Bessemer Venture Partners Acquires Majority Stake in Litify as Legal Tech Company Achieves Profitability
Bessemer Partner Brian Feinstein Joins Litify Board of Directors to Guide Next Stage of Growth and Continued Product Development for Corporate Legal Departments and Law Firms
February 09, 2023 10:00 AM EST
BROOKLYN, N.Y.–(BUSINESS WIRE)–Litify, the best-in-class end-to-end legal operating platform, announced today that Bessemer Venture Partners has acquired a majority stake in the company as it achieves profitability and continues its next phase of growth. With the backing of leading institutional investor Bessemer, Litify plans to bolster its unique market position as the only secure and open platform built to centralize legal business operations and drive efficiency for growth-minded law firm and corporate legal departments.
Bessemer Partner Brian Feinstein will serve as Chairman of Litify’s Board of Directors. He brings 15 years of business and vertical SaaS expertise to the company’s strategies and operations. Bessemer has a long history of investing in industry-defining software companies including Procore, ServiceTitan, Shopify, Toast, nCino, and Vlocity. The firm has a successful track record of helping to grow cutting-edge legal technology companies including Clio, Disco, and Anaqua.
“Litify stands out as the legal technology player that is uniquely positioned to transform legal business operations at its core,” Feinstein said. “I’m excited to lend my expertise to Litify customers at a time when demands on legal service providers are increasing.”
Since being founded by John Morgan and Reuven Moskowitz in 2016, Litify has grown to service over 45,000 legal professionals globally, including iconic clients such as Salesforce, and Morgan & Morgan, America’s largest injury law firm.
“We are grateful for this exciting milestone and thrilled to see our company take this exciting next step with Bessemer,” said Litify Founders John Morgan and Reuven Moskowitz. “We are thankful to our investors, incredibly proud of our team, and we are looking forward to Brian’s leadership as they accelerate Litify’s growth.”
Goodwin Procter LLP represented Bessemer in the transaction, and Litify was represented by Pryor Cashman.
Litify is the end-to-end legal operating platform that breaks down business silos to power better processes, collaboration, insight, and performance. Litify is the only platform that offers tailored solutions for law firms, in-house legal teams, government agencies, and nonprofits, connecting the entire legal ecosystem to provide better business outcomes for legal teams and better legal outcomes for their clients. Built on Salesforce, Litify streamlines and automates matter and task management, document generation, timekeeping, billing, and client communications, while providing data-driven insights that allow law firms and legal teams to scale and improve their financial performance.
About Bessemer Venture Partners
Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio has included Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and currently has more than $20 billion of assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing, and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).