Trevor Martin, Principal
Ben Howe, CEO
Fred Joseph, Partner
2
Legal Tech: Seeded and Ready to Launch
Legal tech is very much an emerging sector. After several years of furious start-up activity, the industry is prime for
its first wave of consolidation and later stage growth financing.
Over the past five years, more than 700 legal tech start ups have been formed according to Tracxn Research
243 private placement deals since 2012 raising over $750 million in equity capital
At the same time, the legal profession itself is playing catch-up to the IT adoption cycle blazed by the rest of the
service-based industries, most notably the deployment of digital SMAC technologies (social, mobile, analytics and
cloud) to achieve high productivity and a lower cost of delivery to the end market.
Due to fee pressure, law firms are under pressure to perform more like hard driving businesses and less like laissez-faire
partnerships
Ironically, this promise of increased productivity has been the hang-up: as long as the legal profession bills by the
hour, there's no rush to shorten those hours. These attitudes are beginning to change, as the following unfolds:
A crushing workload that is outpacing net new additions of lawyers provides further impetus
The shifting demographic mix of the lawyer pool itself (younger and more tech savvy) is forcing progress as it has in other
change-resistant industries
New marketplaces are emerging which are changing the status quo and cost structure
Even so, the potential legal tech market is ~$16 billion with low penetration rates, making it ripe for opportunity
Despite slow adoption, legal technology is finally at the cusp of accelerating growth and consolidation
In this report we will examine historical themes and future trends, how the major players and smaller
disrupters are redefining the legal tech market and what the future holds for the capital markets and M&A
Source: Mitratech Holdings, Tracxn
The US is the world's largest provider of legal services, with an estimated $437B in total annual revenues
Whereas the typical US company spends 5.2% of revenues on IT, the legal industry spends significantly less, with
75% of law firms spending 4.0% or less
At the same time, the US legal services industry, which employs 1.3 million workers, has a relatively high employee-to-
revenue relationship in comparison to other industries
3
The Legal Industry: A Massive Market Underinvested in Tech
Source: Law360, IBIS World, Inside Legal
27%
48%
18%
5%
2%
0%
10%
20%
30%
40%
50%
60%
< 2%
2 - 4%
5 - 6%
7 - 10%
> 10%
Note: excludes soft costs such as staffing and training
75% of
law firms surveyed
estimated they spend between
0% and 4% of their total revenue
on technology, well under the
5.2% average for US Companies
75%
Law Firm Survey: What percent of firm revenue is spent on technology?
Law firms have consistently dedicated a lower percentage of their budgets to IT spend
1,203
1,225
1,245
1,268
1,281
1,301
1,316
1,000
1,100
1,200
1,300
1,400
1,500
2010
2011
2012
2013
2014
2015
2016
Source: American Bar Association
After a period of moderate growth, legal matters increased 20% in 2014 and have continued to rise since
Source: Bureau of Labor Statistics
Increased Efficiency is Needed
More Work
Fewer Lawyers
Although roughly 1 in 250 Americans are attorneys, the number of attorneys has grown at a considerably
slower rate versus the early 2000's, implying workload per attorney has increased substantially
75,000 new lawyers in the last 5 years, representing only a 1.5% annual increase on average
Since 2009, in-house law departments have reduced their spend on outside counsel
During that span, companies reduced the spend on outside counsel from 66% of total to 59%
Due to fee pressure and rise of matter based pricing, law firms face pressure to operate more like traditional
businesses with CEOs / CIOs versus outdated partnership model
Less
Outsourcing
Huge Burden on
In-House Dept
Due to the factors above, Mitratech projects a 15-20% shift of legal work in-house
This substantially increases the need for an efficient, streamlined legal process, making legal technology a
critical tool for attorneys aiming to keep up with industry trends
130,839
132,930
135,072
137,374
140,372
143,085
145,325
120,000
125,000
130,000
135,000
140,000
145,000
150,000
2010
2011
2012
2013
2014
2015
2016
4
Number of Attorneys in the US (000s)
US Non-Farm Labor Growth (000s)
Benefits of legal tech are becoming harder to ignore as increasing work per lawyer has made efficiency
mission critical
$1,226
$1,203
$1,207
$514
$490
$538
$1,009
$514
$518
$523
$1,625
$611
$524
$649
$657
$488
$465
$437
$336
$825
$769
$768
0
500
1000
1500
$2,000
Law Firm
Corporate
[1] Includes calendaring/docketing ($574M), legal financial management ($556M), and legal process automation ($23M)
Source: Mitratech Holdings
($USD Millions)Legal Software Addressable Market
5
While legal tech represents a large ~$16 billion market, low penetration rates make it ripe for opportunity
The total addressable market for legal software is estimated at $15.9 billion, of which $3.5 billion is actually spent,
implying less than 25% penetration
$9.4 billion implied spend by Law Firms
$6.5 billion implied spent by Corporate legal teams
Much of IT legal spend is in financial matter management where on premise software still reigns supreme despite a
narrow client base of roughly 500 1,000 larger companies
27%
19%
Most funded sectors
18%
Highest Corporate CAGR sectors
Legal Tech Addressable Market by Product Type and End User
Governance & Compliance and Contract Management offer the largest current market size with the strongest
growth rate
Established markets with less recent innovation, such as e-Billing, have remained relatively stagnant of late
6
Source: Mitratech Holdings
Corporate Legal Tech Growth Areas
Small market size
Low Growth
Large market size
Low growth
Small market size
High Growth
Large market size
High growth
While all 11 legal technology sub verticals are growing, Knowledge Management, Legal Analytics, and Legal
Project Management are projected to grow the most in the next 3 years for the Corporate end user segment
Legal Marketplace
Legal Tech Landscape
7
DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future
publications, please email tclarke@agcpartners.com and we would be happy to consider.
Legal Management
Artificial Intelligence / Machine Learning
eDiscovery / Legal Hold
Legal Research / Analytics
DIY Law
Source: 451Research, Capital IQ
1
2
5
4
3
6
7
Represents corresponding
pages later in the report
Large Diversified Legal Tech
Enterprise Content Management is another large legal subsector, please refer to AGC's November 2016 report for additional information
8
Source: Stanford Law, Altman Weil
Slow Adoption Nothing New to Legal Sector
93%
44%
of law firm leaders think a focus
on improved practice efficiency
is a permanent trend in the legal
market
of law firm leaders state they
have significantly changed their
strategic approach to efficiency
Slow adoption remains an issue in the legal sector as long enduring standards, such as the billable hour, are
making law firms hesitant to embrace technology with the potential to streamline time-consuming processes
Diffusion of responsibility stems from the partnership model that is beginning to fade as law firms convert to a
more progressive and streamlined management structure
Recent research has shown law firms that have taken a more progressive approach to staffing, service delivery,
and pricing commonly see improvements in gross revenue, revenue per lawyer, and profits per equity partner
A clear disconnect exists between perceived and actual industry adoption of legal tech
Importantly, legal tech has a long record of slow adoption, delaying efficiency
The Billable Hour
The accumulation of billable hours mentality provides a
challenge to efficient legal practices
Gives active attorneys minimal time to explore the adoption of
new technology and / or learn new tools
Apprehension in moving away from the billable hour, as this
would require a new method of measuring value-add created by
the legal profession
The Partnership Model
Money that would be spent on legal technology comes directly
from the partner profit pool, creating a high bar to adoption
Partnerships result in dispersion of responsibility and makes
gaining the support of all partners near impossible
Security Concerns / Lack of Infrastructure
Law
firms commonly have no
/
limited cloud-based
infrastructure
Tough to sell value proposition compelling enough to warrant
overwhelming challenges of moving off legacy providers
9
Source: Stanford Law
Speed Bumps to Legal Tech Adoption
Cost Center Mentality

