Presented by:
Jim Stone, Partner
AGC Partners
Sean Tucker,Partner
Ben Howe, CEO
TITLE
Legal & Compliance Tech Market Update
resete
y:
Jim Stone, Partner
Steven Willis,Partner
Tristan Snyder, Partner
Mike Parker, Partner
February 2022
Executive Summary
 Market Outlook: The global legal and compliance tech market, estimated at ~$8B in size, is poised
for explosive growth in the years ahead as legal and compliance teams fully embrace digitalization
and automation tooling
›
IT is massively under deployed at just 1.8% of total law firm revenues. This compares to 10%+
for banking and 4%+ on average for other industry sectors
› The growing volume of metadata and millions of documents that are managed by corporate law
departments and litigators will continue to drive the need for technology adoption and increase
spend as a percentage of revenue
› Work-from-home migration during the pandemic further accelerated the digital shift, though
penetration of digital tools for workflow and information management remains low
 Market Technology Trends: Legal tech solutions increasingly revolve around real time data access
to contain costs, increase automation and improve outcomes, while Compliance tech is increasingly
deployed to safeguard massive amounts of data brought about by new privacy regulations
› AI /ML technologies, once emerging, are now entering the mainstream to automate services
such as eDiscovery, Contract Management and Compliance Surveillance
 Capital Markets & M&A Trends: Both capital raised and M&A deals hit all time highs that far
surpass the 2020 levels
› Financing into private Legal tech companies is now pouring in with total capital raised in 2021
almost double the 2019 and 2020 totals
› M&A activity has also seen a lockstep change to unprecedented levels over the last year with
total M&A volume increased by 71% to 214 deals
› Notable large transactions include OMER’s $1.5B acquisition of Mitratech and Warburg’s $1.4B
deal for NetDocuments at an iconic 35x revenue multiple
With over 300 companies identified in AGC’s Legal and Compliance Tech landscape, this industry is
large and growing rapidly with many new startups disrupting the status quo and a few giant
incumbents competing for pole position
7%
2%
0%
1%
6%
5%
3%
4%
8%
10%
9%
Overall
Average
Banking
Industrial Healthcare
Legal
Massive Underinvestment in Tech
Average
Total Capital Raised & Deal Count
$1.2B
$2.0B
$3.2B
$3.6B
$6.4B
127
151
190
187
259
2017
2020
2018
2021
2019
Deal Count
Capital Invested
Sources: Flexera, Deloitte, Company Reports, PitchBook
AGC Partners
1
First, let us define the Legal Tech ecosystem – the buckets, their criteria, and the rationale for including companies
Setting the Stage
 Manage a law firm’s case and client records,
schedules and appointments, deadlines, and
especially spend management through
handling corporate legal expenses,
managing timekeeper rates, and overseeing
budgeting.
Contract Management
 Software which enables users to manage the contract life cycle from
generation to negotiation, review, execution, and eventually renewal
or termination. This sub-segment includes analytics systems which
use AI to review contracts and Smart Contracts which execute code
when specific blockchain code is triggered.
Research/Analytics
 Products which serve in a range of research-
assisting capacities. These range from
programs which help legal professionals
obtain quick, accurate answers concerning
specific points of the law to analytics
programs which organize and derive insights
from masses of structured and unstructured
data.
Intellectual Property
 Helps businesses which own or aspire to acquire trademarks and patents. This software also helps
attorneys and IP law firms prepare for and conduct IP filings and litigation.
 Workflow driven software for legal teams
which streamlines collaboration between in-
house legal teams, outside legal counsel, cross-
platform business units, and service providers.
These products often help facilitate
collaboration in document, matter, and case
management.
Project Management
Marketplace / DIY
 Provide individuals and small businesses with
direct online access to lawyers, legal services,
and forms. These products include alternative
legal service providers (ALSPs), non-law firms
which provide legal advice at costs lower than
traditional law firms.
eDiscovery
Large Diversified / ELM Providers
Practice Management
 Software which enables the identification, collection, and review of
electronically stored information (ESI) for use during litigation. These
programs create digital databases of evidence for both parties to
view, and, by preserving the original content and metadata,
eDiscovery tools can eliminate claims of evidence tampering.
 Products sold to in-house legal departments in the
enterprise legal management (ELM) market providing a
full suite of point solutions or end-to-end platforms.
AGC Partners
2
Legal Tech Landscape by Segment
Intellectual Property
This is a representative list only and does not include all relevant companies. If your company is not listed and you would like it to be included in future releases, please email Jim Stone at jstone@agcpartners.com
Research/Analytics
Practice
Management
Contract
Management
eDiscovery
Large Diversified / ELM Providers
Market Place / DIY
Project Management
AGC Partners
3
- Indicates operating subsidiary
Next, let us define the Compliance Tech ecosystem – the buckets, their criteria, and the rationale for including companies
Setting the Stage
KYC & Anti-Fraud
 Facilitates counterparty due-diligence and Know Your Customer (KYC) procedures.
This sub-segment also includes services such as Anti-Money Laundering (AML)
solutions, protecting the integrity of financial transactions and institutions.
Compliance Management
 Enables management of processes and data for communicating, monitoring, and
documenting diverse compliance activities for a full spectrum of regulations and
standards throughout the enterprise, and for evaluating associated risks.
Regulatory Reporting
 Programs which provide an array of regulatory assistance, from real time monitoring
and tracking of current state of compliance and upcoming regulations to enabling
automated data distribution and regulatory reporting.
Privacy Management
 Encompasses a broad group of companies which facilitate the management of data,
including Subject Rights Requests (SRRs), which enable users to change how their data
is stored and used, content management which allows websites to manage their content
and data preferences, and privacy management tools which ensure data compliance
regulations are met.
AGC Partners
4
Compliance Tech Landscape by Segment
This is a representative list only and does not include all relevant companies. If your company is not listed and you would like it to be included in future releases, please email Steven Willis at swillis@agcpartners.com
Regulatory Reporting
KYC Anti-Fraud
Compliance Management
Privacy Management
AGC Partners
5
- Indicates operating subsidiary
M&A Activity by Segment – Last 5 Years
Sources: PitchBook. VC and PE rounds only. Exclude Angel, Seed, Accelerator and Equity Crowd Fundings.
M&A BY SEGMENT (AGGREGATE VALUE IN $ BILLIONS)
M&A BY SEGMENT (# OF DEALS)
 There have been 672 M&A transactions and 560 funded companies; fragmentation remains with many new vendors while consolidation activity continues
 The Legal vertical has accounted for the majority of M&A with 435 transaction (64%) and $28.7B in deal value (77%)
 Since the peak of the COVID-19 pandemic in 2020, median valuations and size has increased to 7.6x and $95M, respectively
 After a relatively stagnant 2020, the number of deals in 2021 surged by 71%
# of Deals$ Billions62
81
71
93
122
19
74
32
92
2019
16
2017
2020
2018
2021
97
81
145
125
214
+71%
Compliance
Legal
2018
0.0
0.9
1.2
2017
3.5
2.0
3.3
2019
1.6
7.7
6.6
2020
4.1
6.2
1.2
2021
5.5
4.2
16.0
10.3
Compliance
Legal
Clarivate buys IP management provider CPA Global for $6.6B and
12x revenue, the largest ever deal in the Legal Tech vertical
AGC Partners
6
Financing Activity by Segment – Last 5 Years
Sources: PitchBook & 451, PitchBook. VC and PE rounds only. Exclude Angel, Seed, Accelerator and Equity Crowd Fundings.
FINANCING DEALS BY SEGMENT (CAPITAL RAISED IN $ BILLIONS)
FINANCING DEALS BY SEGMENT (# OF DEALS)
 After a relatively stagnant 2020 during COVID, the number of fundings and capital raised in 2021 surged by 38% and 78%, respectively
 The Legal segment has accounted for a majority of all financings in with 591 deals (63%) and total capital raised of $8.9B (53%)
 Legal segment saw more headwinds in COVID stricken 2020 with a big downturn in capital raised in 2020 followed by a huge growth year in 2021
 The upward trend seen in the Compliance segment was driven by post-GDPR and CCPA investor enthusiasm, though both segments saw strong growth in 2021
 Overall the Compliance segment is taking a bigger share of financing activity when compared to M&A as the segment is seeing significant tailwinds
# of Deals$ Billions71
87
122
116
183
56
64
68
71
76
2021
2017
2018
2019
2020
190
127
151
187
259
Compliance
Legal
0.6
2.0
1.2
1.4
0.7
2019
2018
0.5
1.2
2017
3.6
2020
2.3
1.2
3.0
3.4
2021
2.0
3.2
6.4
Compliance
Legal
Enthusiasm around privacy management and two big rounds for
OneTrust at $510M combined stoke volumes for Compliance
Legal takes back leadership
AGC Partners
7
Legal is a Massive Market with Low Technology Penetration

IT spend of 1.8% of revenue remains less than half of the
4.2% average spend across other industries
 Only 22% legal departments and law firms say they
understand the available software technologies well enough
to make IT purchasing decisions
 69% recognize the need for more IT spend and expect Big
Data, Predictive Analytics and Automation technologies will
have a big impact on their firms within the next three years
 A major factor driving growth is new corporate initiatives
aimed at harnessing the increasing volume of data and
addressing new regulations for better control of data
 With the number of data breaches accelerating in recent
years, regulators have stepped in to impose mandatory
compliance on what had previously been “best practice“
 While legal and compliance spend on technology lags other
industries, Legal Tech has the potential to grow faster than
the average software vertical given its low penetration rate
and large addressable market
Sources: Statista,Docusign, MarketLine, Wolters Kluwer, Legalcomplex, MarketResearch
AGC Partners
8
At $437B (US) and $218B
(Europe) the legal industry is a
massive market with low IT
spend of 1.8% as a percentage
of revenue
The Total Addressable Market
(TAM) for Legal Tech is valued
at $28B (US) and $14B
(Europe) as adoption increases
and the market matures
The Serviceable Addressable
Market (SAM) for Legal Tech is
valued at $12B (US) and $6B
(Europe) based on the current
estimated spend on software
Compliance is a Subset of the Larger GRC Market
Source: Inuix, MARC Group, MarketsandMarkets
$36B
$40B
$45B
$50B
$56B
$63B
2025
2021
2024
2022
2023
2026
+12%
AGC Partners
9
The increased complexity arising from the pandemic related regulations and new data privacy laws is driving
strong growth in GRC solutions, of which Compliance is a key component
$10.5B
$12.8B
GRC Software
Endpoint Security Software
$12.8B
Outsourced Services
 Compliance Tech is a subset of the larger GRC (governance, risk, and
compliance) market which also includes IT Risk, Operational/ Financial Risk,
and parts of the Cybersecurity market
 Taken together, it is a major category that is expected to reach $62.8 Billion
by 2026, from $36.1 Billion presently, a CAGR of 11.7%
 A major factor driving growth in the GRC market are new corporate
initiatives aimed at harnessing the explosion in big data collected on markets
and target clients, and in response, an explosion of new regs attempting to
safeguard the privacy of “data subjects,” i.e. individuals and their related
personal information
 The average cost of handling a data subject access request is estimated at
$1,500 per event; meanwhile, data privacy fines can run up to 4% of total an
organization’s revenues
 What was previously an area of corporate “best practice“ and managing
reputational risk is now an area of forced spending

In this report, we exclude cyber and IT risk/ops to focus on technologies that
are more likely to be defined by C-level executives of law firms, corporate
law departments and corporate compliance departments rather than CISOs
and CIOs
GLOBAL GRC MARKET FORECAST
GLOBAL GRC MARKET BREAKDOWN
The impact of COVID, starting in March of 2020 and continuing through the Delta and Omicron variants, has been
widespread throughout the legal market, accelerating existing trends and creating new ones driven by technology. Video
calls, work from home technology, automated administration and other technologies were long available, but COVID
forced their immediate adoption and cemented their use for the foreseeable future:
Sources: Wolters Kluwer, American Bar Association
Impact of COVID on Legal Tech - Forced Adoption of Existing Technology
 Many law firms and corporate legal departments remain at least partially virtual today, having embraced the technological shift induced by COVID.
