Hg Doubles Down On Its Investment In Litera To Drive Further Growth

Nov 8, 2021

Hg, a global private equity investor, is leading a further majority investment in legal technology company Litera, which it acquired in 2018 from the investment firm K1 Investment Management.

The terms of this new investment are not being disclosed.

In the two years since Hg acquired Litera, Litera has been on a trajectory of aggressive growth and expansion, making 12 acquisitions, gaining over 10 times the number of customers it had then, and trebling its workforce.

Today, Litera has more than 1,000 employees across 17 countries and serves over 15,000 customers, it says.

“The velocity and complexity of this expansion has been made possible by an incredible team at Litera combined with a fantastic relationship with Hg, whose knowledge and impressive network in legal tech has presented numerous opportunities for the business,” Avaneesh Marwaha, Litera CEO, said in announcing the investment. “We are delighted that Hg is committing further investment into the business to provide Litera even more firepower to enable us to continue this trajectory for many years to come.”

Litera has made a series of notable acquisitions over the past two years. The company says there have been 12. I list 11, so I’m not sure which one I’m missing:

  • AI contract analysis platform Kira Systems in August 2021.
  • Relationship marketing company Concep in August 2021.
  • Goal-setting software company Objective Manager in July 2021.
  • Clocktimizer in April 2021, which tracks and analyzes law firm billing data.
  • DocsCorp in March 2021, a document productivity company.
  • Firm intelligence company Foundation Software in January 2021.
  • Litigation management platform Allegory Law in August 2020.
  • AI contract drafting platform Bestpractix in June 2020.
  • Table-of-authorities generator Best Authority in March 2020.
  • Deal-management platform Doxly in August 2019.
  • U.K. company Workshare in July 2019.

[Disclosure: I have received payments from Litera for hosting video programs and podcasts.]

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