Simpson Thacher is representing Sedgwick in connection with its acquisition of the legal spend management (LSM) division of Bottomline Technologies. The LSM business services the property and casualty insurance industry, providing carriers, third party administrators, self-insured entities and corporate legal departments with cloud-based software applications and complementary legal bill review solutions. The closing of the transaction is subject to customary conditions and regulatory approvals. The terms of the agreement were not disclosed.
Sedgwick is a leading global provider of claims management, loss adjusting and technology-enabled business solutions. Sedgwick's majority shareholder is The Carlyle Group; Stone Point Capital LLC, Altas Partners, CDPQ, Onex and other management investors are minority shareholders.
Bottomline is a global leader in business payments and cash management and a Thoma Bravo portfolio company.
The Simpson Thacher team included Ravi Purushotham and Makala Kaupalolo (M&A); Tristan Brown, Courtney Thomson and Claire Kamau (Executive Compensation and Employee Benefits); Sophie A. Staples and Andrew Mandelbaum (Tax); Lori E. Lesser and Christine Song (Intellectual Property); Michael Isby (Environmental); Krista McManus (Real Estate); and Steven DeLott (Insurance).