Elite Sold Again to Francisco Partners, Eyes AI Growth

Legal payments platform Elite has been acquired by Francisco Partners, a prominent investment firm, marking its second sale in just over two years. The transaction includes the minority stake previously held by Thomson Reuters, which had sold a majority interest in Elite to private equity group TPG in 2023. At the time of the 2023 sale, Elite was valued at $500 million.

Francisco Partners has a track record of investments in the legal technology sector, with current holdings in Barbri and LegalZoom, and a past investment in Aderant.

When asked about the financial terms of the latest acquisition, Elite declined to disclose the specific price paid. However, a spokesperson stated that the investment signifies “very strong confidence in Elite’s growth, customer traction, and long-term market opportunity,” emphasizing that Francisco Partners joined due to the strength of the business.

Addressing the relatively quick turnaround since the last sale, Elite explained that TPG played a crucial role in establishing Elite as an independent company, providing support for investments in product development, team expansion, and customer experience. The spokesperson noted that Francisco Partners’ interest is a direct reflection of Elite’s growth to date, and their involvement aims to help the company sustain and further its momentum. This transition, according to Elite, was always part of the long-term vision, made possible by the company’s recent growth.

Regarding staffing, Elite assured that there would be no disruption to the team or job losses following the sale. The full executive team, including CEO Mark Dorman and the leadership bench, will remain in place. The company clarified that Francisco Partners is investing to help Elite scale and grow its impact, rather than to implement changes to its operations.

Elite also confirmed there are no immediate plans to integrate the company with other entities owned by Francisco Partners. The focus remains on executing Elite’s existing roadmap and delivering measurable outcomes for its current customers, with the new investment intended to support its growth trajectory and meet customer demand.

Elite currently serves approximately 2,000 law firms globally, including 75% of the Am Law 100 and 72% of the Global 100. The company recently expanded its native payments capabilities through the acquisition of Tranch, a B2B payments and invoice management platform, which has enhanced its customers’ ability to manage invoicing and payment processes seamlessly.

Mark Dorman, CEO of Elite, expressed confidence in the new partnership. “With Francisco Partners’ financial support and extensive legal software and payments expertise, we are confident they are the right partner to help us continue to deliver our transformative products to the legal industry,” Dorman commented. He added that this new phase, building on the success achieved with TPG, positions Elite to “scale faster, deepen our cloud and AI capabilities, and help law firms operate with greater speed, insight, and efficiency.”