Edison Partners leaves legal technology firm

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Edison Partners, the Princeton-based private equity firm, has sold its stake in a legal technology platform, it said on Wednesday.

The company said in a press release that it had sold its stake in Bodhala to Onit Inc., a provider of corporate legal management software. Financial terms of the deal were not disclosed.

Edison said he first invested in Bodhala in April 2020 and saw the company increase revenue by 400% in the past 18 months.

“We are incredibly impressed with the ability of the management team to lead the company and grow its business during a difficult time,” said Daniel Herscovici, the partner of Edison who led the investment and served on the Bodhala Board of Directors, in a prepared statement. “Bodhala has found a perfect home at Onit and has significantly broadened the opportunity to achieve better results for corporate legal services. “

Edison will remain an investor in Onit, he noted.

“Like our investments in fintech, regtech, logistics and supply chain, we believe legaltech holds great promise,” Herscovici said. “Specifically, legaltech aligns with our strategy of investing in companies that ingest complex, unstructured data and that leverage unique knowledge and technologies to extract actionable insights that help businesses grow, save money. money and become more efficient. We look forward to continuing to support CEO Raj Goyle and the entire Bodhala and Onit team. “


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