Pangea3 secures $7mn Series C funding from Sequoia Capital

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Pangea3 LLC, the global leader in legal process outsourcing to corporate in-house counsel and U.S. law firms, announced today that it has closed $7 million in Series C funding, funded by Sequoia Capital India .  Sequoia Capital's investment underscores the significant demand among legal departments and law firms for outsourced legal services as a solution to increasing legal fees.  Sumir Chadha, managing director of Sequoia Capital India, will join Pangea3's board of directors.

 

The additional financing will be used to fund the company's continued expansion and aggressive recruitment of superior quality legal talent in India and in the U.S., increase its service offerings and accelerate its sales and marketing efforts.

 

"Sequoia has an exemplary track record and we are very excited to join its portfolio of industry leading companies," said David Perla, Co-CEO and Co-Founder of Pangea3.  "Sumir Chadha, one of the founding members of Westbridge Capital and a former executive of Goldman Sachs, will make an excellent addition to Pangea3's board of directors." 

 

"Pangea3 is the recognized industry leader in the rapidly expanding legal process outsourcing (LPO) market," said Chadha.  "As an increasing number of companies look for solutions to minimize the spiraling fees of outside counsel and law firms, Pangea3's hybrid business model and range of service offerings is the benchmark."

 

Founded in 2004, Pangea3 has successfully demonstrated that corporations and law firms can increase their efficiency and dramatically reduce legal costs by utilizing legal process outsourcing as a solution.  It provides superior quality legal and intellectual property services in the areas of litigation support and document review, contract drafting, abstraction and administration, corporate governance and corporate secretarial services, patent drafting, analysis, competitive intelligence and patent litigation, legal and competitive intelligence research and database technology services.

 

"As a pioneer in the legal process outsourcing industry, we are pleased with the number of corporations and law firms that have integrated Pangea3 into their organizations," said Sanjay Kamlani, Co-CEO and Co-Founder of Pangea3. "Over the previous year, Pangea3 has expanded exponentially and has added several new service offerings.  The additional funding will allow us to leverage our existing model of world class legal services with U.S. attorney management to take advantage of the increasing number of opportunities in this market.  Our vision to enable lawyers around the globe to revolutionize the way they practice law is becoming a reality.  And we are very excited that Sequoia has recognized the opportunity associated with the successful realization of that vision."

 

Additional Pangea3 investors include the GlenRock Group, LLC, Sunil Wadhwani, CEO of iGate (IGTE), a leading business outsourcing company, current and former executives from Columbia Pictures, IBM, eBay, PriceWaterhouseCoopers, Monster Worldwide, Citigroup, GECIS, Pershing/DLJ, and Warburg Pincus.

 

Sourced From: Text 100 Public Relations Consultancy