Law firm Pinsent Masons has announced the sale of Cerico, its Glasgow-based online compliance solutions business, to business and financial information firm Dow Jones for an undisclosed sum.
Pinsent Masons launched Cerico in 2013 as a joint venture with IT consultancy Campbell Nash, subsequently taking a majority stake in 2015.
Cerico has since grown to deliver comprehensive online Know Your Business Partner programmes and digital compliance tools for international businesses including FTSE 100 and FTSE 250 companies.
As part of the transaction Pinsent Masons will retain a strategic relationship with Dow Jones through which it will continue to provide the legal content for compliance solutions and deliver supplementary legal compliance support and consultancy to Dow Jones clients where required.
Richard Foley, senior partner at Pinsent Masons, said: "We are proud with what we have achieved with Cerico. It has proven an immense success with our clients, and further highlighted our ability to combine people, process and technology to create innovative solutions in the world of new law.
“As the business has moved toward its next phase of growth, it has been clear that it will need to integrate with a wider range of business and financial data to support the full range of client need. In that respect Dow Jones is the perfect partner to ensure that Cerico achieves its full potential. We very much look forward to working with the Dow Jones team in future to the benefit of our mutual clients."
Chris Lloyd, head of professional information business at Dow Jones said: "Cerico is a best-in-class, end-to-end compliance and regulatory solution that is an excellent fit for Dow Jones as we move further into offering fully integrated solutions for our clients. Combined with Pinsent Masons’ expertise in this area we now have a unique and holistic offering to take to the market."
Cerico was amongst of the first of a series of investments in alternative delivery models and services made by Pinsent Masons. Within the last five years the firm has also launched an international legal resourcing hub Vario, acquired a minority stake in 'new law' start-up business Yuzu, and acquired diversity and inclusion consultant, Brook Graham.