Elevate Secures Growth Financing from Morgan Stanley Expansion Capital
LOS ANGELES – Apr 18, 2018 – Elevate, a global law company providing consulting, technology and services to law departments and law firms, today announced that it has secured financing from a credit fund managed by Morgan Stanley Expansion Capital, the growth-focused private investment platform within Morgan Stanley Investment Management. Elevate will use the proceeds for strategic acquisitions, investments in its Cael enterprise legal management (ELM) software, and expansion of delivery capabilities.
Morgan Stanley Expansion Capital’s introduction to Elevate came about through a pre-existing relationship with the firm’s legal department, which has been a buyer of legal services from Elevate for more than three years.
“We believe the accelerating openness of legal departments to buy services from law companies offers a compelling investment opportunity,” said William Reiland, a Managing Director at Morgan Stanley and CIO of the credit fund managed by Morgan Stanley Expansion Capital. “We were attracted to Elevate by its outstanding reputation in the global legal ecosystem and its experienced management team with a track record of success.”
Elevate has grown profitably by over 30 percent per annum in every year since incorporation in 2011, with current annual sales of over $40 million. Its most recent acquisition was legal technology company Legal OnRamp in 2016.
Elevate is a global law company, providing consulting, technology and services to law departments and law firms. The company’s team of lawyers, engineers, consultants and business experts extend and enable the resources and capabilities of customers worldwide. Elevate is the most-used law company according to the 2017 State of the Industry Survey published by the Corporate Legal Operations Consortium (CLOC) and has been ranked as a top global law company by Chambers & Partners for the past four years in a row. It has also been ranked among the Inc. 5000 Fastest Growing Private Companies for the past two years in a row, including No. 53 in 2016.
About Morgan Stanley Expansion Capital
Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Morgan Stanley Expansion Capital targets growth equity and credit investments within technology, healthcare, consumer, digital media and other high growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 190 companies leveraging the global brand and network of Morgan Stanley. For further information about Morgan Stanley Expansion Capital, please visit www.morganstanley.com/im/expansioncapital.