DWF to acquire managed services business Mindcrest for US$18.5m
DWF is to acquire legal and managed services business Mindcrest for US$18.5m (£14.2m) in cash and shares, with the transaction expected to complete in the next 4-6 weeks subject to conditions.
Mindcrest specialises in services including litigation support, contracts, compliance and legal analytics for large international corporate clients. The Chicago-headquartered company employs over 360 people, the majority of whom are located in Pune, India, where it has operated for over 15 years, along with a small presence in New York and London.
Mindcrest’s business model combines project management, process, workforce management, technology, analytics, reporting and metrics on every project. Its operations are supported by a high quality people proposition delivered through ‘Mindcrest University.’ In the financial year to 31 December 2019, Mindcrest is expected to have sales of US$12.1m.
The acquisition in intended to help DWF expand its managed services capability, including document review and legal process outsourcing.
DWF floated on the London Stock Exchange main market in February 2019. It said at the time that it would invest up to £10 million in additional IT systems, including a portion of that to contribute to the development of the group’s global platform for managed services.
Andrew Leaitherland, Group CEO at DWF, said: “Managed Services continues to be a real differentiator for DWF, and Mindcrest will provide the resources to better support our clients globally by meeting their requirements where and when they need them.
“Following the recent [Spanish law firm] RCD acquisition, the Mindcrest deal further highlights our M&A strategy and the attractiveness of our business model, as we continue to deliver on our IPO promises and grow our international offering in targeted locations and disciplines that complement our existing business, while attracting and retaining the best talent.”