- Private equity firm Permira recently announced it made a significant investment in Axiom, a provider of on-demand legal services
Global private equity firm Permira recently announced that it made a significant investment in Axiom, which is a provider of on-demand legal services. The Axiom management team — which is led by CEO Elena Donio — will continue leading the company in their current roles. And the new investment will support Axiom as it continues to expand in the US and internationally, launch new service delivery capabilities, and leverage the legal industry’s ongoing shift to flexible talent models.
Axiom combines its platform of over 2,000 experienced lawyers with services that enable clients to wrap a flexible layer of on-demand talent around their core teams. And more Axiom works with over half of the Fortune 100 and currently operates in the US, Canada, the UK, Germany, Switzerland, Hong Kong and Singapore.
“We are thrilled to have the backing of an experienced partner like Permira. They have a tremendous track record of supporting tech-enabled, services-led businesses like ours, and together we can accelerate growth, deepen our service proposition for clients and provide even greater career opportunities for the lawyers on our platform and our teammates,” said Axiom CEO Elena Donio.
The Permira funds’ investment will also support Axiom as it pursues growth opportunities arising from clients’ increasing need for legal talent that is flexible yet integrated with the enterprise. The areas of likely support include further investment in Axiom’s technology platform — which helps to identify, match, and engage companies with talent and continued expansion of Axiom’s sales force to better meet the needs of current and potential clients.
“This is a powerful union, perfectly timed. The work that Elena and the team are doing to take Axiom and the industry into the future is now on turbo-boost,” added Axiom’s founder and Chairman Mark Harris.
Permira is also going to leverage its international footprint to support Axiom’s continued expansion through investment and business development in the US and globally.
“We are delighted to partner with Elena and Axiom. Permira’s philosophy is to back category-defining brands, where a technology-led thesis can unlock tremendous value. Axiom created the category for on-demand legal talent for the enterprise and is now taking action to enhance its technology and expand its offerings for its unique, global community of lawyers and clients. We’re thrilled to share in that story,” explained Permira Partner Dipan Patel.
Permira has a strong track record of partnering with professional services businesses and their management teams to successfully grow businesses and enhance their market-leading positions. And Permira’s existing investments include Duff & Phelps, LegalZoom, Alter Domus, Tricor, and P&I.
“Axiom is a pioneer in liberalizing the career alternatives for legal professionals through a strong culture and a compelling value proposition. Permira and the Axiom team share the same vision of broadening its applications, while simplifying the integration of Axiom lawyers into legal departments of the world’s leading companies,” commented Permira Principal Daniel Brenhouse.
BofA Merrill Lynch and Barclays acted as the financial advisors to the Permira funds and Barclays provided committed financing. And Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to the Permira funds. Goldman, Sachs & Co. LLC acted as financial advisor and Cooley LLP acted as legal advisor for Axiom. And Weil, Gotshal & Manges LLP acted as lender counsel to Barclays.