Edison Partners exits legal technology company

Edison Partners, the Princeton-based growth equity firm, has sold its stake in a legal technology platform, it announced Wednesday.

The firm said in a news release that it has sold its share of Bodhala to Onit Inc., a provider of enterprise legal management software. Financial terms of the deal were not disclosed.

Edison said it first invested in Bodhala in April 2020, and saw the company grow revenue 400% in the past 18 months.

“We’re incredibly impressed with the management team’s ability to lead the company and build its business during a difficult time,” Daniel Herscovici, the Edison partner who led the investment and served on the Bodhala board, said in a prepared statement. “Bodhala found an ideal home at Onit and significantly expanded the opportunity to drive better outcomes for corporate legal departments.”

Edison will remain an investor in Onit, it noted.

“Akin to our investments in fintech, regtech, logistics and supply chain, we believe legaltech holds great promise,” Herscovici said. “More specifically, legaltech aligns with our strategy to invest in companies that ingest complex, unstructured data and leverage unique knowledge and tech to extract actionable insights that help enterprises grow, save money and become more efficient. We look forward to continuing to support CEO Raj Goyle and the entire Bodhala and Onit teams.”