Madison Dearborn Partners has agreed to make an equity investment in Aderant Holdings, a developer of legal software. Existing investors Vista Equity Partners and the Aderant management team, led by Chief Executive Officer Chris Giglio, will retain significant ownership positions. The transaction is expected to be completed by the end of this year.
“We are very pleased to bring on an investor of Madison Dearborn’s stature and relevant industry expertise,” said Chris Giglio. “We are proud of our accomplishments since our founding in 1978 and, with the continued support and guidance of Vista Equity Partners and with the addition of our new investor Madison Dearborn, we are in a great position to continue our upward trajectory through the expansion of our services to our clients.”
Aderant Holding is a provider of business management software for law and professional services firms. Its software and services assist in business development, calendar/docket matter management with built-in court rules, client relationship management, practice and financial management, time and billing, case management, and business intelligence. Aderant supports 3,200 clients in more than 30 countries and its clients represent 77 percent of the AmLaw 200 across all segments of the legal market. The company’s clients include Clifford Chance, Allens, Deloitte, Gibson Dunn & Crutcher, Grant Thornton, Greenberg Traurig, and Skadden Arps Slate Meagher & Flom. Aderant currently employs approximately 400 people located in 10 offices across five countries. The company is based in Atlanta (www.aderant.com).
“As a financially and strategically sound company and an industry leader and innovator, Aderant is the type of organization we are focused on at Madison Dearborn,” said Doug Grissom, a managing director at Madison Dearborn and the head of the firm’s business and government services team. “We are pleased to be able to acquire approximately half of Vista Equity’s and Aderant management’s stakes in the business. We’re looking forward to working with Chris and his team and our new partners at Vista Equity to support Aderant and its continued growth.”
BofA Merrill Lynch served as financial advisor, Kirkland & Ellis served as legal counsel, and Ernst & Young provided accounting advice to Madison Dearborn. BMO Capital Markets and Marks Baughan were Aderant’s and Vista’s financial advisors, Kirkland & Ellis provided legal advice and McGladrey provided accounting services.
Madison Dearborn Partners has more than $18 billion of capital under management and makes new investments through its most recent funds, Madison Dearborn Capital Partners V and Madison Dearborn Capital Partners VI. The firm invests in businesses across a spectrum of industries including basic industries; business and government services; consumer; financial services; health care; and telecom, media and technology services. Madison Dearborn Partners was founded in 1992 and is based in Chicago (www.mdcp.com).
Vista Equity Partners has more than $6.6 billion in committed capital and makes equity investments in enterprise software businesses and technology-enabled solutions companies. The firm was founded in 2000 and has over 50 investment professionals operating out of Austin TX, Chicago, IL and San Francisco CA (www.vistaequitypartners.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12
