The amount of the investment was not disclosed.
Nextpoint and RF say that the investment will be used to accelerate Nextpoint’s growth through movement into new markets, operational advancements, and product development.
The companies will also seek to identify opportunities for Nextpoint to grow through M&As.
Nextpoint recently became the first e-discovery company to launch a law firm, launching Nextpoint Law Group in Arizona under that state’s liberalized practice rules that allow non-lawyers to own law practices. The firm will provide discovery and litigation legal services to other law firms and to corporate legal departments.
Founded in 2001, the company had been bootstrapped until 2021.
For RF, this represents its 12th investment in the software sector. It says it plans to continue to expand its software portfolio, including legal technology.
“RF’s software focus and deep understanding of our priorities and challenges was a compelling advantage as we thought about a partner for the future of Nextpoint,” Nextpoint CEO Rakesh Madhava said in a statement. “In addition, our highly aligned culture and values, as well as RF’s innovative CEO summit, affirmed the strength of this partnership. I am confident that RF’s resources and network, especially in our shared city of Chicago, will be instrumental in supporting Nextpoint’s successful future.”
“The success and scale that Nextpoint has achieved as a fully bootstrapped company in a highly competitive sector and niche end-market is truly a testament to Rakesh and his world-class team,” said RF cofounder and managing partner Peter Fidler. “We are fully committed to providing Nextpoint the resources needed to evolve and better serve law firms and organizations nationwide.”