REUTERS/Dado Ruvic/Illustration

Outside counsel platform Persuit raises $20 mln in Series A

The corporate and regulation agency names proven above are generated mechanically primarily based on the textual content of the article. We’re bettering this function as we proceed to check and develop in beta. We welcome suggestions, which you’ll be able to present utilizing the suggestions tab on the correct of the web page.

(Reuters) – Persuit, a authorized know-how firm whose platform helps firms have interaction outdoors counsel, on Thursday stated it has scored $20 million in a Series A funding spherical.

Boston-based enterprise capital agency OpenView Enterprise Companions led the spherical for Persuit, an organization based in 2016 by former DLA Piper companion Jim Delkousis.

Persuit says its platform helps company authorized departments scale back expenditures on outdoors counsel. The know-how permits firms to hurry up and handle the request-for-proposal (RFP) course of and allow in-house groups to get “true market pricing” by driving competitors for enterprise, in accordance with Persuit’s web site.

Legislation departments may also examine various charge association proposals by the platform and have a look at their shopping for knowledge in one place, Persuit’s web site says.

“The company is transforming an opaque process that underpins $200B+ of corporate spend for its customers, helping them select the right firm for the right matter at a fair price,” Scott Maxwell, founder and managing companion at OpenView, who’s becoming a member of Persuit’s board, stated in a press release.

Persuit, which was based in Melbourne, Australia, and has its headquarters in New York, stated it can use the brand new funds to speculate in product capabilities and knowledge insights to develop its buyer base.

The startup has been in a position to land massive prospects since its founding, itemizing UBS Group AG, Fb Inc, HSBC and Johnson & Johnson in its announcement. Different prospects have included Walmart Inc, Royal Dutch Shell and AT&T Inc, in accordance with Persuit’s web site.

Thomas Barothy, world COO authorized for UBS, stated in a press release accompanying the funding announcement that Persuit “is solving a problem that inhouse legal departments have always struggled with.”

Persuit is not the one firm angling to assist company authorized groups handle authorized prices. Brightflag, one participant in the house, raised $28 million in December.

Delkousis, the corporate’s founder and CEO, was beforehand the co-global head of DLA Piper’s infrastructure and building sector apply earlier than departing to start out Persuit in 2016, in accordance with his LinkedIn web page.

Learn Extra:

Onit acquires authorized spend intelligence firm Bodhala

Sara Merken

Sara Merken stories on privateness and knowledge safety, in addition to the enterprise of regulation, together with authorized innovation and key gamers in the authorized companies trade. Attain her at [email protected]