Partners are working from their homes and many of the junior lawyers also working from home at least 2-3 days a week, with 66% of legal employees
expected to continue working from home post-pandemic. (1)
 With the flexibility to work remotely increasing before COVID but suddenly becoming a necessity, lawyers turned to technology to enhance their
practices and interaction with clients. Zoom took off and went public, and Google, Microsoft and other competitors enhanced their virtual call
technology capabilities and software, allowing for collaboration on documents, case management, and virtual courtroom appearances, among other
capabilities. Virtual training has likewise become commonplace for lawyers needing to meet legal education requirements.
 The emergence of workflow and workforce management platforms, which enable lawyers to handle their own administrative tasks (i.e. submitting
their own time records and expenses), have caused a reduction in administrative staff. Law firms discharged 36% of support staff and furloughed
another 34% early in the pandemic, and technology will likely make those budget cuts permanent. (2)
 Electronic discovery projects were negatively affected by COVID initially as courts were closed, but have since rebounded. Ediscovery firms like
CSDisco are seeing an increasing percentage of their revenue coming from SaaS subscriptions, affording an opportunity to go public or consolidate at
very attractive valuations for stockholders.
 Millennials, or those between the ages of 20-40 at the onset of COVID, have become the core of the “new partners” at law firms given an average
partnership track of 9 years – bringing with them enhanced expectations of technology use and acceptance, a desire for flexible work accommodations,
enhanced benefits and collaboration.
These trends have opened the gates for adoption of more advanced technologies including contract collaboration software, artificial
intelligence in assessing legal cases and predictive analytics in case management.
AGC Partners
10
Sources:
Top COVID Drivers for Adoption of Legal Tech
“ Prior to Covid, technology
changes were difficult. Post-
Covid technology changes are
much more accepted.”
– CTO of large
international law firm
To
fill what became a void
in
professional interactions,
Law firms
accelerated investment in Knowledge
Management platforms
to connect
people with essential knowledge and
information in the same way they used
to leverage a colleague with deep
subject matter expertise
Knowledge Management
Accelerated movement to hybrid cloud technology has
driven acceptance of remote dispositions/appear-
ances, but has also required increased spend on
cybersecurity and document automation. These costs
are offset, however, by decreased reliance on admin
support to set meetings, track billings and expenses.
More lawyers are using technology to do their own
support
Hybrid Work Environment
Analytics, email and smart marketing
are emerging as more efficient ways to
reach potential clients rather than in-
person meetings. The use of targeted
social media
and
lead generation
technology is also growing
Legal Marketing
Contract Management and Collaboration Software,
Ediscovery and Data Analytics combine with Artificial
Intelligence and Enhanced Research capabilities for
more efficiency and utilization of data
AI Acceleration
These trends have opened the
gates
for adoption of more
advanced technologies including
contract collaboration software,
artificial intelligence in assessing
legal
cases
and
predictive
analytics in case management.
Sources: LegalWeek
AGC Partners
11
Tech Adoption by Legal & Compliance Professionals: All Systems Go
Sources: Statista, Gartner, Data Intelo, Law.com,
Increased automation of legal work
related to major corporate transactions
4
5
$18B
$25B
2020
2025E
+7%
33%
77%
50%
50%
2019
2024E
Increased Legal Tech
startup market revenue
Global data privacy
software market growth
1
2
Increased economic
impact of Legal Tech
3
Global regulatory affairs
outsourcing market growth
$580M
$2,490M
2020
2025E
+34%
$65B
$144B
2025E
2020
+17%
$5B
$9B
2028E
2021
+8%
$7B
$17B
2021
2030E
+11%
Automated
Non-Automated
The Legal & Compliance Tech market is projected
to grow at a 7% CAGR through 2025
6
2.6%
3.9%
12.0%
2017
2020
2025E
+21%
Increased legal department
spend on technology
AGC Partners
12
Changing Business Models Propelled by Tech, Accelerated by Pandemic
Even before the Pandemic hit, the legal business model faced growing pressure from tech-savvy alternative providers
1,200
1,400
1,638
7,350
9,200
12,000
15,600
150
768
480
900
2015
300
2017
2019
2021e
+14%
6%
46%
41%
24%
Our traditional business model is being challenged by use of
technology to displace tasks traditionally handled by law firms
Our traditional business model is being challenged by
competition from ALSPs
We are facing increased pressure from corporate clients to
use ALSPs
We are facing increased pressure from corporate clients to
create affiliates to provide alternative legal services
 Traditional law firms operate under a partnership model that
leverage the billable rate of lawyers at the top of the food chain and
the time and cost of professionals working under them.
Accumulating billable hours is at the core of that model.
 By contrast, other industries have moved on to a more modern,
digital and client-centric model that features on-demand delivery of
goods and services in a more predictable and cost-effective manner
 Much like healthcare, legal is transitioning to a service model that
emphasizes value-based outcomes while charging less for
repetitive, commodity-like services
 This has led to the rise of Alternative Legal Service Providers
(ALSPs) and Legal Process Outsourcing (LPOs) which at $18B in
estimated revenue have grown at a 15% CAGR, more than twice as
fast as the US industry overall
 At the core of the ALSP/LPO model is tech, which is used to
automate or streamline tasks routinely performed by full service
law firms in the past
 These include e-discovery, research services, litigation support,
regulatory risk assessment, compliance services as well as more
specialized services such as Intellectual Property management
Captive LPO
Big Four
Independent ALSP
ALSPs Creating Pressure on Law Firm Business Model
ALSP Revenue Growth 2015-2021 ($ Mlns)
AGC Partners
13
Improved Views on the Cloud
Slowly but surely, cloud computing is becoming standard among smaller firms in particular
 Cloud usage grew to 60% in 2021 according to the ABA-LTRC’s annual Legal
Technology Survey
 Small and medium-sized firms report the highest use of cloud services—roughly 65%;
large firms are just slightly behind in reported use
 Despite the slow growth in 2021, cloud computing appears to be moving toward a
standardized approach in legal technology as 62% of lawyers reported using Dropbox,
a popular cloud service company
Concerns around cloud usage are shifting as the market develops
 The assimilation of tech-forward millennials into the market has made in-house legal
counsels more willing than ever to embrace the cloud
 Modern cloud systems are built with secure communications protocols, giving law firm
CIOs greater confidence in the cloud
 As cloud based systems expand market dominance, practices are forced to adopt cloud
technology in order to competitively secure their infrastructures
2nd generation solutions are emerging
 Centrally stored data is more efficient and effective to collect, process, host, review
and produce ESI in a secure cloud environment
 Successful cloud projects have increasingly focused on integrating functions such as
billing, accounting, and document management into an all in one, easy to use system
 These solutions also offer secure enhanced mobility access and are better aligned with
the way that lawyers truly operate
Source: Thomson Reuters, Aderant, Law Sites, ABA, Gartner
2021
2017
2018
55%
2020
2019
52%
58%
59%
60%
+4%
2021
15%
2019
2020
19%
32%
-32%
Cloud Usage
On-Prem Project Deployments
AGC Partners
14
AGC Partners
15
5.3% 5.3% 4.9%
4.0%
2.9%
1.6% 1.0%
2.6% 2.1%
5.9%
9.9%
11.3%
Q4
Q2
Q1
2019
Q2
Q1
2020
Q3
Q2
Q4
Q3
Q1
2021
Q3 Q4
Pressures on business margins and need for improved service quality reinforce investments in legal tech
Need for Efficiency Will Drive Growth Going Forward
 As increased competition drives declines in billable hours worked per lawyer
and legal Associate compensation continues to rise, investing in new
technology will be needed to increase efficiency and preserve gross margins
 Legal Tech offers a variety of solutions to conserve or eliminate consumption
of expensive professional services and improve service quality, especially in
the area of AI including:
1.
Expand use cases for forensic technology to retrieve and analyze
complex data sets
2.
Richer and faster AI-enabled data filtering, processing, and
enrichment
3.
Improved data integration across disparate, legacy systems that
cannot be easily replaced
4.
Adoption of fully connected and open project management tools that
connect law firms, clients and data repositories
5. Mainstream use of no-code / low-code platforms for vertical specific
workflow and process automation
6.
Fully automated document review and contract processing

Increased efficiency across core services and activities will drive the next
major wave of technology across legal departments and law firms
134
124
2021
2007
-7%
Hours per Month
Source: Thomson Reuters
ASSOCIATE COMPENSATION GROWTH
BILLABLE HOURS WORKED PER LAWYER
YoY % Change
Rate of Regulatory Change is on the Rise Globally
EU in Full Data Protection War Mode
 The EU General Data Protection Regulation (GDPR) took effect in May 2018, since
which over 900 fines have been issued across the European Economic Area and the
U.K.
 GDPR fines have been rising rapidly, reaching nearly €1 billion in Q3 2021, a
staggering 20x greater than Q1 and Q2 combined
 Just recently, the use of Google Analytics was found to be in breach of GDPR in
France and Austria, in another broadside aimed at the big wallets of Big Tech
US Administration Pushes Widespread Regulatory Overhaul

In December 2021, the Biden administration issued the Unified Agenda of
Regulatory and Deregulatory Actions, aimed at protecting the public from COVID,
promoting environmental regulation, and preventing housing discrimination
agencies
 A total of 14 government agencies were impacted, including the Departments of
Labor, Education, Housing, and the Small Business Administration, and its likely to
cause significant regulatory change over the next 12 months,
China Gets in on the Act

In August of 2021, China created its own version of data protection regulation with
the enactment of the Personal Information Protection Law (PIPL)

It lays out for the first time comprehensive rules around data collection, retention
and protection, and imposes strict conditions on transferring Chinese resident data
outside of the country
Sources: IMARC, Tessian, Office of Information and Regulatory Affairs, CMS.Law Enforcement Tracker
746
225
90
60
60
50
35
28
26
22
0
200
400
600
800
1,000
1,200
1,400
1,600
Cumulative Sum of Fines (€M) TEN LARGEST EU REGULATORY FINES SINCE 2019( €M)
COURSE OF OVERALL SUM OF EU REGULATORY FINDS
AGC Partners
16
A Wave of Data Privacy Regulations Following GDPR
As ongoing regulatory changes add complexity to compliance operations across the globe and across industries, GRC as
part of digital transformation strategy is becoming more critical for companies to stay current
EU
GDPR
Brazil
GDPA
Japan
APPI
2016
2017
2017
Australia
APA
2018
California
CCPA
2018
2019
Canada
PIPEDA
2020
California
CPRA
2021
Colorado
CPA
2021
Virginia
CDPA
2021
China
PIPL
Sources: Arnold & Porter, Comforte, Forbes
US momentum carried forward in 2021 and into 2022, with 18 states already introducing—or reintroducing, in some cases—CCPA-like
privacy legislation:
 Alaska
 District of Columbia
 Florida
 Hawaii
 Kentucky

Indiana
 Massachusetts
 Minnesota
 Nebraska
 New Jersey
 New York
 North Carolina
 Ohio
 Oklahoma
 Pennsylvania
 Vermont
 Washington
 Wisconsin
AGC Partners
17
Legal Tech’s Big Three
Revenue Breakdown
 The Big 3 in the Legal & Compliance technology
and services market are projected to generate
nearly $13B in revenues in 2022 from those
divisions
 Prior to COVID, The Big 3 recorded an average
2019/18 revenue growth rate of 4.1%. Post COVID,
growth estimates have jumped significantly to 6.9%
(2022/21)
 Thomson now derives nearly ~80% of revenues
from its legal and compliance tech businesses,
having completed its transformation from a holding
company filled with market data and other eclectic
businesses to a content-driven technology company
 Thomson, RELX and Wolters have all been highly
active in making strategic acquisitions in higher
growth segments of Legal and Compliance Tech to
compliment their existing product sets, and will
likely continue to do so
Source: Pitchbook, Company Reports
79%
21%
Legal & Compliance
Other
57%
43%
43%
57%
AGC Partners
18
Acquisition Focus of Large Legal Tech Players
 Since shedding its market data business,
Refinitiv, in 2018, Thomson Reuters has
pursued its vision of becoming a top content
driven technology company serving legal,
accounting and tax professionals, and the
corporates that employ them
 The company has since completed five SaaS
businesses including Netmaster (court
management), Pondera (anti-fraud), HighQ
(legal project management), Confirmation
(audit) and Integration (global trade)
2011 – 2019
 RELX (fka Reed Elsivier)
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

Its most recent legal
acquisition was Closd, a
legal document SaaS
platform, in Dec 2021
Source: Company Reports
2000-09
2010-19
2020-22
 Wolters Kluwer has uncovered a significant
gap between the emergence of legal
technology and the preparedness of law
firms to adopt the new technology. The
company’s 2018 acquisition of legal
management software platform Legisway
aims to bridge this gap
AGC Partners
19
Cost, Speed, Accuracy, Collaboration Spearhead Increased Legal Tech Spend
Where Legal Tech is Headed and What That Means for the Legal Industry
Ediscovery is one of the more widely used technologies and a
good indicator of the adoption cycle for other Legal Tech
solutions. While the technology has a relatively slow rollout and
issues over security and high customer acquisition cost, it has
high customer retention. The ediscovery segment is undergoing
intense consolidation with larger players becoming more
entrenched at existing customers and now doing land grabs for
new customers through M&A.
