Dive Brief:
- Legal services company Elite announced the purchase of payments player Tranch on Monday.
- The merger will help Elite deliver financial and business management services to its law firm clients across the globe, the two companies said in a joint news release.
- New York-based Elite is not disclosing the terms of the deal, a company spokesperson said in an email.
Dive Insight:
Tranch, which has a dual headquarters in New York City and London, said on its website that the purchase was made on Jan. 3.
All 11 of Tranch’s employees, including co-founders Philip Kelvin and Beau Allison, will join Elite, the Elite spokesperson said. Kelvin is Tranch’s CEO and Allison is the company’s chief technology officer, according to Tranch’s website.
A spokesperson for Tranch declined to comment beyond what was written in the joint release.
Payment services offered by Tranch include virtual card terminals for billing teams, bank transfers through the FedNow real-time payment network and a "pay later" option which allows a law firm’s clients to spread out their payments to the firm over time, the release said.
The company also offers frictionless invoice software that lets law firms collect more money without increasing their employee count, the news release said.
Elite was founded in 1947 to provide technology services to law firms, the joint news release said. Tranch is a younger company, having been founded in 2021, the release said.
"By embedding Tranch's products within our portfolio of [software-as-a-service] solutions, we will offer customers greater choice and flexibility in managing their work to cash process, which will help law firms reduce payment delays, increase cash flows, and, ultimately, boost profitability," Elite CEO Mark Dorman said in the news release
