Multinational law firm Davies Wallis Foyster (DWF) has acquired full ownership of legal services provider Mindcrest for US$10.7 million. The transaction comprised US$2.2 million paid in cash and another US$8.5 million was through the issuance of 50 million new ordinary shares in DWF.
An additional considered cash payout of US$7.6 million was deferred and scheduled over a period of six months, resulting in US$18.5 million payable to the Mindcrest sellers. Mindcrest specializes in contracts management, compliance, legal analytics and litigation, investigations. The company has most of its operations in India with a large facility in Pune. Mindcrest also has delivery centres in Chicago, New York and London.
Going forward, Mindcrest will operate as DWF Mindcrest. As a result of the acquisition, DWF will now have 33 offices in key locations, with a staff of about 4,300 people. On 2 March 2020, DWF shares started trading on the main market of the London Stock Exchange.
“DWF is a legal business consisting of complex, managed and connected services,” said Babita Ambekar, partner and head of India practice at DWF in Singapore. “The acquisition of Mindcrest is highly strategic for the group and will form a key part of the value proposition for our managed services business, which is headed by [CEO of managed services] Mark St John Qualter.”
Ambekar added that Mindcrest was chosen from among its competitors because of its “ability to leverage the Mindcrest delivery unit in Pune and access a high-value skilled base of talent, and its technology solutions was of course a key driver. Mindcrest presented a compelling opportunity due to its position as an established provider that is known for its strong project management capabilities.”