Apax Partners-backed Lexitas agreed to buy Registered Agent Solutions, which provides outsourced Registered Agent and corporate compliance services. As part of the deal, Apax agreed to commit additional capital to Lexitas to fund the acquisition of Registered Agent Solutions. Apax acquired Lexitas in 2019.
Lexitas, a leading provider of high-quality services to the legal market, today announced that it has agreed to acquire Registered Agent Solutions Inc. (“RASi”), a leading U.S. provider of outsourced Registered Agent and corporate compliance services.
The acquisition will significantly enhance Lexitas’ service line, offering existing and potential customers access to Registered Agent representation, a requirement for businesses under nearly all U.S. state laws, as well as corporate compliance services, such as annual report filing, on a subscription basis.
In conjunction with the transaction, funds advised by Apax Partners, which acquired Lexitas in 2019, have committed additional capital to Lexitas to fund the acquisition of RASi. Terms of the transaction were not disclosed.
Founded in 1987, Lexitas is a leading national provider of legal support services to law firms and insurance companies in the U.S. and today its national sales force serves over 10,000 customers across 38 offices. The company has experienced significant growth in recent years and in the last year alone it completed six acquisitions, including Axiom Requisition and Lumen Legal.
RASi, which will be Lexitas’ seventh acquisition, is a leading middle-market registered agent service company, offering innovative technologies, competitive pricing and quality legal services. Founded by Sean Prewitt and Ricardo Orozco in 2002, RASi has grown rapidly and today the company has a presence in all 50 States, the District of Columbia and international jurisdictions, representing companies and law firms across the U.S. RASi’s subscription model provides a strong revenue trajectory and will add significant value to Lexitas’ existing service offering.
Gary Buckland, CEO of Lexitas, stated, “We are extremely excited and fortunate to have RASi become a part of Lexitas. Sean Prewitt and his team have built a company that has experienced dynamic growth and become a national market leader, fueled by its dedicated employees, technology, and unflagging dedication to providing outstanding services.”
Sean Prewitt, CEO of RASi, stated, “We are elated to be joining the family of Lexitas companies, which align with our commitment to both clients and employees, in providing a one stop legal services solution to both corporations and law firms.”
Ashish Karandikar, Partner at Apax Partners, said, “I am thrilled to see Sean and his team at RASi join forces with Lexitas, creating a company that can offer a full service value proposition to law firms and corporate customers in the U.S. Since we first partnered with Lexitas in 2019, the business has expanded rapidly through six acquisitions. By integrating RASi and adding a Registered Agent solution to its already comprehensive service line, Lexitas will be poised to excel and provide an even better service to customers.”
RASi was advised by Houlihan Lokey (financial adviser).
Founded in 1987, Lexitas is a leading national provider of legal support services to law firms, corporations, third-party administrators, and insurance companies. Services include medical record retrieval, court reporting, registered agent, legal staffing, document review and commercial contracts outsourcing. For more information visit https://lexitaslegal.com.
Registered Agent Solutions, Inc. (RASi) is an innovative leader in the Registered Agent and transactional service industry. RASi has provided quality corporate services to organizations small and large throughout the United States and internationally. RASi is the best value for registered agent and corporate services. For more information visit: www.rasi.com
About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. The Apax Funds invest in companies across four global sectors of Healthcare, Tech & Telco, Services, and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.