Mindcrest Secures $4M Investment from Talon Asset Management
FOR IMMEDIATE RELEASE
Mindcrest Secures $4M Investment from Talon Asset Management Chicago, Illinois – March 26, 2007 - Chicago based Mindcrest, a leader in the offshore legal services industry, has reached a milestone in its expansion path by receiving a $4 million investment from Talon Asset Management, a Chicago based diversified investment management company with more than $1.1 billion under management. The investment represents an enormous show of confidence in Mindcrest’s business plan and growth outlook by an experienced investor.
Indeed, Mindcrest is thriving amid a changing legal landscape. “We are seeing a big increase from corporations and law firms in the number and scope of projects they are bringing to us,” said George Hefferan, vice president and general counsel at Mindcrest.
“Our corporate clients are requesting that their law firms work with us to realize the significant cost savings that result.” Mindcrest’s work has expanded in scope to include comprehensive and long term projects, including large-scale contract review and review of documents in litigation discovery. “We were a first mover in this cutting-edge space,” Hefferan said of the six-year-old Mindcrest. “We understood the value proposition.”
According to Bill Wolf, Chief Operating Officer, Talon Capital Partners, a newly formed private investment partnership managed by Talon Asset Management, is excited to have the opportunity to invest in and work with Mindcrest and its talented management team and employees, both in Chicago and India. “We believe Mindcrest is the United States’ leading provider of outsourced legal services and are confident that Mindcrest will help lower the cost of routine legal services and research to corporations around the world,” said Wolf.
“We are thrilled to be able to support and help build their business,” continued Wolf. The company also is a pioneer in providing offshore legal services, and is expanding its presence in India to meet rapidly growing demand for its services.
The Chicago-based company will open a second office in Pune, India, about 90 miles from the original office in Mumbai in April. The company’s staff of attorneys will expand to 400 by year’s end from more than 150 today to meet soaring demand that has seen business triple in the past 12 months. Mindcrest offers a wide variety of legal services, from basic document review to complex legal services required by Fortune 500 companies, at a cost savings of 50 to 90 percent of the conventional expense. The overseas offices are staffed by experienced lawyers with superior academic achievement from India's top law schools. The employees are trained in the common law system and are skilled at using Internet-based legal tools.
ABOUT US: Talon Asset Management — Talon Asset Management, LLC is a diversified investment management company based in Chicago, Illinois. Talon Asset Management was founded in 1994 by a group of experienced investors who had worked together as investment managers for a predecessor entity since 1983. The companies in which Talon invests are well managed, growing, and reasonably valued.
Mindcrest provides offshore legal services, utilizing attorneys in India and the United States. The company provides document review, contract analysis and administration, HR legal/administrative processing, legal research and drafting, and legal content services at compelling cost savings. Mindcrest has a proven track record as a pioneer in legal outsourcing. Founded by U.S. attorneys, Mindcrest’s staff thoroughly understands the service level and quality expected by its clients. Mindcrest emphasizes detailed process planning, stringent quality control and strong client partnerships to ensure excellent results.
