Axiom, a B2B human cloud platform that provides legal talent and technology, scrapped plans for an initial public offering and instead agreed to an investment from global private equity firm Permira.

The new investment, announced Thursday, will support Axiom’s expansion in the US and internationally as well as to launch new service delivery capabilities.

The transaction is expected to close in the fourth quarter and is subject to customary conditions. The Axiom management team, led by CEO Elena Donio, will remain with the company in their current roles.

“Our industry is in the early days of a complete transformation, away from the historical law firm paradigm toward nimble, technology-powered solutions,” Donio said. “Axiom has been leading that transformation, and this partnership is about preparing for faster innovation, more disruption and extending our lead.”

In a blog post, Axiom called the investment “significant.”

“Over the past year, we considered a range of options to help us accelerate our growth and take advantage of the massive untapped market opportunity,” the post stated. “That included our announcement in February 2019 that we would pursue an initial public offering. However, during this process we were able to explore an alternative path to those same objectives, via private investment.”

Axiom’s platform has a talent pool of more than 2,000 lawyers; it works with more than half of the Fortune 100 and operates in the US, Canada, the UK, Germany, Switzerland, Hong Kong and Singapore.

Axiom ranks as the fifth-largest business-to-business human cloud platform with 2018 gross spend of $288 million (this is not total sales for the company, but human cloud gross spend only), according to Staffing Industry Analysts’ report “The Gig Economy and Human Cloud Landscape: 2019 Update.”