GlenRock invests in Pangea3
GlenRock Group LLC has pumped in $4 million into legal outsourcing and patent support service provider Pangea3.Updated: Mar 31, 2006 17:41 IST
US-based strategic investment and advisory firm, the GlenRock Group LLC has pumped in $4 million into legal outsourcing and patent support service provider Pangea3.
The funding would be used for the company's ongoing expansion plans and also to meet growing demand in the outsourced legal services domain, Pangea3 co-CEO Sanjay Kamlani said.
"We have received an investment of four million dollars. This will be used to set up a new office and for an 100 per cent increase in workforce by the end of this year," he said.
As per the understanding, founder of GlenRock, Lawrence Graev will join Pangea3's board of directors as Chairman.
The company, providing litigation support and document review, contract drafting and administration, patent drafting and analysis as well as legal and competitive intelligence research to global firms mainly in the US and Europe.
About the expansion plan he said, Pangea3 will increase its India headcount to 150 from present 70 by the end of this year.
"The additional financing will allow us to aggressively hire top legal talent in both US and India, so that we can continue to capitalise on exploring more market opportunities," Kalmani said.
According to analysts, US firms alone outsource litigation support services worth over $5 billion by 2006 globally. As per Nasscom estimates, the total legal market in the Europe and the US is valued more than $260 billion.
First Published: Mar 31, 2006 17:41 IST