Legal departments are viewed as cost centers within larger
organizations, thus senior management is reluctant to approve
high upfront technology investments
Longer Sales Cycle

Legal
technology startups have stated
that
the
largest
impediment to selling has not been getting the initial meeting and
a foot in the door, but rather moving from that initial meeting to
final sale
Individual Market and Lack of Awareness

Unless already part of a larger organization, many smaller legal
tech companies have difficulty persuading corporations around
the effectiveness of their solution

In order to combat the lack of trust stemming from lower
awareness, legal tech solutions need to develop a brand which
requires a large marketing budget
Security Concerns

Need to maintain a secure document environment has been a
historical inhibitor as corporations perceive that in-house is safer
The two largest end user populations have been historically slow adopters for a variety of reasons
Law Firms
Corporations
Following their merger with Chinese law firm Dacheng in 2015, Dentons overtook Baker & McKenzie to become the
world's largest law firm, with over 6,500 lawyers operating in 50+ countries
In May 2015, Dentons announced the launch of NextLaw Labs, a global collaborative innovation platform focused on
developing, deploying, and investing in new technologies and processes to transform the practice of law around the
world
NextLaw partnered with both IBM, who provides access to IBM Cloud and IBM's platform-as-a-service offering
(Bluemix), as well as Seedcamp, who co-sponsors investments and provides training and mentorship
NextLaw has now invested in 10 legal tech startups and has been profiled by American Lawyer and Law Matters, the
latter of which stating: "The fruits of [Dentons] labor is creating advantages and opportunities, shaping the legal
profession and transforming the industry"
As global law firms begin to embrace legal technology, it will become difficult for other industry leaders to ignore
innovation, as quantifying the value of legal services becomes easier as the industry shifts from an archaic system
Others have already begun to follow Dentons' example, as LexisNexis (Relx Group) announced their own legal
technology accelerator in early 2017 and announced their initial 5 participants in March (Visabot, TagDox, Separate.us,
Ping, and JuriLytics)
10
Source: Dentons, Robert Ambrogi
Case Study: Dentons Goes All In On Legal Tech
World's largest law firm invests heavily in legal tech, now increasingly difficult for competitors to resist change
Current Portfolio
Background
Innovation
Looking-
Forward
Business Breakdowns
Legal Performance
Products
$3.4B in 2016 legal revenue operating at 37%
EBITDA margin
Legal revenues decreased 1% over 2015
45% of
legal
revenue
from Solutions
business, and 41% from U.S. Online Legal
Information
Growth driven by
subscription-
based Legal Enterprise Solutions
(Elite and Serengeti)
U.S. Online
Legal
Information
composed of Westlaw and Practical
Law offerings
Have indicated intent to grow SaaS-
based offerings
1.6B in revenue from legal segment in 2016
Underlying Legal revenues increased by 2%
68% of revenue from North America, 21%
from Europe, and 11% from rest of world
Now serves legal customers in over 130
countries
Flagship
legal
products
are
Lexis.com and Lexis Advance
Focus on legal research

In 2016, LexisNexis released new
version of
Lexis Advance,
an
innovative
web
application
transforming
how
legal
professionals conduct research
927M in 2016 legal revenue
Legal revenues decreased by 1% over 2015
Legal revenue was 48% from digital, 41%
from print and 11% from services

In 2015, launched legal research
platform Cheetah
Growth in digital has been generally
offset by decline in print
Merging of Datacert and Tymetrix
created one of world's
largest and
most recognizable enterprise legal
management solutions
24%
27%
24%
25%
Legal
Tax & Accounting
Health
Governance Risk,
& Compliance
11
Source: Company SEC Filings
Public Companies with Legal Tech Presence
30%
13%
54%
Legal
Tax & Accounting
Financial & Risk
Other
24%
27%
35%
14%
Legal
Risk & Business
Analytics
Scientific,
Technical, &
Medical
Exhibitions
1
Three large publics have huge divisions dedicated to the legal space
12
Source: 451Research, Robert Ambrogi, Bloomberg
Players Get Smart on Legal Analytics
Case Study #1: Market Leader Invests
in Analytics
Case Study #2: Industry Leader
Acquires Analytics Platform
/
2
Forward thinking legal tech players are differentiating themselves with legal analytics, through research and
development, as well as inorganically through acquisitions
In October 2016, Bloomberg Law announced the release of
"Litigation Analytics", which allows attorneys to devised informed
litigation strategies and anticipate outcomes of a trial. A sample
insight released by Bloomberg was:
"Judge Jack Weinstein in the Eastern District of New York has
been almost four times more likely to deny a motion to dismiss in
full than Judge Jesse Furman in the Southern District of New
York. The disparity is particularly noticeable when it comes to
corporate law cases, where Judge Weinstein has been five times
more likely to deny a motion to dismiss in full."
In November 2015, LexisNexis Legal, a subsidiary of Reed
Elsevier, acquired Lex Machina for an undisclosed amount. Lex
Machina provides a SaaS platform that helps lawyers predict
the behaviors and outcomes of different legal strategies by
mining, tagging, categorizing, and enhancing millions of
Federal court dockets and documents.
"Data and analytics are integral to the future of the practice of
lawwe plan to leverage our extensive resources to bring the
benefits of Legal Analytics
to
lawyers everywhere."
(Sean
Fitzpatrick, Managing Director, LexisNexis)
13
Source: Forbes, Robert Ambrogi
AI Generating Early Excitement in Legal