Virtual
lawyering
seems
here to stay with 2-3 days in
the office to conduct client
meetings and lawyer inter-
action, and 2-3 days working
remotely. Younger
lawyers
will therefore need to keep
networking
remotely
and
increasingly push for invest-
ment
in
technology
for
efficiency and to drive top
line growth.
Administrative staff support
spend will likely not return to
Pre-COVID levels. Lawyers
are expected to increasingly
be able to handle much of
their billing, expense and
time management, implying
an increased use of efficiency
tools to assist with this.
Implications for
accelerated growth in
contract management,
cloud security and case
management software
AGC Partners
20
Publicly Traded Legal & Compliance Tech Companies
Legal Technology
($ in millions)
Enterprise
Company
Value
2021E
2022E
2021E
2022E
Rule of 40
2021E/2020A
2022E/2021E
EBITDA
Gross
RELX
$68,479
6.9x
6.3x
18.5x
16.4x
48%
9%
10%
38%
44%
Thomson Reuters
53,837
8.6x
8.2x
27.3x
23.8x
39%
4%
5%
35%
35%
Wolters Kluwer
28,955
5.4x
5.2x
17.0x
16.0x
37%
2%
5%
32%
25%
LegalZoom
3,001
5.2x
4.4x
NM
46.0x
29%
23%
19%
10%
68%
Dye & Durham
2,317
2.4x
2.2x
19.1x
9.3x
33%
21%
10%
24%
36%
CS Disco
1,710
15.7x
12.1x
NM
NM
6%
59%
30%
(24%)
71%
Intapp
1,151
4.9x
4.3x
NM
NM
10%
NA
16%
(6%)
67%
Fronteo
1,032
10.1x
8.2x
41.0x
NM
42%
4%
22%
20%
51%
KLDiscovery
759
2.4x
NA
11.2x
NM
NA
11%
NA
21%
49%
Nuix
288
2.2x
2.2x
NM
NM
42%
NA
4%
38%
NA
Median
$2,013
5.3x
5.2x
18.8x
16.4x
37%
10%
10%
22%
49%
Compliance Technology
Avalara
$8,636
12.6x
10.2x
NM
NM
22%
37%
23%
(1%)
73%
Ideagen
1,062
9.3x
7.6x
27.5x
21.9x
58%
NA
23%
35%
92%
AvePoint
780
4.0x
3.1x
NM
NM
35%
NA
30%
5%
77%
EQS Group
455
8.1x
5.8x
NM
49.5x
52%
31%
40%
12%
90%
Issuer Direct
76
3.5x
3.1x
13.6x
13.0x
38%
17%
14%
24%
74%
Akerna
41
2.0x
1.5x
NM
NM
13%
NA
37%
(24%)
63%
Median
$618
6.0x
4.4x
20.6x
21.9x
36%
31%
27%
8%
76%
Median (All)
$1,107
5.3x
5.2x
18.8x
19.2x
37%
17%
19%
21%
67%
2022E Margins
Enterprise Value / Revenue
Enterprise Value / EBITDA
Revenue Growth
AGC Partners
21
Legal & Compliance Tech Index Price Performance
Legal & Compliance Tech Stocks Outperform Sharply – Up Three-Fold from COVID Correction Lows
-30%
70%
170%
270%
370%
470%
570%
2017
2018
2019
2020
2021
2022
S&P 500
Legal Tech
Compliance Tech
Total Return (%)AGC Partners
22
Legal & Compliance Tech Index Valuations
Back In Line with Broad Tech
EV to TTM Revenue Multiple1x
3x
5x
7x
9x
11x
13x
2017
2018
2019
2020
2021
2022
S&P IT Index
Compliance Tech
Legal Tech
AGC Partners
23
PE Platforms Drive Significant M&A in Legal & Compliance Tech
Sources : Pitchbook, 451 Research
Other PE Platforms to Watch
Questel is a developer of
innovation management software
intended to provide support
throughout the intellectual
property (IP) lifecycle.
Epiq is a provider of legal process
outsourcing, litigation support and
document management services
which enables clients to manage
risks and minimize costs
associated with complex litigation.
The company is a developer of
document management software
primarily for legal and life sciences
industries. Since March 2020, it has
announced or completed 7 buy-side
transactions.
The company is a provider of
enterprise legal and risk
management platforms. Since July
2020, it has announced or
completed 8 buy-side transactions.
Sovos is a developer of e-invoicing
compliance and tax reporting
software intended to safeguard
businesses from the burden and
risk of modern transactional taxes.
AGC Partners
24
Notable Legal & Compliance SPAC Platforms
Sources : Pitchbook, 451
Ticker:
KLDI
Cash to B/S:
$75M
Stock to Sellers: $348M
Cash to Sellers: N/A
Total Deal Size:
$1.04B
EV / Rev:
2.7x
Deal Status:
Closed
Closed Date:
12/20/19
Ticker:
AVPT
Cash to B/S:
$252M
Stock to Sellers: $1.4B
Cash to Sellers:
$257M
Total Deal Size:
$1.7B
EV / Rev:
11.7x
Deal Status:
Closed
Closed Date:
7/1/21
MTech Acquisition
Ticker:
KERN
Cash to B/S:
$64M
Stock to Sellers: $70M
Cash to Sellers: N/A
Total Deal Size:
$82M
EV / Rev:
7.8x
Deal Status:
Closed
Closed Date:
6/17/19
Ticker:
LFTR
Cash to B/S:
TBD
Stock to Sellers: TBD
Cash to Sellers:
TBD
Total Deal Size:
TBD
EV / Rev:
TBD
Deal Status:
Pre-Deal
Deadline:
10/23/22
$207M
in Dry Powder
Ticker:
DSAC
Cash to B/S:
$118M
Stock to Sellers: $1.0B
Cash to Sellers: N/A
Total Deal Size:
$1.2B
EV / Rev:
12.2x
Deal Status:
Pending
Announce Date: 11/8/21
AGC Partners
25
Legal & Compliance Tech M&A Trends
M&A VALUE & DEAL COUNT
M&A COMMENTARY
 There have been 672 M&A transactions in the Legal & Compliance Tech
sector since 2017 for an aggregate value of $38B
 Financial sponsors have featured prominently in the Legal & Compliance
Tech space: 56% of all deals and 58% of all deal value involved PEs or
SPACs as buyers
 2021 saw a record 213 deals announced, led by the buyouts of
Mitratech and NetDocuments for $1.5B and $1.4B, respectively

It was a very busy year for PE platforms with Litera and Mitratech
completing four add-on acquisitions each, and ComplySci and My Case
each completing three
 K-1 completed seven acquisitions during 2021, including both platform
deals and add-ons
TOP 10 M&A TRANSACTIONS OF THE LAST 5 YEARS
Date
Target
Acquirer
EV ($B)
EV/Rev
Jul-20
$6.8B
12.1x
Sep-20
2.1B
ND
Mar-21
1.5B
ND
May-21
1.4B
35.6x
Ju-18
1.4B
ND
Source: 451 Research, PitchBook
Date
Target
Acquirer
EV ($B)
EV/Rev
Dec-20
$1.3B
ND
Dec-20
1.2
75.9x
May-21
1.2
ND
Jul-20
1.1
ND
Oct-18
1.0
6.7x
AGC Partners
26
Normalized. Excludes $6.8B acquisition of CPA Global by Clarivate.
