Law firm announces £14.2m acquisition
Law firm DWF will acquire legal and managed services business Mindcrest Inc for US$18.5m (£14.2m) in cash and shares.
Mindcrest will bring about 360 new employees to Manchester-based DWF, most of whom will be based in Pune, India, with additional offices in Chicago, New York and London.
The strategic acquisition will significantly expand DWF’s managed services capabilities.
Mindcrest has expected FY19 sales of US$12.1m (£9.2m) and normalised EBITDA of US$1.2m (£0.9m). It specialises in services including litigation support, contracts, compliance and legal analytics for large international corporate clients.
The transaction is expected to complete in the next four to six weeks, subject to the satisfaction of certain pre-conditions.
In a statement released this morning, a DWF spokesman said: “The acquisition will accelerate the potential for DWF to provide high quality, volume work from an efficient cost base which is expected to drive incremental returns.
“DWF estimates that the transaction will therefore allow it to deliver around £2.9m in annual recurring cost savings by FY22.
“Following the completion of the acquisition, DWF will have offices in 33 key locations with approximately 4,200 people.”
Andrew Leaitherland, Group CEO at DWF, said: “I am delighted to have completed another important acquisition for DWF and to welcome Mindcrest to our Group.
“Mindcrest is an excellent fit for our business, allowing us to rapidly expand our Managed Services offering in both existing and new areas, accelerating growth in this key offering that remains central to our strategy.
“Managed Services continues to be a real differentiator for DWF, and Mindcrest will provide the resources to better support our clients globally by meeting their requirements where and when they need them.”
Ganesh Natarajan, CEO at Mindcrest, said: “We are excited to become part of the DWF family. As one of the oldest legal services companies, Mindcrest has established a reputation for high quality and exceptional client service.
“This will be enhanced with DWF Mindcrest, bringing the right talent, technology, and processes coupled with strong project management to develop innovative integrated solutions for our clients across the globe.
“Our shared vision, values and culture makes DWF Mindcrest a winning combination.”