Thomson Reuters Sells Elite Suite Products Business To Tpg

Thomson Reuters has sold its Elite suite products business, consisting of 3E, ProLaw, eBillingHub, and Mattersphere, to private equity firm TPG Inc. TPG and its affiliates will hold a majority stake in Elite. At the same time, Thomson Reuters will maintain a minority stake and board representation. Paul Fischer, president of the Legal Professionals business of Thomson Reuters, assured that the company will still support Elite and focus on content-enabled technology, AI, and automated workflow solutions. Thomson Reuters stated that the acquisition would provide Elite with more resources and expertise to accelerate growth and support customers in their digital transformation. TPG Growth, an investment arm of TPG, previously led a funding round for e-discovery provider Evisort. In 2019, Thomson Reuters exited the ALSP space by selling its legal managed services business Pangea3 to EY and is currently focusing on content and software business. Thomson Reuters announced in July 2021 that it would retire its e-discovery platform, eDiscovery Point.
 

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Thomson Reuters' sale of Elite to TPG represents a strategic shift for the company. It seeks to focus more on content and software businesses and supply services to the Big 4 accounting firms rather than compete with them. The sale of Pangea3 in 2019 marked the company's exit from the Alternative Legal Service Provider (ALSP) market. The retirement of eDiscovery Point in 2021 showed the company's willingness to retire underperforming products. The sale of Elite to TPG will allow Thomson Reuters to streamline its offerings further and focus on its core competencies.

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The acquisition of Elite by TPG will provide the business with access to more excellent resources and expertise to accelerate its growth and support its customers as they adapt to meet the evolving needs of its clients. TPG is no stranger to the legal tech market, having previously led a funding round for e-discovery provider Evisort. This acquisition will allow TPG to expand its portfolio of legal tech investments and continue to drive innovation in the industry.

Thomson Reuters' commitment to supporting Elite and focusing on content-enabled technology, AI, and automated workflow solutions underscores the importance of these technologies in the legal industry. With the increasing demand for legal services to become more efficient and cost-effective, firms are turning to technology to help them streamline their workflows and better serve their clients. By dedicating resources to these areas, Thomson Reuters is positioning itself as a leader in the legal tech industry and providing its customers with the tools they need to stay competitive.