Content Assessment: Legal Tech Provider ProSearch Strategies Gets New Private Equity Owner
A short assessment of the qualitative benefit of the recent announcement by Consello Capital of its acquisition of a majority stake in eDiscovery services provider, ProSearch Strategies.
Editor’s Note: The acquisition of legal tech firm ProSearch Strategies by private equity firm Consello Capital highlights the immense potential of AI and automation to transform the corporate legal industry. As this deal shows, investors are taking note of legal tech’s ability to drive efficiency and cost savings for legal departments drowning in increasingly massive volumes of data. ProSearch’s specialized AI and data science capabilities to streamline eDiscovery and document review processes are highly valuable in reducing the legal workload at large corporations. Consello Capital’s move to acquire a majority stake in ProSearch underscores the upside for private equity firms to tap into the booming legal tech space. It also validates ProSearch’s position as a top innovative player in using next-gen technologies like machine learning and natural language processing to make legal work more efficient.
Media Announcement Summary
Legal Tech Provider ProSearch Strategies Gets New Private Equity Owner
Los Angeles-based private equity firm Consello Capital announced on Thursday that it has acquired a majority stake in ProSearch Strategies, a prominent provider of tech-enabled legal services for large corporations and law firms.
ProSearch, founded in 2005, assists enterprise customers in streamlining litigation, regulatory compliance, and data privacy matters through the use of data science and artificial intelligence. The company has over 200 employees across locations in the U.S., Ireland and India.
Financial details of the acquisition were not disclosed. However, this marks the first investment for newly established Consello Capital, the private equity arm of global advisory firm The Consello Group.
Consello Capital intends to support ProSearch’s growth initiatives, including expanding its technology portfolio and growing its roster of Fortune 500 clients. ProSearch is expected to benefit from Consello’s extensive connections and experience advising major multinational corporations.
“ProSearch is a great example of a B2B company that helps its clients create shareholder value by driving efficiency through technology,” said Peter Morrow, Managing Partner at Consello Capital. “We look forward to helping ProSearch continue to deliver industry-leading products and services.”
ProSearch CEO Julia Hasenzahl said the deal will enable the company to “reimagine the eDiscovery and review process with generative AI.”
The acquisition comes at a time of increasing demand for legal technology, as corporations seek ways to streamline legal operations, reduce costs, and leverage automation. ProSearch’s tech-enabled services are designed to improve efficiency, speed, and cost savings for corporate legal departments.
Consello Chairman and CEO Declan Kelly highlighted ProSearch’s expertise in using AI and technology to enhance business processes and shareholder value. He said the deal represents an important milestone for Consello Capital’s growth ambitions.
Guggenheim Partners served as financial advisor to ProSearch, while law firm Buchalter provided legal advice. Kirkland & Ellis was legal counsel to Consello Capital.
Founded in 2005, ProSearch Strategies has established itself as a trusted partner to many of the world’s largest multinational companies. The company’s team of legal and technology experts collaborate with clients to execute eDiscovery and AI-enabled document review for complex litigation and regulatory matters.
Consello Capital was recently formed as the private equity investment division of advisory firm The Consello Group. The firm aims to leverage Consello’s corporate connections and expertise to help grow middle-market companies within its portfolio.
The acquisition of a leading legal tech services provider marks a strong debut for Consello Capital in the high-growth legal technology sector. It also highlights the opportunities for private equity firms to partner with innovative legal tech companies that are transforming how legal work gets done.
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