
practice management software, electronic contracts, and legal support services
Jun-21 Access UK Ltd. Select Legal Systems Ltd.
Provides legal software solutions such as practice management, case management,
document management, and litigation cost management
Jun-21
Aquiline Capital Partners LLC;
ParkerGale, LLC
Surepoint Technologies
Provides financial, time management, and practice management software to law
firms
May-21 Sandline Discovery 24legal
Provides consultation, implementation, and management of document management
platforms as well as law firm management platforms like CLIO PMS
May-21 Warburg Pincus NetDocuments
Provides cloud-based content services and productivity platform for law firms,
corporate legal teams, and compliance departments
Apr-21
OMERS Private Equity; T. Rowe Price
Associates, Inc.
Themis Solutions Inc.
Develops legal practice management and client intake software solutions such as
billing, case management, contact management, and document management
Apr-21
CDPQ; Neuberger Berman; Viking Global
Investors; Atreides Management
Druva
Provides protection and management software solutions for cloud data
Apr-21 Litera Corp. Clocktimizer
Provider of business intelligence software that specializes in providing insights that
enable law firms to improve their pricing, control budget, and scope
Apr-21
T. Rowe Price Associates; OMERS
Growth Equity
Clio
Provides legal practice management, document automation, client intake, and CRM
software solutions
Mar-21 Kroll Redscan
Provides services and digital products related to valuation, governance, risk, and
transparency
Mar-21 Thomas H. Lee AbacusNext
Provider of practice management software for legal, accounting, and compliance
firms
Feb-21 Litera Corp. DocsCorp
Provider of hybrid SaaS-based software solutions such as redaction, document
filing, metadata removal, document processing, and PDF manipulation
Feb-21 Opus2 International Bar Squared
Provides chambers management software that streamlines and automates billing to
improve cash flow
17
Legal Technology and Services Transactions (cont.)
Source: S&P Capital IQ.
Deals advised by Houlihan Lokey
Announced
Date
Acquirer
Target Target
Description
Feb-21
70Ventures; Iron Wolf Capital, UAB;
Corvus Ventures; Next Road Ventures
Amberlo Ltd.
Provides law practice management software to manage legal billing, contacts,
matters, case, documents, legal calendar, rates, and trust accounting for law firms
Jan-21 Litera Corp.
Foundation Software
Group
Provider of software for large law firms that includes integrated applications for
experience management, expertise location, and client management
Attorney Workflow Solutions
Jun-22 Anaqua WiseTime
Provides enterprise-grade autonomous timekeeping solution for legal
Jun-22 Syntheia Motionize
Offers a Word Add-In that improves access to knowledge and provides drafting
guidance to transactional lawyers
Mar-22 Thomson Reuters ThoughtTrace
Provides a document understanding and contract analysis platform that allows users
to read, organize, and manage the document workflow
Mar-22
David Marroso; Esq.; Dr. Andrew
Langroudi; Gregory Mazares
ModeOne Technologies
Develops SaaS tool to help litigation services providers automate the remote
collection and analysis of mobile data stored on smartphones
Feb-22 DISCO
Hold360 and Request360
from Congruity 360
Provides legal workflow products and regulatory and alert solutions
Feb-22 Law Business Research Ltd.
Worldwide Legal
Research
Offers information services to the international legal community, which includes
international corporations, government agency individuals, and law firms
Jan-22 Aderant/Roper American Legal Net
Provides court forms, eFiling, calendaring, and docketing solutions to legal firms
Dec-21
Clifford Chance; Ventech; Latham &
Watkins; Forefront Venture Partners
Reynen Court Inc.
Operates a platform to support law firms to deploy legal tech tools, such as contract
analysis, discovery, and practice management
Dec-21 Karnov Group AB
Thomson Reuters' and
Wolters Kluwer's Assets
Carved out legal information-based businesses of both Thomson Reuters in Spain
and Wolters Kluwer in Spain and France
Dec-21 G Squared; UiPath Ventures airSlate Inc.
Designs and develops a workflow automation platform that offers no-code workflow
automation, eSignature, and document management solutions
Nov-21 Brightflag Joinder
Provides system of record that helps legal professionals securely track activities,
collaborate with colleagues, and store work assets
Oct-21
Sterling National Bank and Bigfoot
Capital
Nextpoint
Provides cloud-based technology that automates litigation workflows for all matters
from eDiscovery to trial
Oct-21 iCONECT
Ayfie Inspector AI Code
Base from Ayfie Group
Provides search and text analytics solutions through its text analytics engine to detect
personally identifiable information and power security practice workflows
Aug-21 TWC Tech Holdings Cellebrite
Provides digital intelligence platform and solutions that transform how customers
collect, review, analyze, and manage data in legally sanctioned investigations
Aug-21 CloudNine ESI Analyst
Provides metadata analysis tools that provide intelligent link analysis, data
visualization, reporting, and review of multiple disparate forms of modern data
Aug-21 Law Business Research Ltd. Docket Navigator
Provider of patent litigation database that maintains a database of trademark,
copyright, antitrust litigation activities, and patent infringement investigations
Jun-21 The Riverside Company CloudLex, Inc.
