BigHand, a portfolio company of Levine Leichtman Capital Partners, has acquired legal software provider Iridium Technology from Polaris Growth Fund.
Iridium Technology provides business intelligence, financial analytics and timekeeping software to law firms and professional services firms around the world. Founded in 2009, the company is based in Reno, Nevada with an office in London, United Kingdom and is led by CEO and Founder Tom Jones.
Iridium currently has 300 clients, including half of the American Lawyer’s annual top 200 U.S. based law firms.
London-based BigHand provides a variety of software services to law firms designed to improve workflow, productivity and profitability. The company serves 3,000 clients around the world with its over 545,000 software licenses specializing in speech, task delegation, document production and workflow process improvements. Founded in 1995, BigHand was acquired by Levine Leichtman in October 2020 as part of the firm’s sixth fund.
“Our goal has always been to offer our clients the best solutions and support, so we strategically and selectively seek to join forces with acquisition partners that align to our goals and those of our customers,” said Sam Toulson, chief executive officer of BigHand. “We look to add significant value for our customers, and that’s what makes this acquisition very exciting. The addition of Iridium gives our clients an opportunity to access a vast amount of data that will enable their firms to move from the practice of law to the business of law.”
Levine Leichtman (LLCP) is a private equity firm targeting U.S. and Europe-based middle-market companies across industries including franchising, business services, education, engineered products, healthcare and light manufacturing. LLCP closed its most recent fund, LLCP Lower Middle Market Fund III LP, at an oversubscribed $1.38 billion.
“We are thrilled to support the addition of Iridium onto the BigHand platform,” said Josh Kaufman, senior managing director at LLCP. “This strategic acquisition significantly expands BigHand’s presence in North America and further broadens its suite of products, specifically around providing law firms with data and analytics software designed to improve efficiency and profitability.”
Since its founding in 1984 by Arthur Levine and Lauren Leichtman, LLCP has managed approximately $12.8 billion of institutional capital across 15 investment funds and has invested in over 90 portfolio companies. LLCP currently has $8.9 billion of assets under management with offices in Los Angeles, New York, Chicago, Charlotte, Miami, London, Stockholm, The Hague and Frankfurt.
© 2022 Private Equity Professional | February 11, 2022