Axiom, one of the world’s largest alternative legal services providers, said today that it has entered into an agreement with private equity firm Permira by which a company backed by Permira funds will take a significant investment in Axiom.

Axiom’s management team, led by CEO Elena Donio, will continue to lead the company, the announcement said.

Last February, Axiom said that it was taking steps to prepare for an initial public offering, submitting a draft registration form with the Securities and Exchange Commission.

At the same time, it spun off two companies: Knowable, which uses machine-learning technology to help companies better understand their contracts, and Axiom Managed Services (AMS), which offers people, processes and technology to provide outsourced legal help to companies.

Axiom describes itself as a provider of “on-demand legal talent,” servicing primarily corporate clients. It offers access to a pool of over 2,000 lawyers though its curated platform.

It works with over half of the Fortune 100 and operates in the U.S., Canada, the U.K., Germany, Switzerland, Hong Kong and Singapore.

“Our industry is in the early days of a complete transformation, away from the historical law firm paradigm toward nimble, technology-powered solutions,” CEO Donio said in a statement. “Axiom has been leading that transformation, and this partnership is about preparing for faster innovation, more disruption and extending our lead.”

Read more here.

Photo of Bob Ambrogi Bob Ambrogi

Bob is a lawyer, veteran legal journalist, and award-winning blogger and podcaster. In 2011, he was named to the inaugural Fastcase 50, honoring “the law’s smartest, most courageous innovators, techies, visionaries and leaders.” Earlier in his career, he was editor-in-chief of several legal publications, including The National Law Journal, and editorial director of ALM’s Litigation Services Division.