OREANDA-NEWS. September 17, 2015. Mitratech, the market-leading provider of Enterprise Legal Management (ELM) solutions for corporate legal departments, announced today it has agreed to receive a strategic majority investment from TA Associates, a leading global growth private equity firm. Vista Equity Partners will no longer retain its interest in Mitratech.

Since 1987, Mitratech has been consistently recognized for the breadth, depth, and proven value of its software solutions for legal departments of all sizes and industries. The company delivers integrated matter management, spend management, e-Billing, legal hold, contracts management, entity management, and GRC solutions for over 750 organizations and 100,000 users across the globe, including 7 of the Fortune 10, 52% of the Fortune 50, and almost 40% of the Fortune 500. Additionally, over 11,000 law firms, including 100% of the Am Law 200 and 99 of the Global 100 law firms, collaborate with their corporate clients through Mitratech's e-Billing product offerings.

Since Vista's investment in 2011, Mitratech has advanced its mission to make the legal department the best-run function in the organization through dramatically increasing investment in its software and services, completing three strategic acquisitions, and expanding into Europe -- ultimately becoming the largest privately held provider of ELM software in the world. In that time, Mitratech's client base has grown by almost 500% and revenue has tripled. Over the same period, client satisfaction has increased every year, and client retention has stayed consistently above 95%.

Founded in 1968, TA Associates aims to invest in leading private companies in high-growth industries, with the goal of helping existing management teams further accelerate their company's growth. The firm has invested in more than 450 companies around the world, including more than 100 software companies, and has raised more than \\$18 billion in capital.

"Our four-year partnership with Vista Equity Partners allowed us to transform our company and to execute on a strategy to deliver products that are powerful and comprehensive, but easier to adopt and less expensive for clients to implement and upgrade -- an option never before offered to legal departments," said Jason Parkman, Mitratech CEO. "Our new partnership with TA Associates allows us to stay private, nimble, and focused on our current strategy while leveraging TA's global footprint and growth focus to deliver even more innovation and value to our clients."

"We've been tracking the evolution of the entire legal software market for years and the strategic expansion of the General Counsel's role in particular," said Hythem El-Nazer, a Director at TA Associates who will join the company's Board of Directors. "Mitratech has emerged as the market leader in providing software solutions to GCs and corporate legal departments, and we are excited to further accelerate their success and growth in this rapidly advancing legal landscape by partnering with a management team that has proven its ability to operate a world-class organization." Ashu Agrawal, a Managing Director at TA Associates, will also join Mitratech's Board of Directors.

"Mitratech has delivered an unparalleled story of business transformation and growth over the past four years," added Rob Rogers, Principal and Co-head of Vista Equity Partners Foundation Fund. "We are excited to see their trajectory continue through their partnership with TA Associates, and we are confident that they are in a great position to deliver even more value to their clients."

Additional terms of the deal were not disclosed. William Blair is acting as the exclusive financial advisor to Vista and Mitratech during the transaction. Marks Baughan Securities is serving as the financial advisor to TA Associates.