Mitratech Strengthens Its Risk Management Growth Potential With HgCapital Deal
Mitratech, a Texas-headquartered firm which provides enterprise legal, compliance and operational risk management solutions, announced on April 4 2017 that it had raised £16.4 million from European private equity firm HgCapital Trust as well as an additional undisclosed sum through their $2 billion HgCapital 7 buy-out fund. Founded in 1987, Mitratech has a long-standing track record of providing compliance and risk software to over 1,200 corporations and has more than 500,000 active users across 160 countries globally. Today, over 12,000 global law firms use Mitratech’s solutions such as e-Billing when interacting with corporate clients.
Over the past decade, Mitratech has experienced a tremendous growth trajectory through acquisitions and geographic expansion. From 2011 to 2015, Mitratech was majority owned by Vista Equity Partners and successfully grew their customer base by almost 500 per cent to become the one of the world’s largest privately held corporate legal management software firms. In September 2015, Vista Equity Partners sold Mitratech to private equity firm TA Associates Management at an unconfirmed valuation of $300 million. Since then, Mitratech’s global active users have more than doubled through further expansion into Australia and strengthening of its European and US presence. Following this week’s announcement, HgCapital will become the largest shareholder of Mitratech while TA Associates will continue to retain a minority interest.
Mitratech has a vision for complete end-to-end risk management. The new deal raises the question of the extent to which Mitratech will expand into worker safety, occupational health and industrial operations risk management. This would put Mitratech in direct competition with DNV GL, SAI Global and Sphera Solutions. With more than 400 employees, a highly profitable core business and a large war chest for further investments, Mitratech could become a major player in the operations risk market.