{"id":7046,"date":"2023-10-30T10:51:28","date_gmt":"2023-10-30T10:51:28","guid":{"rendered":"https:\/\/infundpros.com\/business\/allen-overy-sells-legal-tech-unit-to-private-equity-groups\/"},"modified":"2023-10-30T10:51:28","modified_gmt":"2023-10-30T10:51:28","slug":"allen-overy-sells-legal-tech-unit-to-private-equity-groups","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7046","title":{"rendered":"Allen &#038; Overy sells legal tech unit to private equity groups"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=26f4ff68-922f-4fa7-ab67-c261c082a904\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>UK law firm Allen &amp; Overy is selling its legal tech business aosphere to private equity, the latest in a series of deals between large corporations and investment groups.<\/p>\n<p>The transaction, which involves UK private equity firm Inflexion and US investor Endicott Capital taking stakes in the business, values aosphere at more than \u00a3200mn, according to a person familiar with the details. Allen &amp; Overy will retain a minority interest in the company.<\/p>\n<p>The decision to sell stakes to private equity comes as Allen &amp; Overy continues to reshape its business following its decision to merge with New York law firm Shearman &amp; Sterling, in what is one of the legal industry\u2019s largest-ever tie-ups.<\/p>\n<p>Founded in 2002, aosphere is an online legal services provider that offers risk management and data products to clients including banks and asset managers.<\/p>\n<p>The business, which employs a team of lawyers, helps its clients manage data privacy and shareholder disclosure obligations, among other things, by providing online legal analysis on a subscription basis.\u00a0<\/p>\n<p>The cash injection from private equity will be used to help aosphere expand into other markets including the US, both organically and through pursuing new deals, as well as launch new product lines.\u00a0<\/p>\n<p>\u201cThe sector is one we\u2019ve tracked for some time as heightened regulatory scrutiny and complexity have led to growing demand for efficiency and thus outsourcing,\u201d said David Whileman, a partner at Inflexion, in a statement announcing the deal.<\/p>\n<p>Wim Dejonghe, senior partner at Allen &amp; Overy, said: \u201cInflexion is a world-class partner and we look forward to working with them and the Endicott team to support aosphere\u2019s continued success and growth.\u201d<\/p>\n<p>Allen &amp; Overy is following other businesses in taking private equity money to help expand non-core units while retaining a stake to benefit from any upside. <\/p>\n<p>In July, US private equity group GTCR announced a deal to buy a majority stake in Worldpay from FIS in a deal valuing the company at $18.5bn. FIS retained a 45 per cent stake in the business.\u00a0<\/p>\n<p>Last year, First Abu Dhabi Bank sold its payments unit to Canadian asset management firm Brookfield in a deal where the bank retained a large minority stake in the company.\u00a0<\/p>\n<p>Multinationals including Nestl\u00e9 and PepsiCo have also sold off parts of their businesses to private equity while retaining stakes in the joint ventures.<\/p>\n<p>Inflexion is investing through its \u201cpartnership capital\u201d strategy, which buys minority stakes in companies. <\/p>\n<p>The firm has previously partnered with FTSE 100 company Informa to create a new financial data business by merging a unit carved out of Informa with another business.\u00a0<\/p>\n<p>Endicott, which invests exclusively in information services companies, will also be acquiring a minority stake.\u00a0<\/p>\n<p>The news comes weeks after Allen &amp; Overy\u2019s partners voted through the Shearman &amp; Sterling merger.\u00a0It is set to complete in May next year and will create a firm with $3.5bn in combined revenues and nearly 50 offices around the world.\u00a0<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/26f4ff68-922f-4fa7-ab67-c261c082a904\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. UK law&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-7046","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Allen &amp; Overy sells legal tech unit to private equity groups | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.UK law firm Allen &amp; Overy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=7046\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allen &amp; 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