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Morae to receive funding from BlackRock
Global investment management firm BlackRock is delving into alternative legal services, with funding for digital and business transformation entity Morae Global Corporation.
Jerome Doraisamy
On Tuesday, 17 August, Morae announced it has completed new financing from certain funds and accounts managed by BlackRock, which will see existing investor Lateral Investment Management become the company’s majority shareholder, alongside BlackRock as senior lender and minority shareholder.
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The funding, Morae said in a statement, will offer growth capital to further expand its market presence and capabilities and to execute on strategic acquisitions to help its clients with more comprehensive solutions.
“The closure of this new funding marks a milestone in Morae’s remarkable journey and in our mission to transform the legal industry through our vision, people and technology,” said Morae chairman and chief executive Shahzad Bashir.
“We are grateful to our new and existing investors for their commitment and support which adds momentum for the next stage of Morae’s continued growth and development. We plan to announce a new acquisition which will expand the scale of our operations, service capacity and market share for the delivery of technology-enabled solutions for law firms and corporate legal departments.”
BlackRock managing director of global credit opportunities Zachary Viders added: “We are very excited to invest in Morae, which has established itself with a unique brand and valued reputation as a global provider of digital and business transformation solutions for the legal, compliance, and risk management markets.
“We were impressed with the company’s leadership team and vision, business strategy and their tangible capability to deliver the outcomes their clients care about most.”
Lateral managing partner Richard de Silva said: “We congratulate Morae’s leadership and BlackRock on the successful completion of this financing. Shahzad and the rest of the Morae team have a great vision and plan for growth supported by a solid foundation they’ve built as a trusted provider of strategic advisory services and transformational solutions tailored to the needs of their corporate and law firm clients.
“We are excited to continue supporting Morae on their journey.”
Moving forward, Mr Bashir said that “as we look to the future of legal services, we see a fundamental shift and growing market opportunity across the legal ecosystem”.
“What remains unchanged is our singular focus on our clients and our people globally – the ‘outside in approach’ behind our OneMorae vision,” he concluded.
