Hg invests in Litera Microsystems

LONDON, May 7, 2019 /PRNewswire/ -- Hg announces today that it will invest in Litera Microsystems ("Litera"), a leading provider of end-to-end document lifecycle solutions to the legal and life sciences industries worldwide, headquartered in Chicago. Terms of the transaction are not disclosed.

Based in London, Munich and New York, Hg is a specialist private equity investor focused on software and service businesses, committed to building businesses that change the way we all do business, through deep sector specialisation and dedicated operational support.

Litera has developed a leading suite of legal document productivity applications, delivered as an end-to-end platform to more than 1,300 organisations across the globe. Based in Chicago, New York and London, Litera provides a suite of best-in-class productivity tools that help customers to focus on what matters: creating the highest quality documents.

The investment in Litera follows one of Hg's core investment theses, focused on the secular growth of software suppliers for business-critical functions in the legal and regulatory compliance sector. Hg has been actively following this theme for over 15 years, with Litera representing the sixth legal and compliance business currently in Hg's portfolio, with others including STP, a leading provider of insolvency and law practice software in Germany; and Mitratech, a leading global provider of Enterprise Legal Management ('ELM') software to corporate legal departments, based in Austin, Texas.

Hg's team has known Litera for several years, recognising it as a business solving mission-critical workflows for its customers, leading to strong recurring revenues and displaying the same growth characteristics as many others in the Hg portfolio. The investment will be made from Hg's Genesis 8 Fund which, following the completion of this transaction, will be 54% invested across 7 software and service businesses.

Ben Meyer, Jean Baptiste Brian and Hector Guinness at Hg, said: "We have been very impressed with Litera's great track record of delivering innovative products that change the way legal professionals work, with an unmatched record of excellent customer support and satisfaction. We look forward to working closely with Avaneesh and his team to continue the success of this company."

Avaneesh Marwaha, CEO of Litera, said: "Over the last few years, Litera has experienced great success in creating a platform for long term growth.  As we looked for the next partner to align the business with, Hg stood out.  Leveraging Hg's support and their experience in software, legal, life sciences and global expansion will enable Litera to reach new levels of success with confidence, whilst also allowing us to further invest in our people and culture. We look forward to partnering with Hg and developing new products and capabilities to continue to meet the evolving needs of our customers."

Hg were advised by Evercore (M&A), EY (Financial & Tax), Deloitte (Financing), PWC (Commercial) and Skadden (Legal). Litera were advised by William Blair.

For further details:

Hg
Tom Eckersley  
+44 (0)20 7089 7888

Brunswick
Chris Blundell and Joe Shipley
+44 (0)207 404 5959

About Hg

Hg is a specialist private equity investor, committed to building businesses that change the way we all do business, through deep sector specialisation and dedicated operational support.

We are a leading European investor in software and services businesses, with increasing global presence, having built a team of 170 people over 25 years.

Hg partners with the businesses and management teams we invest in. We have 35 operational professionals providing practical support to management teams to help them realise their growth ambitions. We share best-practice 'playbooks' and leverage Hg's executive and portfolio network as a powerful tool for knowledge sharing across comparable businesses.

Based in London, Munich and New York, Hg has funds under management of around $13 billion serving some of the world's leading institutional and private investors. For further details, please see www.hgcapital.com

About Litera Microsystems

Litera Microsystems is the leading provider of software for drafting, proofreading, comparing, repairing and cleaning documents in the legal and life sciences industries worldwide. Our core products empower users to generate, review, and distribute high-quality content quickly and securely, from any device. Today, Litera Microsystems supports thousands of document-intensive organizations across the globe, helping them satisfy the complex demands of clients and regulators. https://www.litera.com/

The contents of the Hg and Litera Microsystems' websites and any website accessible from hyperlinks on such websites (or any other website) are not incorporated into, and do not form part of, this announcement.

SOURCE Hg

Related Links

http://www.hgcapital.com