“I’m not going anywhere,” Berlin told me. “I’m very excited about the partnerships and relationships we have with the other companies under the ProfitSolv umbrella.”
As I reported last week, Tabs3 — one of the oldest practice management products in the legal market, having been founded in 1979 — was purchased by ProfitSolv in March in a unannounced “stealth” acquisition from Thompson Street Capital Partners, the private equity firm that formerly was the principal investor in Software Technology LLC, Tabs3’s parent company.
ProfitSolv is a company that was formed last year by the private equity firm Lightyear Capital LLC. Last year, it made two notable acquisitions of legal technology companies: Rocket Matter, the pioneering cloud-based practice management company, and TimeSolv, a provider of cloud-based legal billing and timekeeping software.
Meanwhile, Tabs3 also owns cloud practice management platform CosmoLex, which it acquired CosmoLex in 2018.
The acquisition, therefore, combines under one roof the practice management products CosmoLex, Rocket Matter and Tabs3, the time-and-billing product TimeSolv, the payments processing company LexCharge, and and ImagineTime, a practice management and payments company serving accounting and other professional services firms.
In my prior report on the acquisition, I wrote that I did not know whether Berlin planned to stay with the company. In a phone conversation yesterday, Berlin said he is not going anywhere and is working as hard on the company and its products as he ever has.
He declined to discuss further details of the acquisition at this time.