KPMG has taken a 10 per cent stake in Plexus. Along with other investors, the founders of Aconex, Plexus has raised $4.65m.
Founded in 2011, Plexus was one of the first Australian businesses to target corporations and their in-house legal departments with staffing and technology offerings that traditional law firms were not providing.
Based on reports that Plexus services 65 per cent of top 100 ASX-listed companies, it would most likely be the market leader in Australia.
Other businesses with offerings in this segment include Lawcadia, Xakia Technologies, LawVu, Alifery, Crowd & Co., Dazychain, Lexvoco/LOD, Elevate and UnitedLex.
The Big4 accounting firms have also made a push into this field and now KPMG has taken prime position with its investment in Plexus. KPMG will have a new avenue to grow its legal services business in Australia as a result of referrals from Plexus. For Plexus, it will open up opportunities to continue to grow internationally with the aid of KPMG’s reach.
The capital raising will no doubt help Plexus accelerate its technology development.
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