Lexitas to broaden services with RASi
Lexitas has signed off on a deal to buy US-based Registered Agent Solutions (RASi), a provider of outsourced registered agent and corporate compliance services.
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No financial details were announced.
Funds advised by Apax Partners, which acquired Lexitas in 2019, have committed additional capital to the buyer to finance the transaction.
The deal will strengthen the purchaser’s service line and offer existing and potential customers access to registered agent representation, a requirement for nearly all US state laws.
Texas-headquartered RASi provides corporate, legal and compliance services to small and large organisations and law firms nationwide.
Its offerings include filings for amendments, mergers and reinstatements, as well as certificates of good standing and charter documents.
Launched in 2002, RASi has a presence throughout all 50 states and around 50 employees on its books.
Through the deal, the buyer will gain access to the target’s subscription model, which will provide the company with a strong revenue trajectory and add value to its existing operations.
Lexitas wil also be able to deliver corporate compliance services to clients, including annual report filing, on a subscription basis.
Sean Prewitt, chief executive of RASi, said: “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.”
According to Zephyr, the M&A database published by Bureau van Dijk, the deal represents the purchaser’s fourth acquisition this year.
It last snapped up US-based Americlerk for an undisclosed sum in July.
Zephyr shows there have been 108 deals targeting legal services providers announced globally since the beginning of 2020.
Clarivate acquired UK-based CPA Global for GBP 6.80 billion in the largest of these, which also represented the largest transaction on record for this sector.
Other companies targeted during the year to date include Slater & Gordon, Kroll Ontrack and Dundas & Wilson.
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