In 2016, Thomson Reuters announced it was using IBM Watson technology to
develop artificial intelligence products specific to the legal vertical

In February 2017, Thomson confirmed the Company has an AI legal product in
beta with 9 customers, planning a full launch by mid 2017

In March 2016, Deloitte and Kira Systems announced an alliance "to bring the
power of machine learning to the workplace, an innovation that could help free
workers from the tedium of reviewing contracts and other documents."
They are believed to be developing an AI tool to help diagram intricate
corporate structures, as well as a self-service AI portal for law firms to configure
custom AI tasks and more
ROSS Intelligence, a startup utilizing IBM's Watson platform to answer lawyers'
natural-language legal research questions, has raised over $2 million in seed
funding and already secured blue-chip customers such as Dentons, Baker &
Hostetler and Latham & Watkins
Premonition, a legal startup applying AI to the largest legal database in the
world, received a seed round at a valuation of $100 million
3
Both startups and established legal players have begun to invest in artificial intelligence as a means of
streamlining efficiency within the legal process
2nd generation solutions are emerging
Commonly offer multiple integrated functions (such as billing, accounting,
and document management)
These solutions also offer secure enhanced mobility access and are
better aligned with the way that lawyers truly operate
14
Source: Mycase, OneLegal
Legal Tech Moving to the Cloud
Cloud usage growing with smaller, more flexible firms leading the charge
Cloud usage grew 20% in 2016 according to the ABA LTRC's 2017 Legal Technology Survey
Small firms are able to be more casual regarding confidentiality, security, and due diligence, leading them to
use cloud-migration as an area of differentiation over large firms
The potential cloud customer base is large but harder to sell into given higher churn rates and fewer scaled
companies
Belief that continued cloud adoption and growth will largely depend on vendor's and legal IT expert's ability to
alleviate concerns around the cloud (mainly security)
Elasticity is king with cloud-based solutions
Historically, law firms have had to pay for IT infrastructure to handle peak needs, and double this for disaster
recovery and business continuity
Cloud based solutions allow law firms to pay only for what they need, saving money, time, and resources
Litigation will lead the migration to the cloud
Cloud-based software aimed at facilitating collaboration between litigation teams will allow teams of lawyers to
share notes, documents, and evidence in a secure, web-based platform
Hybrid-Cloud solutions are becoming increasingly popular, as they allow firms to migrate to the cloud at their
own pace
4
Continuing the trend of slow adoption, movement to the cloud will serve as a competitive advantage for
technology-forward law firms looking to bolster security, accessibility, and collaboration
15
Source: Gartner
eDiscovery Sees Continued Consolidation
The marketplace for eDiscovery solutions has seen a shift from large, legacy providers to younger SaaS offerings
Newer solutions tout superior ease of use, more scalable architecture, faster release of new features and straightforward
pricing
Depending on the maturity of in-house eDiscovery processes, a shift to SaaS may not always be beneficial due to
occasional high costs in migrating systems
SaaS solutions are particularly attractive to organizations that have moved their data to the cloud (Office 365 or Google My
Business), as well as for small and less complex cases with data volume below 50GB
Large and growing market for eDiscovery software solutions
Gartner estimates the eDiscovery market to be roughly $5 billion in 2015, roughly one-third ($1.7 billion) for software and
the remaining ($3.3 billion) for services
The eDiscovery market continues to grow due to rapid data growth
* Differently colored boxes only indicated the main responsible team but not in an exclusive sense
By 2021, roughly half of eDiscovery projects
will be able to directly tap into Office 365 via
built-in machine learning, up from less than
10% today
eDiscovery represents a historically active M&A
market
eDiscovery service providers commonly host
software from third parties, with some having
proprietary technology
Process optimization, price competitiveness,
in-region expertise, quality of
service
/
customer care, and technology portfolio are
frequent areas of competition
5
eDiscovery represents a more developed legal tech subsector with a sizable market and a historically strong
M&A market that points to further consolidation
Rise of legal marketplaces allow consumers to be connected to the legal advice or contracts that they need
Marketplaces provide directories that includes ratings, reviews and profiles and offer a wide range of products and services
Additional goal of making the legal market more transparent, liquid, and fair to both buyers (law firms and corporate legal
departments) and lawyers
Companies that have had success in creation of marketplaces have embraced the "network effect"
LegalZoom emerged as the most familiar consumer facing legal solution, offering standardized legal documents as an
alternative to hiring a lawyer
Avvo, founded in 2007, has received $132 million in funding and is a legal marketplace, lawyer's directory, Q&A forum, and
offers legal marketing
Other platforms such as Priori, UpCounsel and LawDingo make it quick and simple for consumers to learn about, compare,
and connect with a massive network of legal professionals
An increase in customer support channels increases the convenience of attaining necessary legal counsel
Historically, support teams are only privy to 3.8% of customer problems, as frustration with customer support channels
have caused clients to cease usage of products as opposed to attempting to seek help
Legal marketplaces, such as Law Trades, have turned to new channels such as SMS and Facebook as a means of giving
customers an array of customer support options, allowing them to choose what is easiest for them
Currently, only 30% of customers interact with businesses through SMS, although the customer response rate is seven
times higher than email, and the average American already spends 26 minutes per day texting
Legal marketplace transformation provides a window into the future of legal services
Law firms of the future may be a network of lawyers available through backend infrastructure, eliminating the need for
human administration and allowing for lower prices for consumers and increased productivity
16
Source: TechCrunch, Above the Law, Mitratech Holdings, FrontApp
Rise of Legal Marketplaces
6
Increased efficiency and transparency ushered in legal marketplaces, fundamentally changing the way legal
services are bought and sold
17
Source: Tech Crunch, Robert Ambrogi
DIY legal tech started with LegalZoom and has since significantly expanded the accessibility of legal
products and services
Although not aimed at displacing attorneys, DIY law allows small businesses an option to access affordable
legal protection
LegalZoom was the first company to offer a true alternative to hiring a lawyer, with a library of discounted
standardized legal documents

In many cases, lawyers and DIY law can work in unison, with legal professions providing guidance and
strategy, but the clients taking control of the execution portion
Mobile technology is revolutionizing the market for DIY law

Increased accessibility is allowing legal contracts to enter smaller transactions
Companies like Shake Law allow you to create, sign and send contracts quickly via mobile devices
Legal contracts are now economically viable for transactions such as small freelance work, friendly bets, and
minor loans
Chatbots have entered the DIY legal space
Legal chatbots have made it increasingly possible to secure sound legal guidance at reasonable rates
Legally, 1Law, and LawDingo have all created similar chatbots to aid consumer's interactions with legal
documents
Mobile Drives Incremental Uptake in DIY Law
7
DIY law expands the boundaries of the legal sector by increasing the accessibility, affordability, and
automation of simple legal transactions

