Private equity firm TPG Inc said on Tuesday it has agreed to buy a majority stake in Elite, a vendor of business management software for law firms, from information provider Thomson Reuters Corp at a valuation of $500 million.
Thomson Reuters will keep a minority stake and board representation in Elite and continue to support it with its legal information products, the companies said. The deal frees up cash for Thomson Reuters to invest in the development and upgrades of its other products.
"We will make sure to partner very closely on the customer side and we will look into ways of how we can work together strategically also," Fischer said. TPG partner Tim Millikin said that the data and automation that Elite offers are in demand among legal professionals.
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