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.