Pinsent Masons sells tech subsidiary to Dow Jones

Pinsent Masons has sold its technology subsidiary Cerico to Dow Jones for an undisclosed sum.

The UK-headquartered firm launched the business, which provides compliance services via the internet, as a joint venture with IT consultancy Campbell Nash in 2013. Pinsent Masons bought a majority stake in 2015. The company was one of the first investments of the law firm into alternative delivery models and services.

Since its establishment, it has grown to be a leading provider of comprehensive online KYBP programs and digital compliance tools, with clients in the FTSE 100 and FTSE 250.

The deal does not mark the end of the firm’s involvement in the technology company. Pinsent Masons will continue to provide the legal content for compliance solutions and deliver supplementary legal compliance support and consultancy to Dow Jones clients, it said.

Richard Foley, Pinsent Masons senior partner, said that the firm is proud of what it has achieved with Cerico. The company’s growth shows the firm’s ability to combine people, process, and technology to innovate in the legal industry, he said.

“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,” he said.

Since its investment in Cerico, Pinsent Masons has launched global legal resourcing hub Vario, which it has expanded to Australia. It has also acquired Yuzu and Brook Graham.