Thomson Reuters' acquisitions have been focused on their stated vision of being a leading provider of legal entity
information, as seen by their February 2017 acquisitions of Avox and Clarient, which will be integrated into their portfolio of
risk management offerings

Thomson will look to continue targeting legal technology acquisitions in North America, where they forecast increased
demand for legal services in 2017 due to changes in legislation and a more profitable financial sector
18
Source: Company SEC Filings, Company Earnings Calls
Acquisition Focus of Largest Legal Tech Players
2000 - 2005
2006 - 2010
2011 - 2017
Reed Elsevier has placed an emphasis, through both R&D and M&A, on "next-generation legal research solutions that
harness the power of Big Data and supporting the evolving information needs of the legal professional"
Reed Elsevier's legal division is strongly focused on migrating off legacy infrastructure onto cloud-based subscription
products, and will look to add bolt-on cloud analytics offerings to their New Lexis platform
Most recent legal acquisition is Intelligize, a provider of SEC intelligence for legal professionals, in September 2016
19
Source: CB Insights
Historical Legal Technology Financing
25
37
3
4
53
56
10
10
35
52
4
21
157
11
95
25
33
16
52
54
0
5
10
15
20
25
30
20
40
60
80
100
120
140
$160
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Investment ($M)
Deals
2016
2015
2014
2013
2012
243 deals since 2012 raising over $750M in capital
Legal tech deal activity hit an all time high in the 2nd half of 2016, with $106M invested across 46 deals, including 27 in Q4 2016 alone
Largest quarter by invested capital was Q1 2015 with $157M invested, headlined by kCura's $125M raise in a round led by ICONIQ Capital
Legal Tech: Deal Count and Invested Capital
Dollars Invested ($M)
Deal Count
67 Deals
60 Deals
48 Deals
21 Deals
47 Deals
Historically legal tech has not seen the same amount of invested capital as other sectors, but momentum is
building
Source: Capital IQ, CB Insights, 451 Research
20
Top 10 Funded Legal Tech Companies
Company
Amount
Raised
Last
Raise
Investors
Use of Funds
$132M
July
2015
TCV,
Benchmark,
Ignition, DAG
Ventures,
(2 others)
Accelerate hiring

Increase brand
awareness
Product expansion
$125M
February
2015
ICONIQ Capital
Accelerate build-out
of Relativity: platform
for managing
electronic data around
litigation
$100M [1]
April
2011
Institutional
Venture
Partners, KPCB
Fuel large marketing
spend
$72M
May
2013
LexisNexis,
Morgan
Stanley, GV,
August Capital,
(2 others)
Product expansion
Potential acquisitions
$54M
May
2012
ABS Capital
Partners, CIBC
Product expansion:
integrated delivery
system allowing for
effective managing of
information
Company
Amount
Raised
Last
Raise
Investors
Use of Funds
$45M
March
2013
Sorenson Capital

Invest in new product
development
Fund general
business expenses
$36M
February
2013
Carrick Capital
Partners

Invest in the
commercialization of
managed services
offering
$32M
March
2012
FTV Capital
Expand into new
markets, including
growth of Catalyst's
Asia Division
$26M
March
2014
Bessemer
Venture Partners

Increase sales
presence in Toronto
and Europe
$17M
June
2014
K1 Investment
Management
Acquire eCloud
Collect and push its
services forward
[1] Exact amount raised for LegalZoom is unknown, estimated to be ~$100 million
Investor
Number of Investments
Most Recent Investment (Round Size)
Companies Invested In
4
June 2015 - Ross Intelligence (<$1M)
3
January 2017 - Mighty AI ($14M)
3
July 2016 - CS Disco ($19M)
2
April 2014 - Avvo ($38M)
2
April 2014 - Avvo ($38M)
2
June 2014 - Zapproved ($15M)
2
May 2016 - Notarize ($9M)
2
November 2013 - UpCounsel ($3M)
21
Source: Capital IQ, TechCrunch
Most Active Investors Since 2012
While the legal industry has historically been a slower adopter of technology, market forces are driving
innovation and disruption. Using legal tech is no longer optional to remain competitive, especially when clients and
practitioners are demanding it. There is a belief that the pace of change and adoption is increasing as the legal workforce
becomes more mobile, younger, and tech-savvy. Hopefully, this report has captured some of those themes and
highlighted some of the up-and-coming disruptive players.
Why is this disruption happening? As the reimagined Legal Tech sector is still somewhat nascent, the pressure has
been mounting to innovate and disrupt the status quo. Efficiencies are actively sought at in-house legal departments with
increasing focus to improve profit margins as the volume of case matter has risen. Further, the changing requirements of
lawyers such as the need for ubiquitous access to data and information are starting to transform the landscape.
However, the pace of technological innovation and adoption has been slower compared to some other service
verticals in the economy such as banking. There still are some serious structural impediments from the two largest end-
user constituents that have hampered investment. Primarily, law firms entrenchment in the billable hour psyche and
partnership structures create apprehension to change. Secondly, in-house legal departments are viewed as a cost center
and while increasing ROI through efficiency is beneficial, investing in sales technology and focusing on profit centers may
be an easier sell.
Despite these challenges, there is still an enormous market that is ripe for investment and disruption. According
to CB Insights, startups attacking the legal industry received $155M of invested capital in 2016 from a record number of
deals, 67. Many key focus areas highlighted in this report will change for the better in 2017 and beyond. We hope this
report has shed some light on the historical challenges facing the Legal Tech industry, why 2017 is the year that
investment dam is broken and some of the amazing ideas that are ripe for disruption come flooding in.
22
Reimagining the Way the Law Should be Practiced
23
Note: This document is intended to serve as an informative article only in order to further discussion, analysis and independent verification. This document is based upon sources believed to be
reliable, however, we do not guaranty the sources' actuary. Unless otherwise indicated, AGC does not believe that the information contained herein is sufficient to serve as the basis of an
investment decision. There can be no assurance that these statements, estimates or forecasts will be attained and actual results may be materially different. This is not a solicitation of an offer of
any kind. To learn more about the company/companies that is/are the subject of this commentary, contact one of persons named herein who can give you additional information.
AGC's Dedicated Legal Tech Team

Ben is a Co-Founder and the CEO of AGC Partners

In 26 years as an investment banker, Ben has
completed more than 300 transactions

