Breaking News: A French business newspaper is reporting that Hg, the private equity fund that owns ever-growing legal tech platform, Litera, has bought a majority stake in French-based Septeo, a very large conglomerate that provides a range of legally-related and legal tech services. It also has bases in Belgium, the Middle East, as well as in the US and Canada.
Septeo has a headcount of 1,400 and generates revenues of €175m – making it a far larger target than some of the deals Hg has done through the Litera platform.
Its legal division covers everything from outsourced secretarial staff for law firms, to software aimed at inhouse lawyers such as Legal Suite, and IT support for notaries. It also works in the area of property and other sectors.
At present it’s not clear how the group will be integrated into Hg’s growing portfolio, i.e. whether it will be a standalone – which is possible, or it will head towards some kind of integration with Litera. One key factor is that it’s understood that some of the founders of the company remain shareholders.
White & Case and EY Societe d’Avocats served as legal advisors on the deal, according to the Les Echos’ Capital Finance publication.
Artificial Lawyer contacted Hg for more information. They declined to comment, but did not deny the deal was taking place.
However, if correct, and Les Echos is a very respected news source in France, then this shows that Hg’s legal sector ambitions are only expanding and becoming more global.