Apr 04, 2023
Thomson Reuters and TPG to Establish Elite as an Independent Legal Tech Company
Investment will bring resources and focus to legal financial and practice management business to enable law firms to digitally transform and thrive
Partnership will support Elite’s next phase of growth
The transaction will enable Elite to operate with greater focus, providing additional resources and expertise to accelerate growth and better support its customers as they digitally transform to meet the evolving needs of their clients. Upon closing of the transaction,
“We feel strongly that the new investment from TPG, along with Thomson Reuters minority ownership and board representation, will position Elite to ensure our customers’ continued success,” said
“TPG has a history of investing in software companies that address the unique needs of vertical markets. We believe the legal industry is a market that is undergoing digital transformation, and Elite partners with leading firms on that journey,” said
Elite offers a suite of solutions, led by its flagship offering 3E as well as ProLaw, eBillingHub, and MatterSphere, aimed at improving law firm finance and accounting operations, including billing, invoicing, payments, and financial reporting. Elite will maintain existing integrations with Thomson Reuters products.
Closing of the transaction is subject to specified regulatory approvals and customary closing conditions and is anticipated to occur in the second quarter of 2023.
About Thomson Reuters
Thomson Reuters is a leading provider of business information services. Our products include highly specialized information-enabled software and tools for legal, tax, accounting and compliance professionals combined with the world’s most global news service – Reuters. For more information on Thomson Reuters, visit tr.com and for the latest world news, reuters.com.
TPG is a leading global alternative asset management firm, founded in
Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions
Certain statements in this news release are forward-looking, including but not limited to the expected closing date and the strategic benefits of the proposed transaction. The words “will”, “expect”, “believe” and similar expressions identify forward-looking statements. While Thomson Reuters believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond Thomson Reuters’ control and the effects of them can be difficult to predict. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.
Source: TPG and Thomson Reuters