Prior to AGC, he served as Managing Director,
Head of M&A and Executive Committee Member at
SG Cowen Securities, and prior to that served as
Head of Technology Investment Banking for the
East Coast and Europe at Montgomery Securities
He serves as co-chairman of Excel Academy, which
has four charter schools in East Boston, and served
on the board of Portsmouth Abbey and the advisory
board of Trinity College
He holds a B.A. in Economics from Trinity College
and an M.S. in Accounting from The Stern School
of Business at NYU
Ben Howe
Co-Founder, CEO
Trevor is a Principal at AGC Partners
Trevor has over 12 years of experience
in
investment banking and corporate finance roles
He has advised on more
than 35 closed
transactions, totaling over $40 billion in deal value
Prior to AGC, Trevor worked at Moelis & Company
in their Boston office as Senior Vice President. Prior
to Moelis, Trevor worked at UBS in the technology,
media, and telecom group in New York for six years.
He started his career at the Nielsen Company in
their corporate finance group
Trevor holds an MBA from the Amos Tuck School of
Business at Dartmouth College and a B.A. from
Georgetown University
Trevor works in AGC's Boston headquarters and
resides in Boston with his wife and son
Trevor Martin
Principal
AGC is a leading investment bank with a focus on providing strategic advisory services to technology companies, helping them achieve their
vision. AGC Partners, now in its 14th year of business, announced a record 32 transactions in 2016. With more than 50 investment banking
professionals across the Americas and in Europe, we provide global coverage across all products and sectors, from software and digital
media to tech-enabled services and mobile communications. Since our inception in 2003, AGC Partners has completed 302 investment
banking transactions for emerging growth companies.
Fred Joseph
Partner
Prior to AGC, Fred spent 7 years at Cowen & Co.,
and held positions at J.P. Morgan and Smith
Barney
Fred was a founding member of Beechtree
Capital, a middle market leverage buyout firm
With more than 120 completed transactions in his
25 plus years in the industry, Fred has raised
public and private capital for both early stage and
late stage corporations in the technology and
healthcare sectors
The majority of Fred's work has been in Mergers
& Acquisitions, where, cumulatively, he has
executed in excess of $7 billion in transactions
Fred holds a B.A. from Swarthmore College and
an M.B.A. from Columbia University
24
M&A and Private Placement
Activity
Appendix
25
Legal Tech M&A Activity Since 2014
Source: 451 Research, Capital IQ, Traxcn
Date
Target
Acquirer
Transaction
Value
EV/TTM
Revenue
Target Description
1/6/17
Responsive Data Solutions
Advanced Discovery
ND
ND
Provides litigation support services and eDiscovery solutions to law firms and corporate legal
departments
11/4/16
Brainspace
BC Partners; Medina Capital
ND
ND
Provides eDiscovery software, information governance and compliance, and enterprise
knowledge sharing and discovery solutions
10/21/16
Kroll Ontrack
LDiscovery
$410
ND
Provides information management, data recovery, and legal technology solutions including, a
do-it-yourself data recovery software for various operating systems and media type that
provides file recovery
9/8/16
Equivalent DATA
Consilio
ND
ND
Provides e-discovery solutions to attorneys, investigators, corporations, and legal
professionals worldwide
9/1/16
Integreon
NewQuest Capital Partners
ND
ND
Provides integrated legal, discovery, research, and business support solutions to
professionals
7/27/16
Epiq Systems
DTI
1,026
1.9x
Provides professional services and integrated technology solutions for the legal profession in
the United States and internationally
6/28/16
Patent River
Anaqua
ND
ND
Provides patent prosecution data for the intellectual property industry
6/2/16
Recommind
Open Text Corporation
163
ND
Develops Software-as-a-Service (SaaS) based advanced analytics platform that identifies the
facts, which matter for eDiscovery, investigations, contract analysis, and information
governance
5/19/16
JURINNOV
Technology Concepts &
Design
ND
ND
Provides integrated technology solutions that address the e-discovery and data security
needs of legal and business communities
5/17/16
Lawin1 Legal Process
Solutions
MyeCA.in
1
ND
Provides online legal services for businesses in Indiia
5/4/16
Guardian Digital Forensics
Envista
ND
ND
Provides e-discovery services comprise case consulting services, collection of data, and
early case assessment services
4/4/16
Espion
BSI Professional Services
EMEA
ND
ND
Provides information governance, eDiscovery, cloud assurance, managed security, and
research and development services to legal advisers
2/1/16
Veritext
Pamplona Capital
ND
ND
Provides deposition and legal litigation support solutions and services
1/28/16
Kiersted Systems
OmniVere
ND
ND
Provides electronic discovery and legal technology consulting solutions to law firms and
corporate legal departments
Date
Target
Acquirer
Transaction
Value
EV/TTM
Revenue
Target Description
1/19/16
Review Less
Inspired Review
ND
ND
Provides e-discovery process, predictive coding execution, and advanced analytical review
tools
1/19/16
Litigation Document Group
Xcellence
ND
ND
Offers a suite of electronic discovery services, including collection, analysis, processing,
review, and production of digital and paper-based information
1/11/16
ABI Document Support
Services
ExamWorks Group
$62
ND
Provides outsourced electronic records retrieval, e-discovery and document and records
management services for businesses in the legal and health insurance sectors
1/7/16
Millnet Financial
Advanced Discovery
ND
ND
Provides ediscovery and legal document services in the United Kingdom
1/4/16
LDiscovery
The Carlyle Group
ND
ND
Develops e-Discovery management solutions and provides legal and technology consulting
services
12/15/15
Inventus Solutions [Clearlake
Capital]
RPX Corporation
232
4.4x
Provides e-discovery document collection, review, processing and related information
management SaaS, as well as e-discovery and litigation support managed services, for law
firms, corporate legal departments and government agencies
11/23/15
Lex Machina
LexisNexis Group
ND
ND
Develops a Software-as-a-Service Legal Analytics platform that creates structured data sets
about judges, lawyers, parties, and IP litigation information to companies and law firms
11/6/15
BDO H&A Forensics.
BDO Canada
ND
ND
Provides advisory services, eDiscovery, and computer forensics solutions to its corporate
and legal clients faced with business and litigation risks
10/12/15
Ditto Document Services
Advanced Discovery
ND
ND
Provides digital asset management, eDiscovery, litigation support, print production, and
fulfillment services
10/8/15
Aderant Holdings [Madison
Dearborn Partners]
Roper Technologies
675
ND
Provides legal practice management software and SaaS for the legal sector globally
10/8/15
Daegis [ Unify Corporation]
OpenText
14
0.6x
Provides e-discovery SaaS and related document hosting services for businesses and the
legal sector
9/21/15
Loislaw.com
Fastcase.com
ND
ND
