Following a period of revenue growth and global expansion, Phoenix Business Solutions has been sold to Morae Global Corporation, in a move that will provide a more joined up technology and services offering to both the corporate and private practice legal market.
The combined entity brings together Phoenix’ document management expertise and Morae’s strength in advisory, managed services and discovery capabilities.
Phoenix was founded in 2003 and while its sale to Morae represents a financial exit for its founders, a statement out today (1 May) says that the Phoenix leadership team will remain in place: CEO Mathew Crocker (pictured top right) is president of Morae Global’s new Phoenix service line and David Boswell is moving into a senior managing director role.
The acquisition follows a period of growth for the company: in its last financial accounts for the year ended 31 July 2018, Phoenix’ turnover grew by 20% to £16,594,524.
Shahzad Bashir, president and CEO of Morae Global said: “Helping our clients better collaborate through the use of technology, data and information management serves our core mission of transforming legal and compliance into functions that perform like other business units.”
“It has always been our mission to help all players in the legal/compliance ecosystem to be efficient, safe and smart, and combining with Morae Global is a giant step in that direction,” says Crocker. “Shahzad’s team has been the go-to advisors for corporate law departments for many years, and the technology, consulting and legal process services they perform are truly transformational. Together, we are uniquely situated to meet the growing need of law firms and law departments to collaborate through all phases of the information life cycle.”
Phoenix is a leading iManage support partner and Neil Araujo, CEO at iManage said: “Morae Global and Phoenix bring together complementary strengths to enable our joint customers to fully leverage the breadth and depth of our platform to execute on their digital transformation vision. We look forward to expanding the scope, scale and value of our joint offerings to the legal market.”
Morae Global is headquartered in Houston and now has offices in 11 cities across four continents, including Abu Dhabi, Bangalore, Chicago, Frankfurt, Hong Kong, London, New York, Sydney, Washington, D.C., and Zurich.