As I am writing from India, we are riding high on the wave of industry consolidation that continues with the announcement of the acquisition of prominent LPO vendor Pangea3 by Thompson Reuters. No figures on the transaction were released, but speculation pegs the deal around $35-40 million. Not only is it a great step forward for Pangea3, it also signals a weighty validation for the entire legal process outsourcing industry.
This Thompson Reuters-Pangea3 deal follows the recent acquisition of LawScribe by UnitedLex.
The wave of consolidation can be seen as a result of recent trends in the industry: the need for scalability, global delivery capabilities and strong financial backing for requisite investments to drive growth. Pangea3 is reportedly already seeking expanded global delivery opportunities in the US through Thompson Reuters. Additional details here.
Consolidation and growth in onshore delivery is a pattern we’ve been predicting since our annual trending report nearly a year ago. The movement toward larger, more capitalized and truly global LPO vendors reflects the continuing maturation in the industry.
Sanjay , Co-CEO of Pangea3 provides some additional perspective on the transaction in an exclusive Legally India report. Details here.
On a personal note, by coincidence I was visiting the Mumbai Pangea3 headquarters the day of the announcement. Needless to say, it was a lighthearted day in the office.
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Fronterion, LLC
Fronterion is an independent legal process outsourcing advisory firm. We are focused on providing professional advisory services that allow our clients to confidently engage in legal outsourcing initiatives.