Private equity firm Thompson Street Capital Partners is buying Software Technology Inc. (STI), a provider of financial and practice management software for the legal industry, in partnership with the target’s management. Financial terms of the deal were not disclosed.
STI develops and manufactures Tabs3, the company’s flagship software program, to assist small and mid-sized law firms with billing, time-keeping, automating back-office workflows, and other financial management functions. The target, based in Lincoln, Nebraska, was founded in 1979 and services more than 50,000 attorneys at approximately 10,000 law firms. STI’s other software technology, called PracticeMaster, is the developer’s non-financial practice management product. PracticeMaster helps attorneys manage cases, contacts, calendars and legal documents. Both Tabs3 and PracticeMaster can work as a standalone product or can be fully integrated using one interface.