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Update Inc. will merge with a subsidiary of New York-based private investment group Conversion Capital LP, it was announced by CHILDS Advisory Partners, which served as a financial advisor to Update.
Financial details of the transaction were not released.
Update Legal provides temporary legal professionals for law firms and corporations; it ranks third on Staffing Industry Analysts’ list of largest legal staffing firms with $85 million in US. legal staffing revenue in 2011. Update Inc. provides other legal services as well.
Prior to the merger, Update was primarily owned by a fund affiliated with Brown Brothers Harriman & Co. and Gryphon Investors as well as management.
The addition of Update expands Conversion’s outsourced legal services portfolio, which currently includes investments in TrialGraphix Inc. and Driven Inc.