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September 25, 2020, 1:37 pm CDT
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A private equity firm based in New York has acquired Rocket Matter, one of the leading practice management platforms in the legal industry since its launch more than a decade ago.
Lightyear Capital said in a press release issued Thursday that the purchase was part of a plan to grow its footprint within the “professional services software and payments solutions industry.”
The private equity firm estimates that the addressable market for such solutions in the legal vertical is $1.4 billion, and investment funds affiliated with Lightyear Capital have established a company called ProfitSolv to make acquisitions.
ProfitSolv has also acquired two other companies: TimeSolv, which provides cloud-based software for legal billing and timekeeping; and ImagineTime, a practice management and payments firm used by accounting and other professional services firms.
“Our investment in ProfitSolv reflects our long-term investment thesis that embedding payment solutions in vertically integrated, sector-specific software will continue to gain market share from more traditional software providers,” said Mark F. Vassallo, managing partner at Lightyear Capital, in a statement.
Kelley Castell, who has a history of senior leadership roles at financial technology and payment companies, will be CEO of ProfitSolv. Additionally, Lightyear Capital announced that Greater Sum Ventures has a minority stake in ProfitSolv.
Larry Port, Rocket Matter’s CEO and founder, did not immediately respond to an ABA Journal request for comment Friday morning. The platform released its first non-beta version in early 2009.
Lightyear Capital did not divulge the acquisition prices for Rocket Matter or the two other companies in its press release.
Rocket Matter is the second leading practice management platform to be acquired in recent weeks. Earlier this month, it was announced that MyCase had been sold to funds advised by Apax Partners for $193 million.
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