Cascadia Capital is pleased to announce that its client Software Technology, Inc. (STI), one of the world’s leading providers of legal financial/ accounting and practice management software solutions (www.tabs3.com), has partnered with Thompson Street Capital Partners (TSCP) to recapitalize the business. TSCP is a private equity firm that targets middle-market businesses across several sectors, including business services, healthcare services, and engineered products. Cascadia Capital served as the exclusive financial advisor to STI in this transaction.
STI has developed and supported software for the legal market since 1979, with the mission to provide the most reliable and effective tools for managing a law practice alongside the best customer service in the industry. The Company’s flagship software platform, Tabs3®, performs mission critical billing, time-keeping and financial management functions and automates back-office workflows. PracticeMaster®, STI’s practice management software platform, delivers non-financial practice management tools to manage cases, contacts, calendars, and documents. Tabs3 and PracticeMaster are fully integrated and provide users with a single unified interface. The Company serves more than 50,000 attorneys at nearly 10,000 law firms.
With support from its new equity partner, STI aims to improve and expand its product offerings and target new market opportunities.
Regarding the transaction, Dan Berlin, CEO of STI, stated: “Cascadia played a very instrumental role in our achieving a successful outcome with Thompson Street. From their understanding of our business and the market we serve, managing a well-run process and being an effective negotiator on the Company’s behalf, the Cascadia team met and exceeded our expectations.”
The STI transaction was the second transaction closed this year in the Legal Technology market segment. In May 2016, Cascadia advised Amicus Attorney in its combination with Abacus Data Systems.