JOIN USThe Mumbai and New York-headquartered Pangea3 is considered as the world standard in the LPO market, which is growing at over 20 per cent per annum and is projected to top USD one billion this year, according to a Reuters statement that was released here today.
The acquisition extends Reuters' strategy to develop world-class information, software and workflow solutions for legal professionals around the world.
Pangea3 has 650 employees at its major delivery centres -- Mumbai and New Delhi and has a client base that includes AmLaw 250 law firms and some of the world's largest financial services, pharmaceutical, healthcare, food and beverage, technology and consumer goods firms.
"Joining forces with Reuters will further accelerate and expand our ability to provide impactful and transformative solutions to our corporate and law firm clients," said Pangea3 co-CEOs David Perla and Sanjay Kamlani.
Founded in 2004 by Monster.com ex-vice-president for business & legal affairs Perla, and OfficeTiger former CFO and general counsel Kamlani, Pangea3's team of top-tier legal talent uses rigorous Six Sigma methodologies to ensure quality legal services.
Perla and Kamlani will continue in their current roles, and all the 650 Pangea3 employees will join Thomson Reuters, remaining based in their New York, Mumbai and New Delhi offices, the release said.
Pangea3 offers an array of services in four distinct lines of business -- legal document review, corporate deals, intellectual property, and risk management and compliance.
Thomson Reuters President and Chief Executive -- legal Peter Warwick said LPO business adds a vital strategic complement to the company's portfolio of specialised information and workflow solutions, and will be key to helping law firms and corporate legal departments be more responsive and cost-effective.
"Pangea3 is true to our mission to help the legal system perform better, every day, worldwide; we will now bring to the legal market a responsive, high-quality, transformative resource for a broad range of legal support work. This is particularly important as law firms and general counsels adjust to the realities of the 'new normal', where efficiency, quality and responsiveness are paramount," Warwick noted.
"The addition of Pangea3 to our family creates a solid foundation in our global solutions suite that is a perfect fit into our long-term growth strategy," Thomson Reuters President and General Manager-global legal solutions Tony Abena said.
"We're aligning ourselves more closely into general counsel and law firm workflows.
Pangea3 brings to us a broad and rapidly growing client base, and a reputation that is unmatched in the LPO marketplace."