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LegalZoom today announced that it's the subject of a $500 million secondary investment that Axios has learned values the legal services company north of $2 billion.
Why it matters: Some of the new investors are mutual funds, which suggests an IPO could be in LegalZoom's future. The company previously filed in 2012 but never got lift-off.
- Francisco Partners and GPI Capital co-led the new investment, with Franklin Templeton and Neuberger Berman also participating.
- Permira, which acquired a control stake in 2014 for around $200 million, is selling into the round but will remain LegalZoom's largest single shareholder.
- In 2014 I reported that around 30% of LegalZoom's revenue came from subscription services, but Permira wanted that figure to top 50%. It now has.