TA Associates Announces Sale of Mitratech
BOSTON – TA Associates, a leading global growth private equity firm, today announced the sale of its funds’ ownership interest in Mitratech, as part of Mitratech’s sale to Ontario Teachers’ Pension Plan Board at an enterprise value of $1.55 billion.
The transaction was completed on May 18, 2021 after all necessary closing conditions were achieved.
With Mitratech’s proven portfolio of end-to-end software solutions, organizations worldwide are able to implement best practices and standardize processes across all lines of business to automate activities of the corporate legal department, help organizations manage legal complexity, and stay compliant with an ever-changing landscape of risks and obligations. Mitratech serves more than 40% of the Fortune 250 and over 500,000 users across the globe. Additionally, more than 12,000 law firms, including 100% of the Am Law 200, collaborate with their corporate clients through Mitratech’s e-Billing product offerings.
“Since beginning our partnership with Mitratech in 2015, the business has successfully executed against its growth strategy through organic initiatives and strategic acquisitions, expanding its software offerings and global reach,” said Hythem El-Nazer, Managing Director at TA. “We believe that Mitratech is well-positioned for continued acceleration in growth going forward.”
Over the last 24 months, Mitratech has completed seven acquisitions, expanding its product portfolio and enabling global organizations of all sizes to benefit from a market-leading suite of legal, contract lifecycle management, risk and compliance solutions. In addition, the company introduced a number of significant product innovations and achieved double digit bookings growth.
“The acceleration in growth, operational excellence and results at Mitratech have been impressive,” said Mark Friedman, former Chairman of Mitratech and ST6 Managing Director. “The company has a commanding market leadership position and tremendous momentum, and it will be exciting to watch Mitratech’s future success.”
“TA and ST6 have been invaluable partners over the last six years,” said Mike Williams, CEO of Mitratech. “TA has been pivotal in driving our acquisitions and ST6 has been instrumental in scaling the company and accelerating our overall progress. It’s been great to work with Mark and Hythem again, and I appreciate their contributions to Mitratech’s success.”
About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 525 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $3 billion per year. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.
ST6 is an elite team of software operating executives that partner with private equity sponsors to transform software companies and accelerate value creation.