Acquirer
Number of Acquisitions
Notable Transaction
Representative Acquisitions
Aug-21 - NovumIP
(ND)
NovumIP, Morningside Translations, doeLEGAL, RenewalsDesk, About Innovation, NRI Cyber Patent, Brandstock, O3C
Konsult, Direct Validation, MultiLing, ULT Research, ITIP ProFiciency
Jan-22 - Quovant
(ND)
Quovant, Continuity, Alyne, Contract Room, Advance Law, INSZoom, Acuity, Tracker, ClusterSeven, ThinkSmart
Oct-20 - Transaction Tax
Resources
($367M)
3CE Technologies, Crowdreason, Track1099, DAVO Technologies, Impendulo, Business Licenses, Transaction Tax Resources,
Portway International, Compli (Alcoholic Beverage Compliance), Tradestream Technologies
Nov. 21 - CompliSpace
(81.81 M)
CompliSpace, Ai XPRT, Audit Analytics, Qualtrax, Qualsys, Redland Business Solutions, Scannell Solutions, InspectionXpert,
Medforce Technologies, PleaseTech
Jun-18 - Garden
City Group
($42M)
Simplex Legal, Hyperion Global, H&A eDiscovery, GRG, Bruneau Group, Controle, Garden City Group, Soliton Systems
(eDiscovery business), NuLegal
Jul. 20 - Keane Unclaimed
Property
(ND)
1099 Pro, LTtax, Keane (unclaimed property software), Accordance Technical, Taxweb, Eagle Technology, Foriba, FiscalReps,
Paperless
Jan. 22 - Prosperoware
(ND)
Prosperoware, Lynch Marks, Concep Group, Kira, DocsCorp, Allegory Solutions, Best Authority, Doxly, Workshare
Sept. 21 - Tugboat Logic
(ND)
Planetly, Tugboat Logic, Shared Assessments, Convercent, Docuvision, Integris Software, Privacy Core, DataGuidance
Dec. 20 - DoProcess
(417M)
GlobalX Information Services, DoProcess, Poweredbypie, Atsource Solutions, ESI Software
Mar. 17 - Avox
(ND)
CaseLines, Intelllex, HighQ Solutions, Integration Point, Avox, Clarient Global
Top Acquirers (2017 –YTD 2022)
Source: 451 Research, PitchBook. For the 5 year period ending 2/5/22
12
10
10
10
9
9
9
8
6
6
AGC Partners
27
CAPITAL INVESTED & DEAL COUNT
PRIVATE PLACEMENT COMMENTARY
 There have been 931 private placement deals in the Legal and Compliance
Tech sector since 2017, raising $16.8B in capital
 2021 was the fifth consecutive year of record investment in the space,
reaching $6.9B in total capital raised – a five-fold increase over 2017
 Of the ten largest private placements over the last five years, five occurred
in 2021
 Notable recent venture rounds include the $394M Series D round for
Trulioo at a post-money value of $1.7B and the $210M Series C round for
OneTrust at a post-money value of $7.0B
 There was also a flurry of IPOs during the year highlighted by LegalZoom,
DISCO and IntApp for a combined market cap of $8B
Date
Size ($M)
Company
Round
Lead Investor(s)
Aug-20
$534
PE Growth
Jul-18
500M
Secondary
Jun-21
394M
Series D
May-19
300M
PE Growth
Dec-20
300M
Series C
TOP 10 FINANCING TRANSACTIONS OF THE LAST 5 YEARS
Date
Size ($M)
Company
Round
Lead Investor(s)
Sep-19
$250M
Series D
Aug-20
248M
Series E
Apr-21
223M
Series E
Jan-21
208M
Series B
Nov-21
202M
Series D
Legal & Compliance Tech Private Placement Trends
AGC Partners
28
Source: PitchBook
Note: excludes multiple large rounds by OneTrust during the same span
Investor
Number of Investments
Platform
Direct
Add-Ons
Septeo, Citation, Litera,
Mitratech
ProcessMAP, Caseware
International
Quovant, Prosperoware, Legal Bricks, SpecPage, Kira, Objective Manager, Select Legal, Contract
Room, AdvanceLaw, Clocktimizer, INSZoom, Acuity ELM, Allegory, Tracker, Keane Unclaimed, DPS,
Eclipse Legal, Bestpractix, Taxweb, Levit & James, Doxly, Eagle, Foriba, WinJur, + 20 others
Riskconnect, LIST Group
LegalZoom
Systems Integration, Legal Bricks, Compliance Solutions, BasisCode, SpecPage, Box+Dice, 1099 Pro,
SimpleLTC, Select Legal, Contract Room, AdvanceLaw, ClientPay, Certent, INSZoom, Acuity ELM,
Tracker, Keane Unclaimed, DPS, Eclipse Legal, Leverton, iContracts, Kinderlime, LANSA, + 2 others
Vector Solutions, CoreLogic,
Diligent
Weights & Biases, LawVu,
Fiddler, Cognigy, OneTrust,
ContractPod, Featurespace,Kira
CareSafely, Envisage Technologies, Steele Compliance Solutions, Securitec Screening,
Lecorpio
NAVEX Global, Mitratech
Quovant, Continuity, 1099 Pro, Contract Room, AdvanceLaw, INSZoom, Lttax, Acuity ELM, Tracker
Corp, Keane Unclaimed Property, Accordance, Taxweb, ClusterSeven, Expolink Europe, Eagle
Technology Management, Foriba
ComplySci, Onit, Reveal Data
Conga, Crownpeak Technology
Micro Focus International, SecureDocs, RIA in a Box, Illumis, BusyLamp, Bodhala, Brainspace,
AXDRAFT, Onit AI Center of Excellence, Digital Reasoning, SimpleLegal, Actiance
Riskonnect, Nintex, Conga,
ICE Mortgage Tech,
Veriforce, Cority
PDFTron
HomeWiseDocs, NodeGraph, SuccessEd, Complyworks, Xactium, Enviance, Global Supplier Quality
Assurance, AlphaTrust, Aruvio, Qumram
RSA Security, Diligent,
NetDocuments
Conduent, TransUnion Healthcare, Compliance Solution Strategies, Steele Compliance Solutions,
Securitec Screening, Emenda, Closing Room, ThreadKM
ComplySci, Zapproved, Radar
Systems Integration, RIA in a Box, Illumis, Maize Analystics, Oyez Professional Services, Expolink
Europe, SouthTech Systems, FiscalReps, Paperless Chile
Foreside Financial, Vector
Solutions
ACA Group, BasisCode Compliance, CareSafely, Envisage Technologies, Certent, Thinkstep,
SiteHawk, Connectiv
Questel
NovumIP, Morningside Translations, doe LEGAL, Renewals Desk, About Innovation, NRI Cyber
Patent, Brandstock, O3C Konsult, Direct Validation, MultiLing
Top PE Investors (2017 – YTD 2022)
Source: PitchBook. For the 5 year period ending 2/5/22
44
29
19
18
17
17
13
12
10
10
AGC Partners
29
Investor
Number of Investments
Representative Investments
Top VC Investors (2017 – YTD 2022)
31
15
15
14
14
13
13
10
10
10
AGC Partners
30
Source: PitchBook. For the 5 year period ending 2/5/22
Precedent M&A Transactions (Fully Disclosed Only)
AGC Partners
31
Date
Target
Acquirer
Size ($M)
Rev ($M)
EV / Rev
Target Description
Jan-22
Ad-Lib.io
Smartly.io
133
ND
ND
Developer of an AI-based platform designed to help global brands manage and automate the production and
activation of creative assets in their digital advertising worldwide
Dec-21
TaxCycle
Xero
54
ND
ND
Provides ERP financial accounting software for bookkeepers and accountants
Dec-21
Acuant
GB Group
736
58
12.7x
Developer of a digital identity platform intended to balance security with customer experience while fighting fraud
across the physical and digital world
Nov-21
Hitachi Solutions Create
(Samporonia business)
Escrow Agent Japan
4
ND
ND
The Samporonia business of Hitachi Solutions Create, which provides judicial scrivener information management
SaaS for businesses in the legal sector in Japan
Nov-21
Flow Commerce
Global-E Online
425
ND
ND
Provides AI-based cross-border e-commerce SaaS and related APIs for businesses globally
Nov-21
Connective
Nitro Software
81
ND
ND
Provides electronic signature (eSign) SaaS for businesses in the financial services, accounting, healthcare,
government, real estate, insurance, legal, and social sectors in Europe and the US
Nov-21
CompliSpace
Ideagen
82
15
5.3x
Developer of governance, risk and compliance software intended to help organizations in highly regulated
industries meet their policy management obligations
Nov-21
CompliSpace
Ideagen
78
ND
ND
Provides governance, risk, and compliance (GRC) and policy management SaaS for businesses, educational,
aged care, and not-for-profit organizations in Australia
Nov-21
Micro Focus International
(Digital Safe business)
Smarsh
375
109
3.4x
The Digital Safe business of Micro Focus, which provides archiving and risk management SaaS for businesses
Nov-21
Stoke Talent
Fiverr International
95
ND
ND
Provides freelancer talent management SaaS to businesses in the finance, legal, HR, and marketing sector in
Israel and the US
Nov-21
Bill4Time
Francisco Partners
400
ND
ND
Developer of cloud-native SaaS time and billing software designed for lawyers, consultants, entrepreneurs and
freelance professionals
Oct-21
Audit Analytics
Ideagen
45
ND
ND
Provides online subscription-based data audit, regulatory and disclosure intelligence services through www
Oct-21
AiXPRT
Ideagen
8
ND
ND
Developer of a financial platform designed to automate auditing and compliance tasks
Oct-21
TransUnion (TransUnion
Healthcare business)
nThrive
1,735
ND
ND
The healthcare business of TransUnion, which provides ERP and compliance software for businesses in the
healthcare sector
Source: 451 Research, PitchBook
AGC Partners
32
Date
Target
Acquirer
Size ($M)
Rev ($M)
EV / Rev
Target Description
Oct-21
EssentialSkillz
Marlowe
34
ND
ND
Provides online safety and workforce compliance training courses through www
Oct-21
Neoway
B3
330
ND
ND
Provides data analytics SaaS for businesses
Oct-21
TriLine GRC
Ansarada NewCo
4
ND
ND
Provides governance, risk, and compliance management SaaS for businesses in Australia, New Zealand, the UK,
and Ireland
Oct-21
Clarabridge
Qualtrics
1,125
ND
ND
Provider of a customer experience management platform designed to assist businesses to provide better customer
experiences and ensure compliance
Sep-21
Sortify.tm
QANTM Intellectual
Property
8
ND
ND
Developer of a legal technology platform designed to empower trademark attorneys and registrants
Sep-21
Wolters Kluwer (US legal
education business)
Transom Capital Group
88
ND
ND
The US legal education business of Wolters Kluwer Legal & Regulatory US, provides subscription-based online
education, ebooks, casebooks, connected quizzing, and textbooks retailing services through www
Sep-21
Lawyaw
Themis Solutions
50
ND
ND
Provides no-code legal document automation SaaS for solo, small- and mid-sized legal practices
Aug-21
Topdocs
Class
10
ND
ND
Provides self managed super fund (SMSF), corporate, and trust documentation and compliance SaaS for
businesses in the legal, finance, accounting, and other professional advisory sectors in Australia
Aug-21
Pinnacle 21
Certara
310
ND
ND
Provides open-source clinical data compliance and validation SaaS for businesses in the healthcare,
biotechnology, life science, and pharmaceutical industries globally
Jul-21
tmgroup
Dye & Durham
127
ND
ND
Provides online conveyancing and property data search services for businesses in the real estate, legal sector,
residential conveyancers, real estate professionals, and estate agents in the UK through www
Jul-21
GlobalX Information
Services
Dye & Durham
130
74
1.8x
Developer of technology solutions and support services catering to law firms, conveyancers, financial institutions
and government bodies
Jun-21
Business Keeper
EQS Group
115
ND
ND
Provides whistleblowing management SaaS for businesses in Europe
Jun-21
ComplySci
K1 Investment
Management
120
ND
ND
Provides compliance monitoring SaaS to businesses in the financial services sector globally
Jun-21
Repstor
IntApp
23
ND
ND
Developer of enterprise content management (ECM) integration software and services intended to harness the
value of information assets
Precedent M&A Transactions (Fully Disclosed Only)
Source: 451 Research, PitchBook
AGC Partners
33
Date
Target
Acquirer
Size ($M)
Rev ($M)
EV / Rev
Target Description
May-21
Text IQ
Relativity ODA
100
ND
ND
Provides AI-enabled data management, discovery, and legal compliance management SaaS for the financial
services, legal
May-21
NetDocuments Software
Warburg Pincus / Cove
Hill Partners
1,400
39
35.6x
Provides confidential document, email, and mobile device management and secure collaboration SaaS for
businesses in the law and legal sectors globally
May-21
Taxamo
Vertex
200
ND
ND
Provides tax and payment automation software for e-commerce businesses and digital marketplaces globally
May-21
Fenergo
ACE, Astorg , Bridgepoint
Advisers, SilverTree
Equity
1,165
ND
ND
Developer of client and regulatory technology designed to provide financial institutions with financial and regulatory
solutions
Mar-21
Mitratech
Ontario Teachers Pension
Plan
1,550
ND
ND
Provides AI-based enterprise legal, compliance, and risk management and workflow automation SaaS for
businesses globally
Mar-21
Compliancy Services
Ethos Partners
6
ND
ND
Provider of compliance consultancy and regulatory technology services committed to helping firms become
authorized by the regulatory body
Mar-21
Qualtrax
Ideagen
15
5
2.9x
Provides compliance management SaaS for businesses globally
Mar-21
STP
Informationstechnologie
Bregal Unternehmerkapital
21
ND
ND
Developer of lawyer software in Germany
Jan-21
Comply Path
Clinton Capital Partners,
WRKR
15
ND
ND
Developer of financial and business compliance obligations technology-based in Melbourne, Australia
Jan-21
Reveal Data
K1 Investment
Management
200
ND
ND
Provider of cloud-based eDiscovery and investigation software
Jan-21
Brainspace
Reveal Data
200
ND
ND
Provider of visual analytics for eDiscovery and investigations
Jan-21
ComplyAlign
HealthStream
2
ND
ND
Developer of a comprehensive cloud-based platform designed for publishing, accessing and managing
organization's policies, procedures and other internal documents
Dec-20
Sparta Systems
Honeywell International
1,300
ND
ND
Provides on-site and AI-based enterprise quality management software (EQMS) and SaaS, as well as supply chain
regulatory compliance and collaboration software to businesses in the life science industry
Dec-20
Septeo
HG Capital
1,206
16
75.9x
Provider of legal tech services supporting professions including notaries, law firms, corporate legal departments
and real estate property managers
Precedent M&A Transactions (Fully Disclosed Only)
Source: 451 Research, PitchBook
AGC Partners
34
Date
Target
Acquirer
Size ($M)
Rev ($M)
EV / Rev
Target Description
Dec-20
DoProcess
Dye & Durham
414
ND
ND
Provides legal practice and document management SaaS for legal professionals in Canada
Dec-20
Impendulo
Avalara
18
ND
ND
Provider of insurance tax compliance solutions intended to integrate insurance tax and regulatory information into
the existing IT infrastructure of the company
Nov-20
Business Licenses
(assets)
Avalara
97
ND
ND
Provider of online business licensing and permit procurement and distribution services
Nov-20
Questel
Eurazeo , IK Investment
Partners, Paragon
Partners, RAISE
1,077
ND
ND
Provider of a SaaS based intellectual property (IP) information and management software and services
headquartered in Paris, France
Oct-20
Transaction Tax
Resources
Avalara
367
ND
ND
Developer and operator of a website intended for quickly finding tax answers and tax rates
Sep-20
Poweredbypie
Dye & Durham
41
ND
ND
Provider of cloud-based real estate due diligence platform based in the United Kingdom
Sep-20
Property Information
Exchange
Dye & Durham
40
ND
ND
Provides due diligence, legal and document management SaaS and online services for the real estate sector in the
UK
Sep-20
Franco Signor
Verisk Analytics
160
ND
ND
Acts as a Medicare Secondary Payer (MSP) compliance firm that provides related insurance claim management
software and services for employers, insurers, and third party administrators in the US
Sep-20
MyCase
Apax Partners
193
29
6.7x
Provides law practice and case management SaaS for the legal industry in the United States
Sep-20
RSA Security
STG Partners
2,075
ND
ND
Provider of cybersecurity and risk management technology services
Aug-20
eQstats Pty
Citadel Group
1
ND
ND
Provides governance, risk management and compliance (GRC) and digital data analysis SaaS to healthcare
organizations in Australia
Aug-20
Citation
KKR & Co.