Provides legal and related information to attorneys, law firms, law school faculty, and
students; and others via Internet
7/7/15
Bridgeway Software
Mitratech Holdings
ND
ND
Provides legal management solutions for legal spend and matter management, corporate
governance, and e-Discovery applications in legal departments
6/30/15
Consilio
Shamrock Capital Advisors
ND
ND
Provides eDiscovery software and services to assist law firms and corporations involved in
internal and external investigations, litigation, and arbitration
26
Legal Tech M&A Activity Since 2014 (Cont'd)
Source: 451 Research, Capital IQ, Traxcn
Date
Target
Acquirer
Transaction
Value
EV/TTM
Revenue
Target Description
4/8/15
Iris Data Services
Epiq Systems
$134
3.5x
Provides outsourced e-discovery, computer forensics and legal document review services for
businesses and law firms
1/9/15
Sky Analytics
Huron Consulting Group
9
ND
Provides outside legal expense management and invoice benchmarking SaaS for corporate
in-house legal departments and law firms
1/9/15
Geotext Translations
Lionbridge Technologies
17
1.0x
Provides language solutions for legal professionals worldwide, offering document translation
services, such as certified/sworn Geotext, Geotext, draft, and machine translations
12/4/14
LitSupport
Information Management
Group
14
ND
Provides legal e-discovery services, as well as outsourced document management, digital
document scanning and printing services, for businesses, law firms and government
agencies in Australia and New Zealand
11/10/14
Hudson Legal e-Discovery
Document Technologies
23
0.4x
Provides e-discovery, project management and litigation support BPO services for corporate
legal departments and law firms
11/10/14
Legal eDiscovery Business
DTI
23
ND
Provides information management and legal process outsourcing services
10/16/14
Discovery Solutions
DTI
ND
ND
Offers InsideOut, an in-house e-discovery management service that includes collections,
attorney review and analysis, and document production services
9/2/14
SoftCode
Tyler Technologies
5
ND
Provides Microsoft-based civil case management and court service software for government,
justice and police agencies
5/12/14
AccessData Group (litigation
support services division)
OmniVere
19
ND
Provides digital forensics, analytics, e-discovery, record management software and services
for the legal, law enforcement and government entities
5/7/14
PartnerJD
TrustPoint
ND
ND
Provides e-Discovery staffing solutions for law firms and corporations in Richmond
4/8/14
Smart Data Consulting
Xerox Corporation
ND
ND
Offers technology consulting and e-discovery services to legal, government, and corporate
entities
2/26/14
Third Coast Holdings
Wolters Kluwer Corporate
Legal Services
180
3.2x
Provides general ERP and case management software, SaaS and services for corporate
legal and compliance departments
1/6/14
LegalZoom.com
Permira Advisers
216
ND
Provides personalized online legal solutions for families and small businesses
27
Legal Tech M&A Activity Since 2014 (Cont'd)
Source: 451 Research, Capital IQ, Traxcn
28
Legal Tech Private Placement Activity Since 2013
Source: 451 Research, Capital IQ, Traxcn
Note: Excludes all Private Placement Transaction with undisclosed values and values under $1 million
Date
Target
Investors
Target Description
Amount ($M)
3/7/17
LawGeex
Lool Ventures; LionBird Ventures; Recruit Holdings
Provides a contract review platform for individuals and businesses, offering LawGeex, a
platform that enables to upload one of over 30 contract types
$7
1/10/17
Mighty AI
Foundry Group, Madrona Venture Group, New
Enterprise Associates
Helps businesses to obtain the datasets they need to train and scale their computer
vision and natural language model
14
12/14/16
LawTrades
500 Startups; Angel List; Graph Ventures
A message-based platform that allows anyone to seamlessly find, hire, and work with
corporate attorneys on a project basis
2
8/23/16
Logikcull
OpenView Venture Partners; Storm Ventures
Develops a cloud discovery and investigation platform for law firms, corporations, and
governments
10
7/21/16
CS Disco
Bessemer Venture Partners; The Stephens Group;
LiveOak Venture Partners
Develops e-discovery software that helps lawyers find evidence faster by reviewing
documents in major cases and investigations
19
5/27/16
Notarize
Polaris Partners; The Founders Fund; Ludlow Ventures
Operates an online notary public service that enables users to connect with a
commissioned Virginia eNotary public by live video call in the United States
9
5/13/16
Page Vault
Golden Angels Investors; Meridian Street Capital;
Nelnet; Foley Ventures; (3 others)
Provides a software solution that allows legal professionals to capture Webpage content
in a way that is forensically defensible and legally admissible
2
4/29/16
Everplans
Transamerica Ventures; RGAx
Operates a Website for people dealing with deathhypothetical people
6
4/19/16
LawGeex
Lool Ventures; LionBird Ventures
Provides a contract review platform for individuals and businesses, offering LawGeex, a
platform that enables to upload one of over 30 contract types
3
2/4/16
Notarize
Polaris Partners; Ludlow Ventures
Operates an online notary public service that enables users to connect with a
commissioned Virginia eNotary public by live video call in the United States
2
1/14/16
Everlaw
Andreessen Horowitz; K9 Ventures
Provides ediscovery and litigation cloud platform to law firms, corporate counsel, and
government attorneys
8
29
Legal Tech Private Placement Activity (Cont'd)
Source: 451 Research, Capital IQ, Traxcn
Date
Target
Investors
Target Description
Amount ($M)
1/11/16
Wevorce
Techstars
Operates as a divorce mediation company providing online consultation services in the
areas of foundation building, parenting planning, financial mapping, document prepping,
and final review
$3
12/11/15
Peppermint
Technology
Scottish Equity Partners
Offers Peppermint Legal Service Platform, a legal practice and case management
software that equips law firms, solicitors and lawyers for the future
13
11/5/15
Premonition
ND
Provides legal analytics services to law enforcement, lobbying, and healthcare markets
3
11/2/15
Lexoo
Forward Partners; London Co-Investment Fund
Operates an online platform that allows businesses to find and compare quotes from
specialized commercial lawyers in the United Kingdom
1
10/13/15
Concord Worldwide
Western Technology Investment; Alven Capital
Partners; Cota Capital
Provides a cloud-based platform that enables users to clarify contract terms in real time with clinical
laboratory supply and medical device providers
3
8/12/15
Mighty AI
Foundry Group, Madrona Venture Group, New
Enterprise Associates
Helps businesses to obtain the datasets they need to train and scale their computer
vision and natural language model
10
7/28/15
Lecorpio
M2O
Provides integrated and collaborative suite of software solutions to automate, manage, and optimize
intellectual property (IP), compliance, and billing processes of corporate legal departments
15
7/28/15
UpCounsel
Menlo Ventures; Compound; Homebrew Management
Operates as a marketplace for legal services focused on businesses and startups
10
7/22/15
Avvo
