Francisco Partners, a prominent global investment firm focused on technology businesses, has announced its intention to acquire Elite, a legal technology company specializing in financial management and business operations. The acquisition is being made from TPG Capital and Thomson Reuters, although the financial terms of the deal have not been disclosed.

Elite, founded in 1947, has a rich history of providing technology solutions tailored for the legal industry. Over the years, it has concentrated on developing financial and practice management systems for large and mid-sized law firms. Its key products, including 3E, ProLaw, eBillingHub, and MatterSphere, are designed to automate billing, invoicing, payments, and financial reporting for many leading law firms globally.

From 2003 until June 2023, Elite was owned by Thomson Reuters. In 2023, TPG acquired a majority stake in Elite for approximately $500 million, allowing Elite to operate as an independent entity while Thomson Reuters retained a minority stake and board representation. Despite the change in ownership, Elite has maintained its integrations with Thomson Reuters products.

Since becoming independent, Elite has focused on innovation, refreshing its brand and introducing new AI-driven features. The company has also expanded its suite of cloud-based solutions. In January 2025, Elite further broadened its offerings by acquiring Tranch, a platform that automates payments and invoices for large law firms.

Currently, Elite serves around 2,000 law firms, including 75% of the Am Law 100 and 72% of the Global 100. Mark Dorman, CEO of Elite, expressed confidence in the partnership with Francisco Partners, stating that their financial support and expertise in legal software will help Elite enhance its product offerings. He emphasized that this new phase will enable Elite to scale more rapidly and improve its cloud and AI capabilities, ultimately helping law firms operate more efficiently.

Peter Christodoulo, a partner at Francisco Partners, highlighted Elite’s robust cloud-based platform as a strong foundation for long-term growth. The acquisition is anticipated to be finalized in the third quarter of 2025, pending customary closing conditions.

Francisco Partners has a history of investing in legal tech companies, including Aderant, BARBRI, LegalZoom, and Paradigm, indicating its commitment to the sector. This acquisition of Elite is expected to further strengthen its portfolio in the legal technology space.