34
ND
ND
Provides subscription-based online HR and employment law, health and safety, maternity leave, and ISO regulatory
compliance analysis and reference content for businesses in the UK
Aug-20
Smartcorp
Class
3
ND
ND
Provides online document ordering, entities creation, corporate data and documentation management, and ASIC
compliance management SaaS for accounting and professional services firms and financial advisory businesses
Aug-20
Qualsys
Ideagen
20
ND
ND
Provides enterprise quality management software (EQMS) SaaS, as well as compliance, document, audit, risk,
supplier, issue, equipment, training record and change management SaaS for businesses
Precedent M&A Transactions (Fully Disclosed Only)
Source: 451 Research, PitchBook
AGC Partners
35
Date
Target
Acquirer
Size ($M)
Rev ($M)
EV / Rev
Target Description
Jul-20
CPA Global
Clarivate
6,800
564
12.1x
Provides intellectual property (IP) workflow management software and outsourced BPO services, including patent
portfolio optimization, patent search and analytics, contract management, trademark renewals and document
review, for corporate legal departments and law firms
Jun-20
Integris Software
OneTrust
25
3
8.3x
Provides AI-enabled data privacy management SaaS for enterprises
Jun-20
Eclipse Legal Systems
The Access Group
70
19
3.7x
Provider of legal software services
Jun-20
Iconic Translation
Machines
RWS Holdings
22
ND
ND
Developer of a language technology platform designed to make machine translation practical for enterprises
Jun-20
Black Woodpecker
Software
InsiderLog
3
ND
10.2x
Developer of regulatory technology software based in Helsinki, Finland
May-20
Seal Software
DocuSign
185
24
7.6x
Provider of contract discovery, data extraction and analytics software designed to help companies manage their
contract portfolios
Mar-20
LEX247 Cloud Service
Karnov Group
2
ND
5.5x
Provider of cloud-based legal enterprise practice management solution in Stockholm, Sweden
Mar-20
Pondera Solutions
Thomson Reuters
Corporation
125
10
12.5x
Provides anti-fraud SaaS and related BPO analytics services for government agencies and the healthcare sector
Mar-20
Trapets
Monterro
47
6
8.0x
Developer of automatic surveillance and compliance software for the financial industry
Mar-20
RIMES Technologies
EQT
450
63
7.2x
Provider of managed data services and regulatory technology software solutions intended to address the complex
needs of leading financial institutions
Feb-20
RDC
Moody's Analytics
700
ND
ND
Provider of risk intelligence compliance screening services
Jan-20
Stratus Video
AMN Healthcare Services
475
119
4.0x
Provides American Sign Language (ASL) and foreign language interpretation services via online, live, remote video-
feed and a related translation call center to enable person-to-person communication for professionals and
businesses, with a focus on the healthcare and legal sectors
Jan-20
CGE Risk Management
Solutions
Wolters Kluwer
22
ND
ND
Developer of risk management software and provider of risk management solutions based in Leidschendam,
Netherlands
Dec-19
Ample Organics
Akerna
38
9
4.4x
Provides cannabis compliance tracking and ecommerce SaaS for licence holders, regulators, and healthcare
providers in Canada and Jamaica
Precedent M&A Transactions (Fully Disclosed Only)
Source: 451 Research, PitchBook
AGC Partners
36
Date
Target
Acquirer
Size ($M)
Rev ($M)
EV / Rev
Target Description
Dec-19
Ready Korea
WiseTech Global
9
ND
ND
Provides customs, bonded warehouse and trade compliance systems integration and IT consulting services to
businesses
Nov-19
ObserveIT
Proofpoint
218
ND
ND
Provider of an insider threat management platform designed to help companies identify and eliminate insider
threats
Sep-19
BlueRush
Broadridge Financial
Solutions
2
ND
ND
The software source code of BlueRush's DigitalReach and Broadridge's Smart Advisor SaaS, which enable
personalized CRM content and communications management, analytics and reporting, and compliance for financial
advisors
Aug-19
Modelity Technologies
Lucht Probst Associates
30
ND
ND
Provider of a flexible platform for financial modeling and portfolio analytics
Aug-19
eCompliance
Management Solutions
Alcumus Group
30
ND
ND
Provides risk and compliance management, and environmental health and safety (EHS) SaaS for businesses
Jul-19
Portway International
Avalara
11
ND
ND
Provider of outsourcing services in Ontario, Canada
Jul-19
WatchGuard
Motorola Solutions
270
120
2.3x
Provides mobile video evidence hardware and software systems for law enforcement globally
Jun-19
Anaqua
Astorg
728
ND
ND
Developer of intellectual property management lifecycle software
Jun-19
Redland Business
Solutions
Ideagen
20
5
3.8x
Provides financial regulatory, compliance and performance management SaaS for banks, investment managers,
asset managers and insurance companies
Jun-19
Intelex Technologies
Industrial Scientific
570
ND
ND
Provides environmental, health, safety, and quality (EHSQ) management SaaS and related mobile application that
enables regulatory compliance and incidence reporting for businesses in the US, the UK, and Canada
May-19
Litera
HG Capital
425
37
11.5x
Developer of workflow, collaboration and data management software designed to increase document productivity
May-19
KLDiscovery Ontrack
Pivotal Acquisition
799
296
2.7x
Provides E-discovery and document review software, SaaS and related outsourced services for law firms,
corporations and government entities globally
May-19
CLM Matrix
Wolters Kluwer
42
3
14.0x
Developer of contract lifecycle management software based in Flower Mound, Texas
May-19
Lighthouse Technologies
Lightyear Capital
485
64
7.6x
Provider of ediscovery and advisory services intended to manage the increasingly complex landscape of enterprise
data for compliance and legal teams
Precedent M&A Transactions (Fully Disclosed Only)
Source: 451 Research, PitchBook
AGC Partners
37
Date
Target
Acquirer
Size ($M)
Rev ($M)
EV / Rev
Target Description
May-19
Complia
NIC
15
ND
ND
Provider of compliance services intended for business licensing, patient, and caregiver registration
Apr-19
Web Benefits Design
CNO Financial Group
66
ND
ND
Provides employee benefits management SaaS to businesses
Apr-19
HGP
NNIT
8
8
1.0x
Provides IT compliance and quality management consultancy services for the life sciences, healthcare and
pharmaceutical industries globally
Mar-19
Tax Systems
Bowmark Capital
150
ND
ND
Provides corporation tax compliance software and services to accounting firms
Mar-19
CINgroup
Bankruptcy Management
Solutions
225
ND
ND
Provides bankruptcy management SaaS and software for attorneys and legal professionals in the bankruptcy
market in the US
Jan-19
Catalyst Repository
Systems
Open Text
75
45
1.7x
Provides data processing and e-discovery SaaS for law firms and corporate legal departments
Jan-19
Scannell Solutions
Ideagen
4
1
3.9x
Provides quality, environment, health and safety (QEHS) compliance, training and incident management SaaS for
businesses
Jan-19
Wisenet Group
Adapt IT Holdings
4
3
1.3x
Provides student lifecycle management and compliance SaaS for vocational training institutions in Australia, New
Zealand and Singapore
Dec-18
Garretson Firm Resolution
Group
Epiq Systems
16
ND
ND
Provider of civil settlement services in the United States
Dec-18
eBrevia
Donnelley Financial
Solutions
20
ND
ND
Provides AI-enabled document and contract analysis software and SaaS for the legal sector
Nov-18
Net Transcripts
VIQ Solutions
7
7
1.0x
Provides digital recordings transcription and translation online services and related app for law enforcement
organizations in the US
Oct-18
eVision Industry Software
Wolters Kluwer
175
ND
ND
Developer of operational safety and control workflow software
Oct-18
Conga
Thoma Bravo
1,000
150
6.7x
Provider of a cloud-based Quote-to-Cash (QTC) software services
Sep-18
Legisway
Wolters Kluwer
20
ND
ND
Developer of an online contract management software intended to provide a suite of online legal services to its
clients
Precedent M&A Transactions (Fully Disclosed Only)
Source: 451 Research, PitchBook
AGC Partners
38
Date
Target
Acquirer
Size ($M)
Rev ($M)
EV / Rev
Target Description
Sep-18
UnitedLex
CVC Capital Partners
500
ND
ND
Provides business process outsourcing (BPO) services, including e-discovery, contract management, IP and patent
management, research and secretarial, for the legal sector globally
Sep-18
Ringtail
Nuix
55
ND
ND
Provides both on-premise and hosted e-discovery document review, predictive coding, data management and
litigation support software and SaaS for the legal industry
Sep-18
InspectionXpert
Ideagen
6
3
2.1x
Provides digital quality inspection planning SaaS for the advanced engineering and manufacturing sector in the US
Aug-18
Practice Insight
CPA Global
7
ND
ND
The Filing Analytics and Citation Eagle products of Practice Insight, which provide patent search and intellectual
property (IP) analytics SaaS and related app for IP law firms and applicants globally
Jul-18
CQ Roll Call
FiscalNote
180
ND
ND
Provides congressional and legislative news services and advocacy management SaaS for policy professionals
and opinion leaders in the US
Jul-18
NAVEX Global
BC Partners
1,400
ND
ND
Provides governance, risk and compliance (GRC), analytics reporting and violation hotline management SaaS for
businesses, government agencies, educational institutions and non-profit organizations globally
Jul-18
Donnelley Language
Solutions
SDL
78
71
1.1x
The language solutions business and assets of Donnelley Financial Solutions, which provides modular translation
management SaaS and linguistics services for the financial, legal, corporate and life science industries across the
globe
Jun-18
Garden City Group
Epiq Systems
6
76
0.1x
Provides outsourced claims management and class action administrative services for the legal industry utilizing
SOC 2, Type 1 certified proprietary project management system software
May-18
Tradestream Technologies
Avalara
30
ND
ND
Provider of global trade compliance services
May-18
RPX
HGGC
397
322
1.2x
Provides patent risk management advisory services, including defensive patent acquisitions, market intelligence, e-
discovery and litigation insurance, for businesses
Apr-18
Agreement Express
Frontier Growth
69
10
6.9x
Developer of a SaaS-based digital onboarding platform designed to focus on streamlining and enhancing the client
experience for wealth management and payments
Apr-18
Medforce Technologies
Ideagen
9
5
1.9x
Provides business process management (BPM) and document management software and SaaS for the healthcare
sector
Apr-18
Avvo
Internet Brands
175
70
2.5x
Provider of an online legal marketplace intended to connect lawyers and consumers
Mar-18
Nintex
Thoma Bravo
460
89
5.2x
Developer of integrated workflow automation software intended to serve financial services, energy and life sciences
industries
Precedent M&A Transactions (Fully Disclosed Only)
Source: 451 Research, PitchBook
AGC Partners
39
Date
Target
Acquirer
Size ($M)
Rev ($M)
EV / Rev
Target Description
Mar-18
Advanced Discovery
Services
Consilio
175
120
1.5x
Provides electronic data discovery, analytics and document review services for the legal sector and enterprises
Mar-18
Avetta
Welsh Carson Anderson &
Stowe
530
ND
ND
Provides supply chain risk management and compliance SaaS that enables suppliers to find and vet contractors
Feb-18
Lombard Risk
Management
Vermeg
72
40
1.8x
Provides financial risk and regulatory compliance management and reporting software for the financial sector
globally
Jan-18
InsiderLog
Euronext
9
ND
ND
Provider of securities and derivatives exchange services
Jan-18
Corsearch
Audax Group
140
ND
ND
Provider of clearance and protection services intended for trademark and brand professionals
Nov-17
Qumram
Dynatrace
26
ND
ND
Developer of cross-channel intelligence and compliance software designed to make financial services more
transparent and compliant
Oct-17
JustLegal
DigitalTown
1
ND
ND
Operates an online portal that connects attorneys in Texas and Colorado to prospective clients through a
marketplace setting
Oct-17
Article One Partners
RWS Holdings
8
ND
ND
Provides an online research service that enables businesses to research intellectual property and patent
information for litigation, licensing, patent enforcement and IP acquisition strategy decisions at www
Aug-17
CannaRegs
MassRoots
12
ND
ND
Provides municipal, state and federal regulation aggregation SaaS for cannabis providers
Aug-17
eSentire
Warburg Pincus
150