Technology Crossover Ventures; Vulcan Capital; Coatue
Management
Operates an online legal marketplace that connects consumers and lawyers
72
2/3/15
kCura
ICONIQ Capital
Develops Web-based e-discovery applications for managing large volumes of electronic
evidence during litigation and investigations
125
11/21/14
Mighty AI
Foundry Group, Madrona Venture Group, New
Enterprise Associates
Helps businesses to obtain the datasets they need to train and scale their computer
vision and natural language model
4
Note: Excludes all Private Placement Transaction with undisclosed values and values under $1 million
30
Legal Tech Private Placement Activity (Cont'd)
Source: 451 Research, Capital IQ, Traxcn
Date
Target
Investors
Target Description
Amount ($M)
11/17/14
Renew Data
Ldiscovery
Provides eDiscovery solutions to corporations and law firms in the United States
$40
11/12/14
CS Disco
Bessemer Venture Partners; LiveOak Venture Partners
Develops e-discovery software that helps lawyers to find evidence faster by reviewing
documents in major cases and investigations
10
6/30/14
Zapproved
K1 Investment Management
Provides e-discovery Software-as-a-Service (SaaS) solutions for corporate legal teams
15
5/7/14
Onomatics
Balderton Capital
Provides TrademarkNow, a Web-based system for intelligent trademark management,
analyzing trademarks and ranking them into an order relevant to the users
4
5/1/14
Lecorpio
M2O
Provides integrated and collaborative suite of software solutions to automate, manage,
and optimize intellectual property (IP), compliance, and billing processes of corporate
legal departments
10
4/7/14
Avvo
Benchmark; Ignition Partners; Coatue Management;
DAG Ventures
Operates an online legal marketplace that connects consumers and lawyers
38
3/25/14
Clio
Bessemer Venture Partners
Provides a web-based practice management system that is specifically designed for solo
practitioners and small law firms
20
2/3/14
Ravel Law
New Enterprise Associates; North Bridge Venture
Partners; The Experiment Fund; Work-bench Co-op
Owns and operates an online legal research platform
8
10/30/13
LawDingo
Altair Capital Management
Enables users to access lawyers within their state via video chat, phone or email
1
10/17/13
Anaqua
Bessemer Venture Partners
Provides intellectual asset management software and maintenance services
25
10/2/13
UpCounsel
CrossLink Capital; Compound; SV Angel; Collaborative
Fund; Homebrew Management
Operates as a marketplace for legal services focused on businesses and startups
4
5/28/13
Judicata
Khosla Ventures
Develops research and analytics tools for lawyers
6
Note: Excludes all Private Placement Transaction with undisclosed values and values under $1 million
32
M&A and Growth Equity focus Enterprise
value between $50M and $350M
Reputation for closing deals large and small
at premium valuations
A record 32 announced transactions in the
2016 with buyers from around the world
including Microsoft, Oracle, HPE, Rakuten
and Carlyle, and more than 45 current
engagements
High transaction volume fuels deep market
knowledge and extensive worldwide
technology contacts
One of the largest tech banking teams in the
world with 50 employees
14 years in business, 302 completed
transactions, and 52 consecutive quarters of
profitability
Headquartered in Boston with offices in
Silicon Valley, New York, London, and
Minneapolis
Ranked The Top Technology Boutique Bank
33
Fred Joseph
Maria Lewis
Kussmaul
Eric Davis
Russ
Workman
Cybersecurity
Advanced Threat Defense
CASB
Endpoint
Identity Access Management
Network
SECURITY
Ben Howe
BI / Analytics
CRM
ECM
ERP
FinTech / Payments
HCIT / Life Sciences
HCM
IT Services
Marketing / Sales
Automation
Supply Chain
Technical Software
SOFTWARE
AdTech
Consumer
E-Commerce
Food Tech
Gaming
DIGITAL MEDIA & INTERNET
Big Data
Cloud Computing
Communications Infrastructure
Data Center
Jon Guido
Ben Howe
Hugh
Hoffman
Fred Joseph
Dennis
Rourke
Charlie
Schopp
Elena Marcus Doug Hurst
Trevor
Martin
Linda
Gridley
Elena
Marcus
Gee Leung
Trevor
Martin
Jon Guido
Joe Dews
Scott Card
Rob Buxton
Markus
Salolainen
INFRASTRUCTURE
Greg Roth
Security Orchestration
Security Services
Threat Intelligence
User Behavior Analytics
Vulnerability
IOT / SCADA
Vertical SaaS
Automotive
Building / Engineering
Education
Healthcare
Legal
Non-Profit
Public Sector
Real Estate
Retail
Travel & Expense
Internet
Mobile
Social
Virtual Reality /
Augmented Reality
Energy & Industrial Tech
Internet of Things
Mobility Solutions
Semiconductors
Storage
Joe Dews
Deep Domain Knowledge and an Average 20 Years of Experience
34
Client
Buyer
Process and Outcome
ND / ND
AGC advised L2, a provider of digital performance benchmarking to Fortune 500 brands, on its sale to Gartner
AGC ran a highly efficient, disciplined process, reaching out to a carefully selected group of top digital media
buyers and receiving multiple term sheets
The Company's price expectations were very specific; AGC drove effective price valuation rationales to get
buyers to meet those expectations and adopt a view of L2's data driven digital measurement capabilities as
potentially transformative to their business
ND / ND
AGC advised Cognilytics on a sale to CenturyLink
AGC reached out to a targeted group of potential acquirers; of that group, several parties conducted an
evaluation of the business and held introductory meetings with the management team
Following receipt of an LOI, AGC pushed other prospective acquirers into a competitive process that resulted in
a higher enterprise value and better terms with the ultimate acquirer, CenturyLink
ND / ND
AGC advised Simplygon, an AR / VR company, on its sale to Microsoft in January, 2017
Within two weeks of launching a market test, AGC generated multiple in-person meetings including several
top global technology strategic buyers
The highly competitive process generated multiple strategic bids
Upon receiving Microsoft's term sheet, AGC negotiated seller friendly terms and our client signed the term
sheet within 24 hours
AGC advised FMCG Direct, a leading data-driven marketing services provider to financial services on its sale to
Deluxe Corporation (NYSE: DLX)
The Company had inbound interest from multiple parties which AGC fielded, keeping the appropriate amount of
tension to create a competitive bidding environment
AGC commenced outreach in less than two weeks of engagement resulting in over 40 NDAs signed and ~20
meetings with management
AGC leveraged the high level of interest it collected from the outreach to negotiate a more compelling offer and
better terms for FMCG
$200M / ND
$400M / 8.5x
AGC initially advised Prolexic on their $30M capital raise led by Trident Capital and Intel in 2013, and
subsequently advised the Company on their $400M dollar sale to Akamai
Following a competitive financing round, Prolexic was approached by Akamai to be acquired
By driving an extremely competitive process and providing access to the right decision makers, AGC was able
to achieve an 8.5x acquisition transaction multiple
$275M / 7.4x
AGC initially advised iSIGHT on their $30M capital raise from Bessemer in 2014, and subsequently advised the
Company on their sale to FireEye (Nasdaq: FEYE) in January 2016

