New Delhi: Financial news and business information provider Thomson Reuters has acquired private equity-backed Indlaw Communications Pvt. Ltd, a New Delhi-based legal information company, for an undisclosed amount.
It will now be a subsidiary of Thomson Reuters. Indlaw runs a legal, tax and regulatory information database website called www.Indlaw.com.
Legal service: Thomson Reuters headquarters in New York. JB Reed / Bloomberg
The company, founded by lawyer Joseph Pookkatt in 2002, had received early stage investment from private equity firm 2i Capital, which has $200 million (Rs978 crore) under management. The company provides access to information on primary and secondary legal documents such as judgments, parliamentary and state enactments, notifications, circulars and rules, constitutional texts, and parliamentary debates to law firms, solicitors, advocates, businesses and students.
“The amount of data that Indlaw has on a realtime basis is huge. They have historical data of case history and others dating back to British time, which is over 200 years old. They did this with just 18 people,” said Vivek Sekhar, chairman & chief executive officer of 2i Capital India.
With the recent financial meltdown, financial information services companies have been losing clients globally. The acquisition of Indlaw by Thomson Reuters is an example of how large information companies are looking at fast growing markets such as India to expand their footprint.
Thomson is already present in financial data in the Indian market.