35
4.3x
Provides managed detection and response (MDR) security services for businesses and enterprises in the financial,
insurance, legal, healthcare, biopharma, engineering, technology, manufacturing industries and government
agencies worldwide
May-17
Modria
Tyler Technologies
7
ND
ND
Developer of an online dispute resolution platform designed to process and resolve customer disputes related to
eCommerce
May-17
Brainspace
Cyxtera Technologies
95
ND
ND
Provider of visual analytics for eDiscovery and investigations
Apr-17
REG
Disruptive Capital
25
ND
ND
Developer of online due diligence, analytics and risk management software for the global insurance and financial
services market
Apr-17
Mitratech
HgCapital
650
ND
ND
Provides enterprise legal, compliance, and risk management software and SaaS for businesses
Precedent M&A Transactions (Fully Disclosed Only)
Source: 451 Research, PitchBook
AGC Partners
40
Date
Target
Acquirer
Size ($M)
Rev ($M)
EV / Rev
Target Description
Mar-17
PleaseTech
Ideagen
12
5
2.6x
Provides collaborative document review, co-authoring, editing and redaction software and SaaS for businesses
globally
Mar-17
Track Group
Lifeloc Technologies
1
ND
ND
The R
Mar-17
Ageras
Investcorp Strategic
Capital Group
14
3
5.0x
Operator of an international matchmaking service for accounting, bookkeeping and tax preparation services
Mar-17
NetDocuments
Clearlake Capital Group
220
25
8.8x
Provides confidential document, email and mobile device management and secure collaboration SaaS to help
secure documents in the cloud for law firms and corporate legal departments globally
Feb-17
TrialWorks
Ridge Road Partners
11
ND
ND
Developer of case management software designed to manage legal cases and automate the handling of caseloads
$75
4.3x
$294
7.3x
MEDIAN:
AVERAGE:
Precedent M&A Transactions (Fully Disclosed Only)
Source: 451 Research, PitchBook
Private Placement Transactions ($35M+)
AGC Partners
41
Source: PitchBook
Date
Company
Round
Size
($M)
Lead Investor
Target Description
Feb-22
Icertis
Later Stage VC
80
SAP
Developer of a contract intelligence platform designed to structure and connect every kind of contract
Jan-22
Atlas Health
Series A
42
Felicis Ventures
Developer of a financial aid platform designed to optimize patient assistance and health equity programs
Jan-22
Ironclad
Series E
150
Franklin Templeton
Developer of a contracting platform intended to transform contract processes by automating workflows and
approvals
Jan-22
Filevine
Series D
38
ND
Developer of legal case management software designed to offer text-to-case-file, threaded tasks, auto-
tagging, and reports
Dec-21
TRM Labs
Series B
60
Tiger Global Management
Developer of a regulatory technology platform designed to address compliance in the cryptocurrency industry
Nov-21
Podium
Series D
201
Y Combinator
Developer of an enterprise-class customer review management platform designed to change the way
businesses communicate with their customers
Nov-21
ThoughtSpot
Series F
100
March Capital
Developer of enterprise analytics platform designed to easily analyze complex, large-scale enterprise data with
an automatic, relational search engine
Nov-21
ZenBusiness
Series C1
200
Oak HC/FT
Developer of an online business development platform designed to help people in establishing and filling of
company
Nov-21
Zenwork
PE Growth
163
Spectrum Equity
Developer of cloud-based software designed for regulatory reporting requirements
Nov-21
Drata
Series B
100
ICONIQ Capital
Developer of a security and compliance automation platform designed to achieve continuous SOC 2
compliance
Nov-21
H2O.ai
Series E
100
Commonwealth Bank of Australia
Developer of an open-source machine learning automation platform designed to democratize artificial
intelligence
Nov-21
Litera
PE Growth
39
HG Capital
Developer of workflow, collaboration and data management software designed to increase document
productivity
Nov-21
Everlaw
Series D
202
TPG
Developer of a cloud-based litigation platform designed to improve the practice of law for corporate counsels,
litigators, and government attorneys
Oct-21
Ontra
Series B
200
Blackstone
Developer of an online legal management platform intended to automate and enhance high-volume legal
processes easily
AGC Partners
42
Date
Company
Round
Size
($M)
Lead Investor
Target Description
Oct-21
Fyllo
Series C
40
Eminence Capital
Developer of a compliance cloud platform designed to offer a suite of data, media, retail and regulatory
services that help businesses to streamline compliance and scale with speed
Oct-21
Weights & Biases
Series C
135
Bond Capital , Coatue Management,
Felicis Ventures, Insight Partners,
Qualcomm Ventures
Developer of a dataset optimization tool intended to build quality software tools for deep learning practitioners
Oct-21
Elliptic
Series C
60
Evolution Equity Partners
Provider of blockchain analytics and compliance services designed to help manage financial crime risk,
achieve regulatory compliance and grow with confidence
Sep-21
ContractPod
Series C
115
SoftBank Investment Advisers
Developer of contract management software designed to assemble, automate, sign, and manage all contracts
and documents
Sep-21
Sayari
Series C
39
Centana Growth Partners
Developer of a commercial intelligence platform designed to navigate the complexity of global corporate
ownership and commercial relationships
Aug-21
Aumni
Series B
50
J.P. Morgan
Developer of an investment analytics platform intended to provide strategic insights related to the economic
position and legal rights of investors
Aug-21
Tessian
Series C
75
March Capital
Developer of a next-generation email security platform intended to detect and prevent inadvertent data loss
Jul-21
Time by Ping
Series B
37
PROOF
Developer of a timekeeping software platform designed to track the activities of lawyers
Jul-21
LinkSquares
Series B
40
Sorenson Capital
Developer of a legal document analytics platform designed to identify key data and liabilities in contracts
Jul-21
Quantexa
Series D
153
Warburg Pincus
Developer of entity resolution and network analytics technology designed to help organizations to improve
operational and data-driven decisions
Jun-21
LogicGate
Series C
90
Providence Strategic Growth
Developer of a risk management platform designed to transform mission-critical risk and compliance activities
Jun-21
Chainalysis
Series E
100
Coatue Management
Developer of a cryptocurrency investigation and compliance software designed to protect the junction between
finance and the decentralized internet
Jun-21
Justpoint
Early Stage VC
50
Beresford Ventures
Developer of an AI algorithm-based platform designed for analysis of individual medical malpractice claims
Jun-21
Trulioo
Series D
394
TCV
Developer of electronic identity verification platform designed for businesses to assess the risks associated
with digital identities
Private Placement Transactions ($35M+)
Source: PitchBook
AGC Partners
43
Date
Company
Round
Size
($M)
Lead Investor
Target Description
Jun-21
ComplySci
PE Growth
120
K1 Investment Management
Developer of web-based regulatory compliance technology intended to provide governance, risk management
and compliance services
Jun-21
Cognigy
Series B
$44
Insight Partners
Developer of a conversational AI platform designed to automate customer and employee communications
May-21
ComplianceMetrix
PE Growth
50
Morgan Stanley Expansion Capital
Developer of cloud-based Enterprise Quality Management Software (EQMS) designed to manage supply chain
partners, products and locations
May-21
Scailex
Early Stage VC
121
ND
Developer of a legal-tech platform designed to implement automation for handling legal processes
May-21
ComplyAdvantage
Series C1
102
Ontario Teachers' Pension Plan
Developer of a financial crime risk data and detection platform designed to neutralize the risk of money
laundering, terrorist financing, corruption, and other financial crimes
Apr-21
Clio (Business/Productivity Software)
Series E
110
OMERS Growth Equity, T. Rowe Price
Developer of a cloud-based practice management platform designed to provide legal client management
remedies
Apr-21
BigID
Series D
100
Salesforce Ventures, Tiger Global
Management
Developer of data-driven protection and privacy compliance platform designed to transform how enterprises
protect and manage the privacy of personal data
Apr-21
Rocket Lawyer
Series E
223
Provider of online legal services intended to help users meet the legal needs of their family and business
Apr-21
OneTrust
Series C
210
SoftBank Investment Advisers
Developer of a technology platform designed for tackling privacy management
Mar-21
Chainalysis
Series D
100
Paradigm
Developer of a cryptocurrency investigation and compliance software designed to protect the junction between
finance and the decentralized internet
Mar-21
Notarize
Series D
130
Canapi Ventures
Developer of a digital notarization platform designed to help people to get their documents legally notarized
online
Mar-21
Solana Labs
Early Stage VC
40
Abstract, Block Dream, Evangelion,
Insignius, K300, Kintsugi, Kosmos,
Notation, OnBlock, Semantic
Developer of decentralized blockchain platform designed to deliver a scalable blockchain network
Mar-21
Feedzai
Series D
200
Kohlberg Kravis Roberts
Developer of a risk management platform designed to create a seamless and safe customer experience
Mar-21
Jumio
PE Growth
150
Great Hill Partners
Developer of digital identity management and authentication platform designed to reduce business fraud and
financial crimes
Private Placement Transactions ($35M+)
Source: PitchBook
AGC Partners
44
Date
Company
Round
Size
($M)
Lead Investor
Target Description
Mar-21
BRYTER
Series B
60
Tiger Global Management
Developer of a no-code automation platform intended to help consulting firms, banks, corporates, and public
administration across the globe to digitize and scale their services
Mar-21
Icertis
Series F
80
B Capital Group
Developer of a contract intelligence platform designed to structure and connect every kind of contract
Feb-21
Behavox
Later Stage VC
50
SoftBank Investment Advisers
Developer of a people analytics platform designed to search and interrogate huge amounts of employee-
generated data in real-time
Feb-21
Evisort
Series B
35
General Atlantic
Developer of contract management platform designed to change the way companies interact with their legal
documents
Feb-21
Ageras
PE Growth
73
Luxor Capital Group
Operator of an international matchmaking service for accounting, bookkeeping and tax preparation services
Feb-21
Tealium
Series G
96
Georgian, Silver Lake
Developer of web analytics and digital marketing software designed to make data actionable, in real-time,
across every customer experience touchpoint
Feb-21
Weights & Biases
Series B
45
Insight Partners
Developer of a dataset optimization tool intended to build quality software tools for deep learning practitioners
Jan-21
Drivenets
Series B
208
D1 Capital Partners
Developer of cloud-based software designed to facilitate networking and communication in the cloud
Jan-21
Ironclad
Series D
100
Bond Capital
Developer of a contracting platform intended to transform contract processes by automating workflows and
approvals
Dec-20
OneTrust
Series C
300
TCV
Developer of a technology platform designed for tackling privacy management
Nov-20
Chainalysis
Series C
100
Addition
Developer of a cryptocurrency investigation and compliance software designed to protect the junction between
finance and the decentralized internet
Nov-20
ZenBusiness
Series B
55
Cathay Innovation
Developer of an online business development platform designed to help people in establishing and filling of
company
Sep-20
Actionstep
PE Growth
37
Serent Capital
Provider of cloud-based legal practise management system based in New Zealand
Sep-20
DISCO (NYS: LAW)
Series F
60
Georgian
CS Disco Inc provides a cloud-native, artificial intelligence-powered legal solution that simplifies discovery,
legal document review, and case management for enterprises, law firms, legal services providers, and
governments
Private Placement Transactions ($35M+)
Source: PitchBook
AGC Partners
45
Date
Company
Round
Size
($M)
Lead Investor
Target Description
Sep-20
Everlaw
Series C
78
CapitalG, Menlo Ventures
Developer of a cloud-based litigation platform designed to improve the practice of law for corporate counsels,
litigators, and government attorneys
Aug-20
ThoughtSpot
Series E
248
Lightspeed Venture Partners, Next Play
Capital
