Alpine Investors-backed software platform ASG has invested in Headnote, Steve Reardon, CEO of ASG, told PE Hub.
Headnote, based in San Francisco, is an online payments platform providing compliant ePayments and AR [accounts receivable] management for law firms of all sizes.
Headnote marks the latest addition to ASG LegalTech’s platform of rapidly growing legal Software-as-a-Service (SaaS) products, which also includes PracticePanther, Bill4Time and MerusCase.
ASG, a software company backed by Alpine Investors, comprises various vertical SaaS businesses that combine under one platform to create significant synergies, CEO Reardon said.
The platform plans to continue growing its legal tech practice as well as pursue opportunities in integrated payments, as this model helps customers capture more revenue and improves the overall customer experience, Reardon told PE Hub.
“We are going to continue growing legal tech; it’s obviously [an] area that we like a lot,” Reardon said. “Within the payments sector, we see a real reward for having integrated payments businesses.”
According to Reardon, ASG performed well through the covid-19 pandemic, benefiting from its sticky model and high revenue retention. “We were very happy with the business performance over the last year,” Reardon said.
Overall, the CEO sees many trends fueling the growth of legal tech. “We are excited about legal in general; there is a lot of consolidation happening in the industry,” Reardon said.
“Very large on-premise legal providers are going to be seeing a lot of migration from on-premise to on-cloud solutions,” he said. “This is an interesting trend to watch and one we want to participate in.”
Action Item: See Alpine Investors’ recent form ADV.
Correction: The story was corrected to reflect Steve Reardon’s title.