Wolters Kluwer Financial & Corporate Compliance (“FCC”) has signed an agreement with Lexitas, a legal services provider backed by funds advised by Apax Partners (“Apax”), to acquire Registered Agent Solutions, Inc. (“RASi”) for approximately $415 million in cash. The acquisition will expand the presence of FCC Legal Services (“CT Corporation”) with small businesses, middle-market companies and law firms in the U.S.
RASi serves thousands of customers across all 50 U.S. states and the District of Columbia. Founded in 2002, RASi is headquartered in Austin, Texas, and employs approximately 180 professionals. In addition to registered agent services, the company provides a suite of corporate services including business licenses, UCC search and filing, beneficial ownership filing, business formation services, and entity management and compliance solutions.
“We have long admired and respected RASi’s strong reputation for innovation, growth, and service quality in their core customer segments,” said Catherine Wolfe, Executive Vice President and General Manager, Wolters Kluwer CT Corporation. “We share their commitment to delivering exceptional solutions to our customers and could not be more excited to welcome RASi to Wolters Kluwer.”
“This is an ideal combination of two great businesses,” said Sean Prewitt, President of RASi. “We look forward to bringing our complementary capabilities for a wide range of businesses and law firms together with CT’s comprehensive corporate compliance and registered agent offerings to deliver a truly differentiated customer experience.”
RASi generated 2024 revenues of approximately $52 million (un-audited) and has a track record of profitability. Similar to CT Corporation, a portion of RASi revenue is transactional in nature. The acquisition is expected to reach a return on invested capital at or above Wolters Kluwer’s after-tax weighted average cost of capital (8%) in its fifth full year of ownership. In the near term, the acquisition is expected to have an immaterial impact on Wolters Kluwer adjusted earnings. Subject to regulatory approvals and customary closing conditions, the transaction is expected to be completed in the first half of 2025.