Developer of enterprise analytics platform designed to easily analyze complex, large-scale enterprise data with
an automatic, relational search engine
Aug-20
Agiloft
PE Growth
45
FTV Capital
Developer and provider of contract management software designed for automating the processes for
competing vendors
Aug-20
Diligent
PE Growth
536
Blackstone , Clearlake Capital Group,
Insight Partners, Norwest Venture
Partners
Developer of secure corporate governance and collaboration software
Jul-20
Quantexa
Series C
64
Evolution Equity Partners
Developer of entity resolution and network analytics technology designed to help organizations to improve
operational and data-driven decisions
Jul-20
ACA Group
PE Growth
40
Starr Investment Holdings
Provider of governance, risk and compliance (GRC) financial advisory services intended to empower clients to
reimagine GRC and protect and grow their business
Jun-20
Privitar
Series C
87
Warburg Pincus, WP Global Partners
Developer of a data privacy platform designed to offer enterprise-wide privacy protection
May-20
SirionLabs
Series C
44
Avatar Growth Capital, Tiger Global
Management
Developer of a contract management platform designed to offer enterprise supplier management services
May-20
Featurespace
Series G
37
Chrysalis Investments
Developer of an adaptive behavioral analytics platform designed to bring new insights through new ways of
treating data
Apr-20
Onfido
Series C3
104
TPG
Developer of a verification platform intended to automate the identity verification process
Apr-20
Notarize
Series C
35
Adam Lisagor, Camber Creek, Polaris
Partners
Developer of a digital notarization platform designed to help people to get their documents legally notarized
online
Apr-20
Podium
Series C
125
Y Combinator
Developer of an enterprise-class customer review management platform designed to change the way
businesses communicate with their customers
Mar-20
Eigen Technologies
Series B
42
Dawn Capital, Lakestar
Developer of a natural language processing technology designed to read complex documents
Feb-20
Behavox
Series B1
100
SoftBank Investment Advisers
Developer of a people analytics platform designed to search and interrogate huge amounts of employee-
generated data in real-time
Private Placement Transactions ($35M+)
Source: PitchBook
AGC Partners
46
Date
Company
Round
Size
($M)
Lead Investor
Target Description
Feb-20
OneTrust
Series B
210
Coatue Management, Insight Partners
Developer of a technology platform designed for tackling privacy management
Feb-20
Fenergo
PE Growth
80
ABN AMRO Ventures, DXC Technology
Developer of client and regulatory technology designed to provide financial institutions with financial and
regulatory solutions
Jan-20
Securiti
Series B
50
General Catalyst
Developer of privacy management software designed to ensure data privacy and security
Jan-20
AvePoint (NAS: AVPT)
PE Growth
200
Sixth Street Partners
AvePoint Inc is a Microsoft 365 data management solutions provider, offering a full suite of SaaS solutions to
migrate, manage and protect data
Jan-20
BigID
Series C
50
Bessemer Venture Partners
Developer of data-driven protection and privacy compliance platform designed to transform how enterprises
protect and manage the privacy of personal data
Dec-19
Flow Commerce
Series B
37
New Enterprise Associates
Provider of a cross-border e-commerce platform designed to facilitate the complexity of selling internationally
to help e-commerce teams maximize cross-border revenue
Sep-19
Trulioo
Series C
53
Goldman Sachs Growth Equity
Developer of electronic identity verification platform designed for businesses to assess the risks associated
with digital identities
Sep-19
AppZen
Series C
50
Coatue Management
Developer of an artificial intelligence platform designed to automate manual processes, uncover problems, and
optimize decision-making for modern finance teams
Sep-19
Clio (Business/Productivity Software)
Series D
250
JMI Equity, TCV
Developer of a cloud-based practice management platform designed to provide legal client management
remedies
Sep-19
Digital Reasoning
Series D1
44
BNP Paribas
Developer of an artificial intelligence cognitive computing platform intended for businesses
Aug-19
Notarize
Series B
37
Polaris Partners
Developer of a digital notarization platform designed to help people to get their documents legally notarized
online
Aug-19
H2O.ai
Series D
73
Goldman Sachs Growth Equity, Ping An
Insurance Company of China
Developer of an open-source machine learning automation platform designed to democratize artificial
intelligence
Aug-19
Ironclad
Series C
48
Y Combinator
Developer of a contracting platform intended to transform contract processes by automating workflows and
approvals
Jul-19
Legalist
Early Stage VC
100
ND
Provider of litigation financing services intended to help companies mitigate risk, pay legal fees and win cases
Private Placement Transactions ($35M+)
Source: PitchBook
AGC Partners
47
Date
Company
Round
Size
($M)
Lead Investor
Target Description
Jul-19
Icertis
Series E
75
Greycroft, Premji Invest
Developer of a contract intelligence platform designed to structure and connect every kind of contract
Jul-19
Fenergo
Corporate
74
DXC Technology
Developer of client and regulatory technology designed to provide financial institutions with financial and
regulatory solutions
Jul-19
OneTrust
Series A
200
Insight Partners
Developer of a technology platform designed for tackling privacy management
Jul-19
ContractPod
Series B
55
Insight Partners
Developer of contract management software designed to assemble, automate, sign, and manage all contracts
and documents
Jul-19
Ontra
Series A
40
Battery Ventures
Developer of an online legal management platform intended to automate and enhance high-volume legal
processes easily
Jun-19
TrustArc
Series D
70
Bregal Sagemount
Developer of cloud-based software designed to facilitate privacy compliance and risk management for GDPR,
CCPA and other regulations
Jun-19
Privitar
Series B
40
Accel
Developer of a data privacy platform designed to offer enterprise-wide privacy protection
Jun-19
Litify
Series A
50
Tiger Global Management
Developer of a business transformation platform designed to automate business processes to offer better
insights and transparency
May-19
Ivalua
PE Growth
60
Ardian, Tiger Global Management
Developer of web-based spend management software intended to unlock maximum procurement value
through realizing savings
May-19
PDFTron
PE Growth
76
Silversmith Capital Partners
Developer of digital document processing tools intended for software developers, OEM's, enterprise customers
across a broad spectrum of industries
May-19
NetDocuments
PE Growth
300
Cove Hill Partners
Developer of cloud-based document management, email management and collaboration software for the legal
industry
May-19
Tealium
Series F
55
Silver Lake
Developer of web analytics and digital marketing software designed to make data actionable, in real-time,
across every customer experience touchpoint
Apr-19
Onfido
Series C2
86
K50 Ventures
Developer of a verification platform intended to automate the identity verification process
Mar-19
Chainalysis
Series B
49
Accel
Developer of a cryptocurrency investigation and compliance software designed to protect the junction between
finance and the decentralized internet
Private Placement Transactions ($35M+)
Source: PitchBook
AGC Partners
48
Date
Company
Round
Size
($M)
Lead Investor
Target Description
Feb-19
Drivenets
Series A
118
Bessemer Venture Partners, Pitango
Venture Capital
Developer of cloud-based software designed to facilitate networking and communication in the cloud
Jan-19
DISCO (NYS: LAW)
Series E
83
Georgian
CS Disco Inc provides a cloud-native, artificial intelligence-powered legal solution that simplifies discovery,
legal document review, and case management for enterprises, law firms, legal services providers, and
governments
Jan-19
Tessian
Series B
41
Sequoia Capital
Developer of a next-generation email security platform intended to detect and prevent inadvertent data loss
Jan-19
Onit
PE Growth
200
K1 Investment Management
Developer of enterprise workflow software and artificial intelligence platforms intended for the legal,
compliance, sales, IT, HR and finance departments
Dec-18
Onfido
Series C2
36
Acequia Capital, AfterWork Ventures, Fin
Venture Capital, Plug and Play Tech
Center
Developer of a verification platform intended to automate the identity verification process
Oct-18
ThoughtSpot
Series D
145
Australia Future, Decacorn, Dragon,
General Catalyst, Khosla, Late Stage,
Lightspeed, Sapphire, SharesPost
Developer of enterprise analytics platform designed to easily analyze complex, large-scale enterprise data with
an automatic, relational search engine
Sep-18
Atrium (Legal Services (B2B))
Series B
64
Andreessen Horowitz
Provider of an online legal platform designed to offer legal services for fast-growing companies
Sep-18
Kira Systems
Series A
50
Insight Partners
Developer of an AI-driven contract analytics software designed to enable enterprises to easily find and use
trusted information and answers from their documents
Aug-18
AuditBoard
Series B
40
Battery Ventures
Developer of a cloud-based audit automation platform designed to revolutionize the way risk and compliance is
managed, solved and reported
Jul-18
LegalZoom
Secondary
Transaction -
Private
500
Francisco Partners, GPI Capital
LegalZoom
Jul-18
AppZen
Series B
35
Lightspeed Venture Partners
Developer of an artificial intelligence platform designed to automate manual processes, uncover problems, and
optimize decision-making for modern finance teams
Jul-18
Exiger
PE Growth
80
Carrick Capital Partners
Provider of a global regulatory and sustainable compliance service intended to fight against fraud and financial
crime
Jun-18
Podium
Series B
60
IVP
Developer of an enterprise-class customer review management platform designed to change the way
businesses communicate with their customers
May-18
Exterro
PE Growth
150
Leeds Equity Partners
Developer of an electronic discovery and information governance software
Private Placement Transactions ($35M+)
Source: PitchBook
AGC Partners
49
Date
Company
Round
Size
($M)
Lead Investor
Target Description
Feb-18
Icertis
Series D
50
Meritech Capital Partners
Developer of a contract intelligence platform designed to structure and connect every kind of contract
Nov-17
Behavox
Series B
70
Citigroup
Developer of a people analytics platform designed to search and interrogate huge amounts of employee-
generated data in real-time
Nov-17
H2O.ai
Series C
40
NVIDIA GPU Ventures, Wells Fargo
Strategic Capital
Developer of an open-source machine learning automation platform designed to democratize artificial
intelligence
Oct-17
MetricStream
PE Growth
65
Clearlake Capital Group
Provider of a cloud and enterprise based governance, risk and compliance (GRC) platform designed to
manage regulatory and industry-mandated compliance and corporate governance
Oct-17
Feedzai
Series C
50
Omega Venture Partners, Sapphire
Ventures
Developer of a risk management platform designed to create a seamless and safe customer experience
Sep-17
GTreasury
PE Growth
42
Mainsail Partners
Provider of a SaaS-based treasury management software for the digital treasurer
Sep-17
Conga
Series E
55
Premji Invest
Provider of a cloud-based Quote-to-Cash (QTC) software services
Aug-17
ThoughtSpot
Series C1
60
Lightspeed Venture Partners
Developer of enterprise analytics platform designed to easily analyze complex, large-scale enterprise data with
an automatic, relational search engine
Jul-17
Crownpeak Technology
PE Growth
50
K1 Investment Management
Developer of SaaS-based web content management systems providing digital experience solutions
Apr-17
Ivalua
PE Growth
70
Kohlberg Kravis Roberts
Developer of web-based spend management software intended to unlock maximum procurement value
through realizing savings
Mar-17
Neoway
Series B
45
QMS Capital Management
Developer of a business intelligence platform designed to make big data easily navigable
Jan-17
Centauri Health Solutions
PE Growth
98
SV Health Investors
Developer of cloud-based data management software platform focused on charting a new path in healthcare
with power to solve and passion to serve
$7
$24
MEDIAN:
AVERAGE:
Private Placement Transactions ($35M+)
Source: PitchBook
JIM STONE
Partner
Jim brings over 25 years of Tech M&A
experience to clients as a client-driven
investment banker, former corporate
growth executive and business lawyer.