Operates a cloud-based legal platform for trial lawyers offering proactive matter
management, calendaring, document management and storage, and conflict check
Jun-21 Crest Rock Management Company LP CloudNine
Develops cloud-based eDiscovery platform that offers preservation and collection,
legal hold notification, data ingestion, and early data assessment solutions
May-21 DocuSign Clause
Operates as a smart agreement provider that helps automate tasks such as sending
notifications, updates of contract status, and compliance checks
May-21 Filevine Outlaw
Provides end-to-end contract platform that reinvents the entire process, from legal
authoring to document generation to negotiation to signing
Apr-21 Toppan SmashDocs
Provides web-based document collaboration tool that allows users to create, review,
and negotiate documents
Mar-21
Astorg Asset Management; Five
Arrows Managers
Opus 2 International
Provides integrated software and services used in legal disputes, including court
reporting and real-time transcription, as well as virtual hearing services
Jan-21 K1 Investment Management Reveal Data Corp.
Provider of AI-powered eDiscovery platform offering processing, early case
assessment, review, and infrastructure solutions
Jan-21 K1 Investment Management Brainspace
Provider of visual analytics for eDiscovery and investigations
18
Legal Technology and Services Transactions (cont.)
Source: S&P Capital IQ.
Deals advised by Houlihan Lokey
Announced
Date
Acquirer
Target Target
Description
Jan-21
General Catalyst; Morgan Stanley
Private Equity; Highsage Ventures
airSlate Inc.
Designs and develops a workflow automation platform that offers no-code workflow
automation, eSignature, and document management solutions
Jan-21 Fastcase, Inc. Casemaker
Provider of legal research information such as federal supreme, circuit, district and
bankruptcy court decisions, case laws, practice guides, and coursebooks
Alternative Legal Services Providers
Jun-22 Lexitas Yorkson Legal, Inc.
Operates as a legal staffing and recruiting firm that provides quality attorneys,
paralegals, compliance professionals, and litigation support staff
May-22 Esquire Deposition Solutions, LLC TSG Reporting, Inc.
Provides court reporting, legal video technology, virtual and remote services, exhibit
services, and transcription services
May-22 ArcherHall, LLC Forensic Pursuit, LLC
Provider of digital forensics, eDiscovery, and expert witness services to law firms,
corporations, and eDiscovery companies
Apr-22 BIG Language Solutions Lawlinguists
Operates as a legal translation network created by lawyers, offering legal translation
services in more than 100 different language combinations
Apr-22 ArcherHall
Cooper Discovery
Solutions
Provides digital forensics and eDiscovery consulting services to the legal
community
Mar-22 Questel Markify
Provides search and watch services such as pro search screening, comprehensive
word mark searching, and trademark search
Mar-22 Veritext Legal Solutions
Michael Musetta &
Associates, Inc.
Provides unprecedented service, court reporting, and video conferencing services
Mar-22 U.S. Legal Support, Inc.
Baton Rouge Court
Reporters, LLC
Provides court reporting and related litigation support services
Mar-22 Epiq Systems Fireman & Company
Offers legal process outsourcing, litigation support, and document management
services
Mar-22
Empire Technologies Risk
Management Group
L2 Services
Operates as a full-service litigation support service provider, offering solutions
related to legal discovery core tasks of collection, processing, and review
Feb-22 ArcherHall, LLC One Source Discovery
Provider of digital forensics and eDiscovery consulting services to the legal
community
Feb-22 J.S. Held, LLC Capital Forensics, Inc.
Provides data analytics, litigation support and arbitration tools, fraud and forensic
investigations, and regulatory and risk management services
Dec-21 Lexitas TaylorMorse, Ltd.
Specializes in medical record retrieval and claims and legal document management
Dec-21
Empire Technologies Risk
Management Group
GoldMind
Offers services such as data acquisition and forensics, eDiscovery, data breach
support, big data analytics, language services, and professional staffing
Dec-21 Consilio LLC Legility, LLC
Provides consulting, technology, managed solutions, and legal talent engagement
services to corporations and law firms
Dec-21
Sedgwick Claims Management
Services, Inc.
JND Legal Administration
Co.