In light of inbound interest, AGC was engaged to run a rapid, highly disciplined M&A process to test the market
and simultaneously stoke existing interest from the buyer at the table
By positioning
iSIGHT's superior technology, continued market traction, and viable growth strategy to the
market, AGC was able to drive a competitive process that improved negotiating leverage resulting in optimal
deal terms and a massive exit multiple
$1B / 8.0x
AGC advised SS&C on a $1 billion dollar sale to the Carlyle Group at an 8x revenue multiple
AGC set up an intense 2-day roadshow with the top 6 technology buyout firms: Carlyle, Summit, Thomas Lee,
Tudor, Warburg Pincus, Welsh Carson
AGC created an auction environment and generated bids in 30 days
AGC drove a 80% premium to the pre-deal trading price
EV / Revenue Multiple
Source: 451 Research
Market-Defining M&A
35
Client
Investor
Check Size /
Enterprise Value
Process and Outcome
$70M / $145M
AGC advised Mandiant on a $70M capital raise at a $145M valuation and 5.1x revenue multiple
The proceeds were used to repurchase shares from investors and to fuel strategic growth initiatives
Mandiant leveraged KPCB's knowledge and expertise following the investment and grew rapidly before being
acquired by FireEye in 2014 for $1B, 6x the pre-money equity value of the AGC growth equity transaction
$25M / ND
AGC closed a $25M investment led by North Bridge Growth Equity
The transaction included primary and secondary capital to provide liquidity to shareholders and to finance
erecruit's first growth equity round
$36M / ND
AGC closed a $36M investment led by Partech Ventures with participation from existing investors, Finnish
Industry Investment and Draper Esprit
The investment will be used to further accelerate existing sales and marketing activities for M-Files, as well as
to expand into new markets in North America, EMEA, and APAC and liquidity to shareholders
$65M / ND
AGC kicked off a highly competitive growth equity process that ultimately brought in 8 term sheets from
prospective investors
Buildium moved forward with Sumeru and closed a $65M capital raise
The capital was a mix of primary and secondary to provide liquidity to shareholders and K1, and to fuel future
strategic growth
$49M / ND
AGC advised Litmus on a $49M capital raise that valued the company at 6x revenues
AGC leveraged inbound interest to drive an intense 60-day process, soliciting multiple preemptive term
sheets from top PE and strategic buyers, representing a valuation that was over 2x the original offer
The invested capital was a mix of primary and secondary to provide liquidity to the existing shareholders and
to drive strategic growth initiatives
$27M / ND
AGC helped Building Engines, a leading real estate software provider, raise $27M
After bringing in multiple term sheets, with both minority and majority options, AGC assisted Building Engines
in choosing the right partner with which to move forward
The capital was a mix of primary and secondary for liquidity to shareholders and fuel strategic growth
$375M / $535M
AGC advised Planet Fitness on a $375M capital raise led by TSG Consumer Partners at a $480M value
AGC conducted a frenzied auction in the middle of August and signed the definitive agreement roughly 60 days
after signing the engagement letter
Planet Fitness went public on the NYSE in August 2015 opening at an implied equity value of $1.6B, 4.3x the
pre-money equity valuation at the close of the AGC transaction
Market-Defining Financings
Source: 451 Research
36
AGC Works With Over 800 Global Strategic Buyers
37
Three annual technology conferences optimized for private companies and
entrepreneurs
Leveraging a robust and proprietary 1-on-1 meeting format to arrange
6,000+ meetings between private company CEOs and investors/buyers at
events throughout the year
High-caliber panel discussions featuring renowned tech industry experts on
hot topics and trends
Leading public and private emerging growth companies spanning all major
tech sectors, including Cloud/SaaS, FinTech, HCIT, E-Commerce,
Infrastructure, IoT, Security, Mobile and Social, regularly attend our
conferences
2,000 professionals from all of the leading PE / VC firms and corporate
venture funds and strategic buyers attended our conferences over the past
12 months
San Francisco 2017 featured 450 technology companies and 3,500+ 1-on-1
meetings
Boston 2016 featured 170 technology companies and 1,500+ 1-on-1
meetings
Boston
November, 2017
San Francisco
February, 2017
London
June, 2017
Premier Industry Investor / Buyer Conferences
38
Our Partner authored "Insights"
publications insure that we are
ahead of important sector and
financing trends
We uncover new technologies that
are beginning to emerge
We uncover new companies in
emerging landscapes
We maintain dialog with the most
active investors and strategic
buyers
We distribute to a proprietary list
of over 10,000 industry
participants
Deep Domain Expertise Across Sectors
39
sold to
sold to
Sold to
Global Expertise: 45 Cross-Border Deals in 18 Countries
40
SOFTWARE / TECH ENABLED SERVICES / ENERGY
TECH
COMMUNICATIONS / SEMICONDUCTOR / IT INFRASTRUCTURE
DIGITAL MEDIA & INTERNET
FIN TECH
HCIT
INFORMATION SECURITY &
DEFENSE
AGC Works Smart and Hard 302 Closed Deals
Head and shoulders above the others
41
Leveraged multiple indications of interest into an excellent outcome
We're thrilled with the outcome
24 x 7 commitment, creativity, and persistence
Super smart, responsive, and insightful
Provided invaluable counsel and execution support
There is nobody I would rather have in my corner
Gary Gauba, President, Advanced
Solutions Group, CenturyLink
Gary founded and successfully sold
three companiesSoftline, Systech,
and Cognilyticsall with AGC
Partners as his advisor
What Clients Say About Us
42
Strong Relationships with the Leading Strategic and Financial
Buyers and Growth Equity Investors
Outstanding Sector Knowledge Enables AGC to Effectively
Position our Clients in the Market
One of the Largest Global Technology Banking Teams
Engagements Led by Partners, Not Handed Down to Junior
Bankers
Premier Industry Investor Conferences
AGC Drives Both Big and Small Deals to Premium Valuations
Why Partner With AGC