Elite Sold Again, Now To Francisco Partners – Artificial Lawyer

Thomson Reuters sold a majority stake in Elite in 2023 to the TPG private equity group, at the time pricing the legal payments platform at $500m. Now, another investment firm, Francisco Partners, has bought it, (see interview below). TR’s minority holding in Elite will also go to the new buyer.

Francisco Partners have also invested in Barbri and LegalZoom, and were previously investors in Aderant.

Artificial Lawyer asked Elite about the sale, here’s what they said:

– What was the price paid?

We’re not disclosing financial terms. What we can say is that this investment reflects very strong confidence in Elite’s growth, customer traction, and long-term market opportunity. Francisco Partners is joining us because of the strength of the business.

– Why do this now, didn’t Elite get sold only recently? 

TPG helped us establish Elite as an independent company and gave us the support to invest in the product, the team, and the customer experience. Francisco Partners’ interest is a reflection of our growth to-date, and they are joining us to help us continue and further our momentum. A transition like this was always part of the vision, and it is Elite’s growth to date that made this possible.

– Will all the staff stay after the sale? Have there been / will there be any job losses?

Francisco Partners is coming in because of what’s working, not to change it. They’re investing to help us scale and grow our impact. There will be no disruption to the team, and the full executive team – including Mark Dorman and the leadership bench – remains in place.

– Are there any companies that the buyer owns that will be integrated with Elite? 

Francisco Partners is investing to help us scale and grow our impact. Our growth trajectory and customer demand require more investment, but our roadmap remains the same. We are focused on executing that roadmap and delivering measurable outcomes for our existing customers. 

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So, there you go.

They added that ‘Elite currently serves about 2,000 law firms, including 75% of the Am Law 100 and 72% of the Global 100. The business also expanded its native payments capabilities through its acquisition of B2B payments and invoice management platform Tranch, enhancing customers’ ability to seamlessly manage invoicing and payment processes.’

Mark Dorman, CEO of Elite, commented: ‘With Francisco Partners’ financial support and extensive legal software and payments expertise, we are confident they are the right partner to help us continue to deliver our transformative products to the legal industry. Building on the success we achieved with TPG, this next phase positions Elite to scale faster, deepen our cloud and AI capabilities, and help law firms operate with greater speed, insight, and efficiency.’

You can find more about Elite here.

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