Private equity firm TPG has announced its plans to acquire a majority stake in Elite, a business that provides financial and practice management solutions to law firms. The announcement was made in early April.
Elite is currently owned by Thomson Reuters, which will retain a minority stake in the business and have board representation following the transaction.
The deal values Elite at approximately $500 million US. TPG believes the legal industry is undergoing digital transformation, and its investment in Elite will allow it to better support its customers’ needs as they seek to meet the changing requirements of their clients.
Elite’s suite of solutions, including 3E, ProLaw, eBillingHub, and MatterSphere, aim to improve law firm finance and accounting operations, including billing, invoicing, payments, and financial reporting.
The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in Q2 2023.