Provides class-action administration services, eDiscovery software and professional
services, government services, healthcare solutions, and legal notice offerings
Dec-21 Epiq Systems Simplex Legal
Offers interim support for in-house teams and corporations, legal technology
consulting, and technology-enabled legal services for high-volume legal mandates
Nov-21 J.P. Morgan Modus
Operates as a partner for law firms, corporations, and government agencies offering
eDiscovery and information governance solutions
Nov-21 Driven, Inc. Innovative Discovery, LLC
Provides service, guidance, and consultation around information lifecycle and
eDiscovery to law firms, corporations, and government agencies
Oct-21 Nextpoint WarRoom
Provides cloud-based deposition transcript repository to litigators
Sep-21 Lexitas
Benchmark Reporting
Agency, Inc.
Offers court reporting and national court reporting, litigation support, video
conferencing, and video streaming services to the legal industry
Sep-21 Consilio LLC Special Counsel, Inc.
Provider of legal consulting, attorney recruiting, legal talent, legal technology, and
eDiscovery solutions
Sep-21 Magnet Forensics DME Forensics
Operates as a video and multimedia evidence solution company offering data
recovery, DVR causality analysis, witness consulting, and digital evidence solutions
Sep-21 Nuix Topos Labs, Inc.
Develops natural language processing (NLP) software that helps computer systems
better understand text and spoken words
19
Deals advised by Houlihan Lokey
Legal Technology and Services Transactions (cont.)
Source: S&P Capital IQ.
Announced
Date
Acquirer
Target Target
Description
Sep-21 UnitedLex Corp. Blackstone Discovery Inc.
Provides litigation support, collection and analysis, data processing, eDiscovery, and
database hosted solutions for law firms and corporations
Aug-21 Frontline Managed Services LogicForce Consulting
Provides IT services and solutions for the legal profession, ranging from network
administration and desktop support to practice management
Aug-21 IMS Consulting & Expert Services, LLC Litigation Insights, Inc.
Operates as a trial-consulting and visual-communication fields firm offering mock
trials, witness preparation and jury selection services, and trial graphics services
Aug-21 Magna Legal Services
O'Brien & Levine Court
Reporting Services, Inc.
Operates as a litigation consulting and support company providing records retrieval,
depositions, video, language services, graphics, jury consulting, and trial solutions
Aug-21 Morae Global Adaptive Solutions
Provides advisory, compliance, contract lifecycle management, document
management, and legal management services to law firms
Aug-21 Cobra Legal Solutions Digital Discovery
Operates as a digital forensics and data collection company offering upstream
evidence collection, forensic investigations, and cyber incident response services
Jul-21 TransPerfect Semantix
Provides translation and interpretation services
Jul-21 Array Gnoêsis Group
Provides solutions to litigation problems, staffing needs, and document reviews to
corporate legal department and law firm clients
Jul-21 Frontline Managed Services Glasser Tech
Offers specialized software and hardware support, network design, training and
support, cloud services, backup, and disaster recovery to law organizations
Jul-21 Frontline Managed Services
Invoice Preparation
Services
Provider of eBilling services intended to help law firms by preparing invoices that
meet clients' billing and litigation management guidelines
Jul-21 Lighthouse H5, Inc.
Provides advanced search, review, and data analytics products and services
Jun-21 Veritext Legal Solutions CitiCourt, LLC
Provides court reporting, videography, and litigation support solutions and services
Jun-21 EagleTree Capital, LP Integreon, Inc.
Provides litigation, cyber incident response, contracts and compliance, creative, and
legal administrative services
May-21 Relativity Text IQ
Operates as a B2B technology company that uses AI to manage and mitigate risks in
enterprise data
May-21 Anaqua Actio IP
Provider of intellectual property management services such as patent cooperation
treaty filing, trademark search and filing, patent validation, and renewals
May-21 Lexitas Imber Court Reporters
Provides court reporting services, including conference rooms, interpretation, legal
videography, virtual office, online repository, and teleconferencing services
May-21 Gimmal Sherpa Software
Operates as an enterprise data governance and eDiscovery solutions provider
May-21 Veritext Legal Solutions Brown & Jones Reporting
Provides court reporting services, including real-time reporting, videoconferencing,
videography, and computerized litigation support services
Apr-21 Xact Data Discovery (XDD) Paralaw
Operates as a legal outsourcing company providing managed review staffing,
eDiscovery, and contracts management services to law firms and corporations
Apr-21 Xact Data Discovery (XDD) Lexolution LLC
Provider of temporary contract attorney staffing and managed review services for law
firms and corporations
Apr-21
Stone Point Capital LLC; Aquiline
Capital Partners LLC
Consilio LLC
Provider of eDiscovery, document review, risk management, and legal consulting
services
Apr-21 Consilio LLC Xact Data Discovery (XDD)
Provider of eDiscovery, data management, and managed review services for law
firms and corporations
Apr-21 Xact Data Discovery (XDD) Zeledon-Castillo, LLC
Provides core eDiscovery services
Apr-21 Blue Sage Capital Cobra Legal Solutions
Provides legal services, including eDiscovery technology services, eDiscovery
managed review, contracts management, and legal research
Apr-21 Magna Legal Services Kim Tindall & Associates
Offers legal services including court reporting, legal videography, records retrieval,
process service, and trial presentation
Apr-21 Astorg Asset Management Corsearch
Provides brand risk and performance solutions such as IP clearance, brand
protection, and anti-piracy
Mar-21 Questel
Morningside Translations,
LLC
Specializes in patent translation and foreign filing solutions as well as legal, life
sciences, and corporate compliance language services
20
Legal Technology and Services Transactions (cont.)
