US alternative legal services provider Proceed is set to benefit from a fresh capital boost after private equity backer Align Capital Partners (ACP) closed a $405m single asset continuation fund that it will use to fuel Proceed’s next phase of growth.
Investors in the fund included Apogem Capital, Churchill Asset Management and RCP Advisors.
A single asset continuation fund is an increasingly popular financing vehicle where an investor can draw out its involvement with an asset and provide ongoing liquidity, in this case enabling Proceed to continue developing its legaltech products and make further acquisitions.
Proceed helps law firms streamline disputes-related case administration, such as court document filing.
Scott Thompson, Proceed CEO, said that as its partnership with ACP has evolved, its strategic guidance has developed into “a powerful driver of growth”.
He added: “They have proven to be an exceptional partner, consistently executing on their commitments and adding value beyond expectations.
“As a result, Proceed has achieved more than 290% revenue growth while evolving from a leader in appellate services into a scaled, technology-enabled legal services platform spanning the entire litigation lifecycle.”
ACP partner Matt Iodice said: “Our partnership with Proceed underscores ACP’s commitment to supporting differentiated platforms built on deep domain expertise with ambitious management teams.
“We’re grateful for the entire Proceed team’s contributions to date and are excited about the opportunities ahead as activity across the legal services landscape continues to accelerate.”
ACP acquired Counsel Press in October 2023, and then rebranded the firm last year to Proceed after completing 12 add-on acquisitions. It says that Proceed currently supplies 12,000 customers.
In November last year, Proceed completed the purchase of litigation services provider Rapid Legal and its technology platform LegalConnect, alongside Dallas-based legal documents courier Special Delivery Service.
Proceed was founded as Counsel Press in 1938. Its headquarters are in New York and it has 16 offices spread around the US ranging from California to Washington DC.
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