Breaking news: Axiom to float and spin off managed solutions business
Axiom Global today (19 February) announced it has taken the long anticipated first step towards an initial public offering: filing with the Securities and Exchange Commission form S-1; the registration statement form most commonly used by domestic companies selling securities to the public for the first time.
A statement from the company today said that the number of shares to be offered and the price range for the proposed offering have not yet been determined. The proposed offering is subject to, among other things, completion of the SEC review process and market conditions.
In further news, Axiom’s enterprise contracts intelligence solution Knowable and Axiom Managed Solutions (AMS) have been spun off from Axiom as two new independent companies, effective February 12, 2019.
“Across the years, jointly innovating with our clients as a part of Axiom, we’ve developed the view that there are three fundamental categories of legal work,” said Brendan Nelson, head of product at Knowable. “Irreducibly complex legal work that only the most experienced and talented lawyers can do; repeatable work that requires experienced lawyers but begs for the scaffolding of purpose built tools and process; and, finally, the kind of work that people should not do at all, because the learning, memory, and processing capacity of machines is simply better at it.”
Continued Nelson, “Under Axiom’s brand umbrella, AMS and Knowable have built market leading businesses and solutions to address the second and third categories, respectively. Today’s announcement recognizes the benefits of focus. Operating as independent companies will enable all three businesses to specialize in addressing their unique market opportunities.”
Chris DeConti, chief revenue officer at AMS added: “Both Knowable and AMS require and deserve the sharpness of focus, capital, and leadership energy that come with being independent growth companies. Independence will also allow us to seize unique opportunities and better serve clients, with an efficiency of focus, dedicated management teams, and tailored investment strategies.”