Jim Madden

Jim Madden

Carrick Capital Partners, a Newport Beach-based private equity firm with $1 billion in assets, announced it became a majority partner in Factor, which calls itself a provider of “next generation legal work at scale.” Terms of the deal were not revealed.

Carrick said the deal, expected to close by October, represents one of the biggest net new investments in the global legal solutions market. Carrick’s third fund typically invests $40 million to $70 million in a company that provides software to help resolve problems.

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“Our move to become majority shareholder of Factor was a strategic decision based on the company’s unique track record of delivering differentiated solutions to the legal market,” Jim Madden, co-founder of Carrick and founder of business process outsourcing (BPO) provider Exult, said in a statement.

Factor, formerly known as Axiom Managed Solutions, is comprised of more than 500 lawyers and other legal specialists. It plans to use the capital to expand globally and accelerate its development of legal solutions for clients in the enterprise, life sciences and financial services sectors.