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Bahrain - Investcorp, a leading provider and manager of alternative investment products, today announced that it has completed the sale of VText Holdings, Inc. ("Veritext" or the "Company") to private equity firm Pamplona Capital Management.
Founded in 1997, Veritext is the leader in deposition and litigation support services. Veritext provides law firms, Fortune 500 corporations and regulatory agencies with national coverage, state-of-the-art facilities, highly skilled court reporters, advanced technology and unparalleled client service.
During Investcorp's ownership, Veritext doubled its sales force, completed 16 strategic add-on acquisitions, opened two offices in new markets, invested in technology and marketing, and built a robust corporate structure. With over 500 employees and over 40 offices located in the largest legal markets in the United States, Veritext's geographic footprint spans the entire country.
"When Investcorp acquired Veritext in 2010, we knew the company had the potential for growth in the litigation services market," said Mohammed Al-Shroogi, Co-CEO at Investcorp, said. "Through organic and inorganic strategic initiatives, Veritext has grown faster than the industry. Veritext's robust expansion coupled with the company's ability to generate strong free cash flow has created significant value to all stakeholders. It has been a pleasure to support and work alongside co-founder and CEO Nancy Josephs and the management team, and we congratulate them on their achievements."
Fahad Murad, Managing Director at Investcorp for Bahrain, said, "In the six years since Investcorp acquired Veritext, our North American Corporate Investment team worked closely alongside the management team to strengthen its position within the litigation services market. We wish Veritext the best of luck under new ownership."
Investcorp helped Veritext differentiate itself in the market by upgrading its technology platform using innovative, customer-friendly technologies, streamlining the deposition process, and enhancing delivery flexibility. Proprietary video, advanced mobile apps, and flexible remote services combined with unmatched security ensure that Veritext clients have the best tools available to meet their complex needs.
"We have enjoyed partnering with Investcorp and greatly appreciate all of the resources and expertise that Investcorp has provided over the past six years. Investcorp has helped us become the premier brand in deposition services that we are today," said Nancy Josephs. "We look forward to continuing this momentum and entering our next phase of growth."
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About Investcorp
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in Bahrain, Saudi Arabia, New York, London, Doha, and Abu Dhabi. Investcorp has three business areas: corporate investment in the U.S., Europe and the Gulf, real estate investment in the U.S and global hedge funds. As at June 30, 2015, the Investcorp Group had $10.6 billion in total assets under management ('AUM'), including assets managed by third party managers where Investcorp receives fees calculated on the basis of AUM. Further information, including our most recent periodic financial statements, which details our assets under management, is available at www.investcorp.com.
About Veritext
Veritext was founded in 1997 with the goal of providing superior services to the legal industry. With almost two decades of continued industry excellence, Veritext is the established leader in providing technology-driven deposition and litigation support services to law firms and corporations around the globe. More information can be found at www.veritext.com.
Media Contacts:
Investcorp
Firas El Amine
+973 39987838
felamine@investcorp.com
Brunswick Gulf
Zein Bushnaq
+971 44466270
Investcorp@Brunswickgroup.com
© Press Release 2016
