In one of the largest single legal technology investments to date, on-demand, Web-based legal services company LegalZoom announced this morning that it has received a $500 million secondary investment led by Francisco Partners and GPI Capital. The investment will also include participation from one or more Franklin Templeton Investments funds and funds managed by Neuberger Berman Investment Advisers.
LegalZoom did not release the percentage of the company the new investors were purchasing. However, the investment stands to significantly raise LegalZoom’s valuation from just a few years ago—in 2014, European private equity firm Permira acquired between 47 percent and 50 percent of the company for $200 million, a deal that valued LegalZoom at $425 million at the time. Bloomberg estimates the new valuation at $2 billion.
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