Monday, January 6, 2014
LegalZoom Sells $200M In Majority Stake To Permira
Glendale-based online legal documents provider LegalZoom has sold $200M in equity to private equity firm Permira Funds, in a secondary stock purchase deal, the companies said this morning. According to LegalZoom, the new funding will go towards its launch of new products and services. As part of the deal, LegalZoom said that Permira will be the largest shareholder in the company, and will have the right to appoint a majority of the company's board.
LegalZoom said its management team will maintain ownership in the company, as will its current shareholders, which include Polaris Venture Partners, Institutional Venture Partners, and Kleiner Perkins Caufield & Byers. LegalZoom did not say what percentage of the company is now owned by Permira. As part of the deal, Permira's Brian Ruder and Dipan Patel have both been appointed to LegalZoom's board of directors.