Source: S&P Capital IQ.
Deals advised by Houlihan Lokey
Announced
Date
Acquirer
Target Target
Description
Mar-21 Lexitas
Confidential
Communications Int'l
Offers full-service litigation support services, including records retrieval, court
reporting, and process serving
Mar-21 Oaktree Capital System One
Provides specialized workforce solutions and integrated services to utilities, telecom,
industrial, government, legal, life sciences, marketing, and IT end market
Mar-21 Questel Novum IP
Operates as an IP solutions provider comprising PAVIS, a global IP management
service provider, and Novagraaf, an IP consulting group
Mar-21 HBR Consulting Keno Kozie Associates
Provides IT consulting, systems integration, advanced application integration,
managed services, and security and risk management services to law firms
Feb-21 First Legal Redpoint Technologies
Operates as an eDiscovery and litigation technology firm offering advanced data
collection and processing, document review, and production and trial services
Feb-21 Veritext Legal Solutions Atkinson-Baker, Inc.
Operates as a court-reporting agency offering court reporting and conferencing
services, transcription and transcript, and exhibit services
Feb-21 UBEO, LLC
Rainmaker Document
Technologies, Inc.
Provides full-service litigation support technology solutions, from electronic and
paper discovery to digital printing
Feb-21 Esquire Honorable Reporting
Provides court-reporting solutions to law firms as well as servicing the Miami,
Broward, and West Palm Beach court systems
Feb-21 Veristar LLC Planet Data Solutions, Inc.
Provider of contract analysis solutions and eDiscovery services
Jan-21 Morae Global Trinogy Systems Pty Ltd.
Offers information management and software solutions, including right-to-know
processing, general counsel, electronic document, and paperless legal systems
Jan-21 ArcherHall, LLC eDiscovery Inc.
Provider of digital forensics and eDiscovery consulting services
21
Legal Technology and Services Transactions (cont.)
Source: S&P Capital IQ.
Deals advised by Houlihan Lokey
22
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and Houlihan Lokey Advisers Singapore Private Limited, each an “exempt corporate finance adviser” able
to provide exempt corporate finance advisory services to accredited investors only; (v) Hong Kong SAR:
Houlihan Lokey (China) Limited, licensed in Hong Kong by the Securities and Futures Commission to
conduct Type 1, 4, and 6 regulated activities to professional investors only; (vi) India: Houlihan Lokey
Advisory (India) Private Limited, registered as an investment adviser with the Securities and Exchange
Board of India (registration number INA000001217); and (vii) Australia: Houlihan Lokey (Australia) Pty
Limited (ABN 74 601 825 227), a company incorporated in Australia and licensed by the Australian
Securities and Investments Commission (AFSL number 474953) in respect of financial services provided to
wholesale clients only. In the United Kingdom, European Economic Area (EEA), Dubai, Singapore, Hong
Kong, India, and Australia, this communication is directed to intended recipients, including actual or
potential professional clients (UK, EEA, and Dubai), accredited investors (Singapore), professional
investors (Hong Kong), and wholesale clients (Australia), respectively. Other persons, such as retail clients,
are NOT the intended recipients of our communications or services and should not act upon this
communication.
Houlihan Lokey gathers its data from sources it considers reliable; however, it does not guarantee the
accuracy or completeness of the information provided within this presentation. The material presented
reflects information known to the authors at the time this presentation was written, and this information is
subject to change. Houlihan Lokey makes no representations or warranties, expressed or implied,
regarding the accuracy of this material. The views expressed in this material accurately reflect the personal
views of the authors regarding the subject securities and issuers and do not necessarily coincide with those
of Houlihan Lokey. Officers, directors, and partners in the Houlihan Lokey group of companies may have
positions in the securities of the companies discussed. This presentation does not constitute advice or a
recommendation, offer, or solicitation with respect to the securities of any company discussed herein, is not
intended to provide information upon which to base an investment decision, and should not be construed
as such. Houlihan Lokey or its affiliates may from time to time provide investment banking or related
services to these companies. Like all Houlihan Lokey employees, the authors of this presentation receive
compensation that is affected by overall firm profitability.
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