Legal tech company PERSUIT announced it has raised $20 million in its Series A funding led by OpenView. The company will use the resources to invest in accelerated capabilities across its product range and enhanced data insights to best support and grow its customers.
PERSUIT’s SaaS platform connects Fortune 500 companies like UBS, HSBC, Johnson & Johnson, Novartis, Facebook and Intel with law firms and other professional service providers. The first technology purpose-built to optimize the outside counsel selection process, PERSUIT has helped their customers more quickly connect with the right outside counsel while cutting their spend by an average of 37% for each engagement, translating into a savings upwards of tens of millions of dollars.
“We are very excited to have OpenView on board,” said Jim Delkousis, Founder & CEO of PERSUIT. “With their significant capital injection, capability, and expertise in scaling hyper-growth companies, we are now hitting the ‘go button’ on a number of initiatives that are all focused on continuing to delight and grow our customer and user community.”
“PERSUIT is solving a problem that inhouse legal departments have always struggled with,” said Thomas Barothy, Global COO Legal for UBS. “Being able to select the right firm at the right price for every engagement, making the entire process streamlined and data-driven.”
“PERSUIT has assembled a world-class team that is creating a new way to procure legal services,” said Scott Maxwell, Founder and Managing Partner at OpenView and newly appointed PERSUIT board member. “The company is transforming an opaque process that underpins $200B+ of corporate spend for its customers, helping them select the right firm for the right matter at a fair price.“
As part of the financing, PERSUIT is hiring across all of its functions globally – sales, marketing, finance, customers success and engineering.
PERSUIT is a Software as a Service (“SaaS”) company specializing in legal RFP technology. The PERSUIT platform is self-service enabled and an out-of-the-box, cloud-based software application, providing in-house teams the ability to launch matter-based RFPs, RFIs, AFAs, Hourly Rate reviews, and Panel Convergence Programs using industry best practice templates. Request types can be used to drive price competition via real-time bidding to achieve true market pricing every time, delivering 30+% savings on external legal spend.
Founded in 2006, OpenView is a venture capital firm investing globally in business software companies. With a mission to improve people’s working lives, OpenView’s focused investment approach across sector and stage enables the firm to identify and partner with category leading business software companies.