By Milana Vinn
NEW YORK (Reuters) – Bain Capital Tech Opportunities, the tech-focused investment arm of Bain Capital, has agreed to buy a stake in iManage, the enterprise software firm said on Tuesday.
The terms of the deal, including the purchase price and size of the stake, were not disclosed.
Founded in 1995, Chicago, Illinois-based iManage provides document management software and tools primarily to law firms, accounting firms, and companies in the financial services industry.
In 2003, iManage merged with rival content management firm Interwoven. Through several acquisitions, the company was taken over by HP Inc, before it completed a management-led buyout and became iManage in 2015.
iManage, which counts several top law firms including Kirkland & Ellis, Freshfields Bruckhaus Deringer, and Simpson Thacher & Bartlett among its clients, generated about $250 million in annual recurring revenue in 2022, according to people familiar with the matter.
Since the onset of the COVID-19 pandemic, demand for software tools built by companies such as iManage has boomed as companies have accelerated the shift to remote working and increased spending on content management software.
Investment bank Lazard advised iManage on the deal. Kirkland & Ellis acted as legal adviser to both iManage and Bain.
(Reporting by Milana Vinn in New York; Editing by Jamie Freed)