ProfitSolv, Parent To Multiple Law Practice Management Platforms, Secures ‘Substantial’ Strategic Investment

ProfitSolv, the guardian firm to a gaggle of apply administration and funds merchandise for authorized, accounting {and professional} providers companies, stated in the present day that it has secured a major strategic funding co-led by non-public fairness companies FTV Capital and Lightyear Capital.
The corporate stated that the funding will probably be used to drive product innovation, strengthen its funds providing and increase the enterprise by accretive M&A.
As I defined in my sequence final yr, The Shrinking Possession of Legislation Follow Administration Expertise, ProfitSolv owns the apply administration platforms CosmoLex, Orion, Rocket Matter and Tabs3, the authorized billing platform TimeSolv, the authorized funds platform LexCharge, the CRM platform Legislation Ruler, the social media platform Clear View Social, and the web site design and advertising web site TitleTap.
It was shaped in 2020 by Lightyear Capital, beginning with the acquisitions that yr of TimeSolv, Rocket Matter and LexCharge. It acquired Tabs3 and Cosmolex in 2021, as this weblog reported on the time. 
Final November, Fortune reported that Lightyear was planning to hunt a purchaser for ProfitSolv. Final month, it reported that the method of looking for a purchaser was actively underway.
However in the present day’s announcement means that Lightyear is retaining a major curiosity within the firm, whilst FTV comes aboard as a lead investor. The corporate and its traders declined to reveal particulars of the quantity or phrases of the deal.
In asserting the funding, ProfitSolv stated that it has a consumer base serving roughly 21,000 companies throughout america and processing over $20 billion in annual invoicing.
“We’re thrilled to welcome FTV as a brand new investor – a agency that brings distinctive experience in scaling vertical software program and funds companies and shares our product-centric and customer-first strategy,” Kelley Castell, CEO of ProfitSolv, stated within the announcement. “With FTV and Lightyear, ProfitSolv is optimally positioned to proceed our formidable development trajectory whereas remaining steadfast in our dedication to delivering distinctive worth to our purchasers.”
Kyle Griswold, associate at FTV Capital, stated of the funding: “ProfitSolv has established itself as a frontrunner throughout the authorized, accounting {and professional} providers ecosystem because of its strong expertise providing combining best-in-class software program and funds capabilities. Unlocking development for main vertical software program companies is a key focus space for FTV. We now have robust conviction within the firm’s platform and its future development prospects and sit up for partnering with the ProfitSolv crew and Lightyear to capitalize on the corporate’s distinctive market place.”
Michal Petrzela, associate at Lightyear, stated: “ProfitSolv’s worth proposition has been validated by robust market demand and our means to scale the enterprise 10x since its 2020 launch. We’re excited to proceed to associate with Kelley and crew for this subsequent chapter of development. We welcome FTV Capital to this partnership and consider that our shared imaginative and prescient and experience will drive continued innovation for ProfitSolv within the years to come back.”