Actionstep, an international legal software business, has secured financing from CIBC Innovation Banking for the purchase of Toronto-based legal accounting firm Soluno, marking a notable advancement in CIBC's commitment to invest $2.5 billion in the innovation economy by 2024. This financing solution aligns with CIBC's track record of backing innovation firms throughout all growth stages.
Actionstep, with its global network of 35,000 users and strong foothold in the US, Australia, UK and New Zealand, is well-positioned for such an acquisition. The cloud-software developer's backing by private equity investor Serent Capital leverages the company's specialisation in delivering legal practice management software to midsize law firms.
The financing deal for Actionstep, directed by CIBC Innovation Banking, has allowed for the expansion and syndication of an existing debt financing commitment. CIBC Innovation Banking's arrangement is specifically formulated to support Actionstep's acquisition of Soluno, thus marking a hallmark expansion for the legal software business.
"This is an important step in Actionstep’s journey," said Jonathan Schupack, Managing Director at CIBC Innovation Banking. He added, "This is the third acquisition that Actionstep has made since we started working with them and we're excited to watch them continue to grow both organically and through acquisition."
Expressing satisfaction with the financial backing of CIBC Innovation Banking, Early Stephens, CEO at Actionstep, stated, "Having a strong financing partner allows us to unlock fantastic market opportunities and invest in innovation for our customers, while supporting the health and stability of our company."
Actionstep’s acquisition of Soluno, a reputable provider of cloud-based accounting and business management software for law firms, endeavours to enhance its service delivery to its global user base. Given the SaaS business's dynamic growth and the commitment of CIBC Innovation Banking to the innovation economy, this strategic move resonates as an investment in the future of law firm workflow digitalisation.