“One of the few remaining verticals early in the penetration curve of technology”: CVC takes a majority stake in UnitedLex
CVC Capital Partners is to take a majority stake in UnitedLex in a sum that while undisclosed, we can safely trust is indeed “one of the largest transactions to date with any legal services provider.” It comes hot on the heels of UnitedLex closing deals worth $1.5 billion in total contract value over the last 18 months.
Founded in 2006, UnitedLex provides enterprise legal services to its clients, which include more than 25% of the Global Fortune 500, across 18 countries. Speaking about the investment, CVC’s senior managing director Siddharth Patel said: “UnitedLex has a multi-billion-dollar opportunity ahead of it, with legal services being one the few remaining verticals that is early in the penetration curve of technology, consulting, and solution delivery. UnitedLex continues to innovate with game-changing engagements with the world’s leading companies. Now is the perfect time for us to provide significant capital to enhance its growth and scale, the beginnings of which we’ve already seen in its impressive financial performance, customer wins, and pipeline of opportunities.”
If you haven’t already ready our interview with UnitedLex CEO Daniel Reed on their new ULX Partners legal services insourcing deal, you can read it here:
According to a release out today (20 September), the UnitedLex senior leadership team “has fully reinvested in the transaction to further the company’s mission to lead the revolution of the practice of law and legal services delivery and to drive innovation in the legal marketplace.”
Reed said: “I am very pleased to welcome CVC as our partner in what marks an important milestone in UnitedLex’s evolution. As Europe’s largest private equity firm with current and past portfolio companies such as Breitling, AlixPartners, and Formula 1, CVC has the geographic reach, sector expertise, scale, and significant capital that will undoubtedly help us expand our technology development and provide clients with unique financial structuring as part of our industry-changing solutions.”