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Glendale-based online legal documents provider LegalZoom has sold $200M in equity to private equity firm Permira Funds, in a secondary stock purchase deal, the companies said this morning. According to LegalZoom, the new funding will go towards its launch of new products and services. READ MORE>>.
The deal by private equity firm Permira to acquire the majority stake in Glendale-based egalZoom is now complete, according to Permira. Permira said Friday afternoon that it successfully completed its acquisition of more than $200M of the outstanding equity of LegalZoom, giving it a majority stake of the legal document and services company.
Glendale-based LegalZoom has officially dropped its IPO bid, saying in a regulatory filing that it has withdrawn its S-1 filing for an IPO, which had originally been filed in May of 2012. LegalZoom said the move came because it does not intend to pursue the contemplated public offering at this time. READ MORE>>.
Los Angeles-based Internet Brands , which operates a suite of online, advertising driven websites across a wide range of verticals, said Monday that it would go private in a $640M, private equity deal, bucking the trend of Southern California companies filing to get to the public markets. Internet Brands had gone public just three years ago.
Rubicon is venture backed by News Corporation, Clearstone Venture Partners, IDG Ventures Asia, Mayfield Fund, NBC Universal's Peacock Equity Fund and Jarl Mohn. Rubicon Project's Addante was formerly Chief Technology Officer and a founder of L90, and was co-founder of StrongMail systems. READ MORE>>.
Locally, those are companies like LegalZoom, GameFly, TrueCar, and ShoeDazzle. One of the core pieces of that technology was around marketing and customer acquisition. Instead, after a private equity firm offered to buy YLighting, we negotiated to keep the technology that we had developed. We sold it to a private equity group.
I moved down here to work as a large, $10 billion private equity fund with Ron Burkle, at Yucaipa Companies. There were lots of things we did around investment and acquisitions. As an investor, what made you decide to go from private equity to an operational role? That really makes private equity investors shake in their boots.
Brian Lee – LegalZoom, ShoeDazzle. His first company, LegalZoom was founded with Robert Shapiro, part of the team that successfully exonerated OJ Simpson, instantly giving his company credibility unheard of in the start up community. Lee could have stayed in the law business and become quite successful, but Lee had a dream.
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