He has completed more than 70 M&A
and capital
raising transactions for
growth companies.
Prior to that, Jim
was Vice President of
Corporate
Development at ACS (later sold to
Xerox and now Conduent). Jim also
worked as
a corporate attorney for
Kirkland and Ellis.
Austin
AGC’s Leading Legal & Compliance Tech Team
TRISTAN SNYDER
Partner
Tristan has over 15 years of sector-
specific investment banking experience,
including Tech-Enabled Services, SaaS,
and Cloud Technologies.
He
has
completed more than 50 M&A and
capital
raising
transactions,
totaling
more than $5 billion in enterprise value.
Most recently, Tristan was the Co-Head
of
Intrepid
Investment
Bankers’
Software & Services practice in Los
Angeles.
Dallas
MIKE PARKER
Partner
Mike joined AGC Partners in 2017 as
Head of the Chicago Office. Over the
course of his career, Mike has closed
more than $20 billion in transactions.
Mike is a seasoned M&A and growth
capital adviser with experience advising
and
executing
transactions
for
technology leaders from Fortune 500
members to high-growth bootstrapped
and venture backed startups. Previously,
he was an M&A banker with Lazard and
Vice President and Head of Business
Operations at SuccessFactors.
Chicago
AGC Partners
50
Denver
STEVEN WILLIS
Partner
Steven is a Partner at AGC Partners in
Denver, where he focuses on advising
high-growth
Software
companies.
Recent
engagements
include
technologies focused on Education, HR,
GRC
and
Real
Estate.
Steven’s
experience spans the M&A universe,
including
acquisitions,
divestitures,
hostile and activist defense, strategic
investments, and joint ventures, having
advised
on
transactions with
an
aggregate value nearing $50 billion.
Top M&A Middle-Market Software Advisor – 463 Closed Deals
Firm
# Trans.
1. Raymond James
76
2. AGC Partners
69
3. Goldman Sachs
71
4. Canaccord Genuity
69
5. Houlihan Lokey
69
6. Morgan Stanley
67
7. William Blair
66
8.
Jefferies
66
9. Robert Baird & Co.
59
10. GCA
58
11. Evercore
58
12.
J.P. Morgan
57
13. Barclays Capital
39
14. Moelis & Company
35
15. Qatalyst Partners
33
*451 Research deal count based on all disclosed
technology related Sell-Side transactions from
2019-2021. Excludes co-managed deals.
75
.
art
rs
Top Sell-Side Tech Deal
Makers in 2019-22 YTD*
Firm
# Trans.
1.
451 Research SaaS
Rankings*
*451 Research deal count based on all SaaS related
Sell-Side transactions since 2010. Excludes co-
managed deals.
148
1.
130
2.
100
3.
81
4.
72
5.
70
6.
69
7.
63
9.
64
8.
61
10.
AGC Cumulative Deal Count Since 2003
3
17
37
56
66
83
103
131
155
186
207
235
263
295
327
356
391
413
463
’04
’08
’03
’05
’10
’07
’06
’09
’11
’12
’13
’15
’14
’16
’17
’18
’19
’20 ’21-
’22
Each Engagement is Customized for Both Specific Seller and Buyers Situation
AGC Partners
51
AGC’s SaaS Expertise Exhibited Globally Across Deals of all Sizes
43%
17%
5%
14%
21%
AGC Deals by Client Location Breakout
AGC Deals by Sources Breakout
AGC Deals by Buyers / Investors Breakout
East Coast
Canada
West Coast
ROW
Europe
AGC ‘s Global Deal Diversity and Scale
56 deals closed in the last 15
months
463 deals generates lots of goodwill
and bonding with PE and Strategic
tech buyers for our next engagement
21 Partners, 32 new hires in 2021, and
50+ activeengagements
Partners on the ground in 12 major
cities across the US and Europe
LEADING SOFTWARE TECHNOLOGY BANK WITH GLOBAL REACH
41%
30%
28%
1%
Founder Owned
Public
VC
PE
31%
24%
12%
33%
PE
VC
PE Backed Strategic
Strategic
Representative Recent AGC Transactions
AGC Deals by Enterprise Value Breakout
43%
31%
27%
Below $100M
$250M+
$100-$250M
AGC Partners
52
MARKET RESEARCH
 AGC is a leader in Legal & Compliance Tech Transactions, advising
leading companies including Sensage, Saviynt, Zapproved, Fox Guard,
among others
 AGC was founded to bring exciting technology companies to the firm’s
deep network of funds in the US, Europe and Asia, including late-stage
venture capital, growth equity, private equity, corporate ventures,
family offices and crossover hedge funds
 AGC has published numerous whitepapers that highlight the key
trends in the Legal & Compliance Tech and review the technology
landscape of all of the most relevant players
LEGAL COMPLIANCE &
REG TECH
LEGAL
TECHNOLOGY
Selected Legal & Compliance Tech Transactions
CONTENT
MANAGEMENT
GOVERNMENT
TECHNOLOGY
Extensive Expertise in Legal & Compliance Transactions
Prosperoware / Litera – Developer of privacy and regulatory compliance platform
intended to ensure compliance for the digital legal industry. AGC acted as the sole
financial advisor to Prosperoware.
ComplySci / K1 – Developer of web-based regulatory compliance technology
intended to provide governance, risk management and compliance services.
ComplySci secured a $120M growth equity investment from K1 Investment
management.
Sensage / KeyW – Provider of enterprise event data warehouse technology for
security, compliance, data retrieval and systems management. AGC drove Sensage to
a $24M purchase price by highlighting key synergies.
Saviynt / Carrick Capital Partners – Developer of cloud security and identity
governance software intended to increase operational efficiency. Saviynt secured a
$40M growth equity investment from Carrick Capital Partners.
Zapproved / Vista Equity Parners – Developer of cloud-based software for
corporate legal departments. AGC completed a rapid market test which led Vista to
increase their unsolicited inbound offer by approximately one-third.
Comments
Financed by
Sold to
Sold to
Sold to
Financed by
Financed by
AGC Partners
53
AGC’s Leading Legal & Compliance Technology Franchise
Advisor to Files.com
Advisor to Prosperoware
Advisor to Files.com
Advisor to Saviynt
Advisor to Files.com
Advisor to Zapproved
Advisor to Files.com
Advisor to Complysci
Advisor to Files.com
Advisor to KeyW
Advisor to Files.com
Advisor to FRS
Advisor to Files.com
Advisor to Utimaco
Advisor to Files.com
Advisor to FoxGuard Solutions
Advisor to Files.com
Advisor to Quantiva
Advisor to Files.com
Advisor to Counterpane
Advisor to Files.com
Advisor to Invention Machine
Advisor to Files.com
Advisor to Vericept Corporation
Advisor to Files.com
Advisor to TriCipher
Advisor to Files.com
Advisor to BindView
Advisor to Files.com
Advisor to Qumas
Advisor to Files.com
Advisor to Secerno
Acquired by
Financed by
Acquired by
Financed by
Financed by
Acquired by
Acquired by
Acquired by
Acquired by
Acquired by
Acquired by
Acquired by
Acquired by
Acquired by
Acquired by
Acquired by
AGC Partners
54
Delivering Premium Results for Legal Tech Companies
CEO and Buyer Testimonials
“AGC's commitment was evident in working seemingly round-the-clock to respond to the dozens of parties involved in the deal. In the end, the board and
executive team are very pleased with the outcome and we are now working with an investment partner that will help us scale through the next phase of growth.”
Monica Enand, Founder & CEO |
"The AGC team led by Tristan Snyder and Mike Parker were excellent partners in our recent sale. The team's hard work and ingenuity resulted in closing a top of
the market deal in record time.”
Keith Lipman CEO |
“Given FRS would only get one shot at the process we also wanted the process 'partner led.' In AGC's Dennis Rourke, based in Boston, and Sean Tucker, based in
London, we found two experienced and commercially savvy partners who met these criteria. Dennis and Sean provided sound advice throughout and always had
our best interest at heart. I would have no hesitation recommending them to anyone considering selling their business.
Peter Caslin, CEO |
“We’re very excited with our sale to Framatome and greatly appreciate the work Eric and his team did to achieve a successful outcome. The AGC team was
instrumental in driving a process that we, as business owners, don't do every day. Their expeditious mentality maintained consistent pressure on the process to
ensure the deal was always moving forward. Eric was truly a trusted advisor throughout, and we found his hands-on approach and knowledge of the strategic
landscape to be invaluable as we navigated the process. We are fortunate to have worked with Eric and the AGC team”
Marty Muscatello, President & CEO |
AGC Partners
55
AGC is one of the most active pure tech boutique banks with over 400 closed deals across premium buyers
 Strong relationships and a proven track
record with ~400 of the leading strategic
acquirers
 Knowledge of development roadmaps + buy
vs build priorities allows us to strategically
position businesses to achieve optimal
outcomes
 Deep sector expertise ensures unique and
customized positioning for each buyer
Representative Acquirers
Representative Platform / PE Acquirers
Representative Acquirers
 AGC sits at the center of the buy and build ecosystem, with over 400 PE/VC longstanding relationships
 High volume of successful transactions with and for financial acquirers and portfolio companies
 Relationships developed over the long term provide AGC access and credibility with key decision-makers
 In depth insights into each financial acquirer’s unique investment criteria, approach and behavior
 AGC has significant experience in optimally structuring transactions, enabling both entrepreneurs and
existing investors to take a second bite at the apple
Trusted Advisor of Growth /
PE Financial Acquirers
Trusted Advisor of PE-
Backed Strategics
Trusted Advisor of Public
Strategic Acquirers
Direct Senior Relationships with the Top PE & Strategic Buyers in Tech
AGC Partners 56
San Francisco
London
Boston
Total
Attendees
1,585
414
719
2,718
Private Companies
485
112
225
822
Investors
343
85
190
618
Strategics
233
26
50
309
Total 1-on-1 Meetings
3,000
915
2,250
6,165
The Best Middle-Market Growth Technology Conferences Globally
Confidential Materials. Do Not Distribute.
Boston
October, 2021
San Francisco
June, 2022
London
April, 2022
Premier Global Technology Conferences
 AGC Partners is one of the only investment banks to hold middle-market
industry conferences solely focused on driving relationships among
strategic acquirers, PEs, and emerging private growth companies spanning
all major tech sectors – At our last conference pre COVID in Feb’20 we had
3,000 one-on-ones
 Offers insights from leaders in their respective industries, and direct
engagement with the most active investors in the space

Includes 500+ early and growth stage technology companies (revenues
$10-$100M ARR) and 600+ private equity firms and strategic acquirers
 High caliber panels and 30-minute pre-arranged one-on-one meetings lead
to hundreds of new leads, several new engagements, and drive the
marketing efforts for pre-engaged clients
 Upcoming Event: San Francisco Conference – June 6, 2022
Select Strategic Attendees
Select Private Equity Attendees
1,585
Attendees
$1.3T
In AUM Represented
3,000
1-On-1 meetings
2020 San Francisco Conference Stats
“We achieved in one single day the
equivalent of 2+ weeks of prospecting work”
“We achieved in one single day the
equivalent of 2+ weeks of prospecting work”
Testimonials
“We achieved in one single day the equivalent
of 2+ weeks of prospecting work”
“Excellent and highly productive event; AGC gathers the most
relevant group of companies and PE/VC investors in one place”
“Superb event and opportunity for entrepreneurs
to tell their story to the investor community”
AGC Partners
57