Legatics completes £3 million growth financing round from Mobeus
Legatics, the intuitive legal transaction management software that simplifies and automates traditional legal processes, has attracted a £3 million investment from Mobeus to develop its platform and build further upon its strong customer acquisition.
Legatics transforms legal transactions by enabling deal teams to collaborate on and close deals in an interactive online environment. Designed by lawyers to improve legacy working methods and solve practical transactional issues, the legal transaction management platform increases collaboration, efficiency and transparency. As a result, Legatics has been used by around 1,500 companies, and has been procured by more than half of the top global banking and finance law firms, with matters having been hosted in approximately 50 countries.
“Legatics’ mission is personal to me”, said founder and CEO Anthony Seale, “having experienced first-hand how legal transactions can be slow, inefficient and leave clients in the dark, we set out to change that with a centralised online platform”. Daniel Porus, who teamed up with Anthony early in the company’s journey and is now Chief Commercial Officer, added, “We have seen how law firms and their clients increasingly see the benefits of legal transaction management software and consider Legatics as an essential tool within their tech stack. Much of our growth to date has been a result of the positive network effects from people using Legatics on their transactions and I am now really excited to see accelerated growth for Legatics as a result of this investment.”
There is a significant opportunity in the legal sector, accelerated by COVID, to capitalise on increased budgetary pressure and interest in cost-saving software tools. A recent report by Thomson Reuters identified that 84% of Law Partners surveyed expected their technology investment to increase and had a greater openness to experiment with different forms of service delivery and operational processes. With this new funding round, Legatics will be looking to double the size of its team over the next 18 months and further develop its technology to deliver new features and use cases for a wider range of practice areas within new and existing customers.
The deal was sourced through direct deal origination by Katia Mendonça, who worked on the transaction with Venture Partner Matt Mead. Joe Krancki will join the board after completion.
Katia, Mobeus Investment Analyst, said, “Mobeus identified LegalTech as having significant potential, given the pace of adoption of new technology and the ongoing M&A appetite of existing technology providers. We are really excited about working with Anthony, Daniel and the rest of the team, and were impressed by the product, which has been designed with specific and subtle intuitive features critical to the high-level adoption Legatics has achieved to date.”
Legatics was advised by Burges Salmon. Mobeus was advised by RPC.
24 June 2021
“We are all passionate about the opportunity to make legal transactions more transparent and efficient. This funding and partnership from Mobeus, validates the significant opportunity to scale up the team as well as really accelerate product development with new features and use cases and bring the platform to a more global audience.”
Anthony Seale, CEO of Legatics