Technology Crossover Ventures (TCV) is making progress in its sale process for AxiomSL, a legal software provider for financial institutions, sources familiar with the process told PE Hub.
It’s unclear how far along the process is, but, according to multiple sources, AxiomSL has attracted interest from private equity firms.
Evercore is working as sell-side financial advisor, the people said.
AxiomSL, based in New York, is a technology provider of risk analytics, data-management and regulatory-reporting solutions for financial institutions globally.
The company’s enterprise data management (EDM) platform provides services around regulatory and risk reporting, liquidity, capital and credit, operations, trade and transactions and tax analytics. Its coverage encompasses more than 110 regulators across 55 jurisdictions.
AxiomSL in 2020 is set to generate close to $50 million in EBITDA and $135 million in revenue, the sources said.
In the case of a sale, AxiomSL would mark a little over a three-year hold for TCV.
The Palo Alto growth equity firm invested in the company in July 2017, marking the first institutional financing that Axiom has taken since its founding in 1991.
The company remains led by its original founder and CEO Alex Tsigutkin.
In January 2019, TCV raised its biggest fund to date, TCV X, which closed on $3 billion.
TCV, AxiomSL and Evercore declined to comment for the story.
Action Item: See TCV’s recent form ADV here.
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