Deal for law firm
Pinsent Masons sells Cerico to Dow Jones
Richard Masters: remains at Pinsent Masons
Law firm Pinsent Masons has sold Cerico, its Glasgow-based online compliance solutions business, to business and financial information firm Dow Jones.
Cerico was set up in 2013 as a joint venture with IT consultancy Campbell Nash, with Pinsent Masons taking a majority stake in 2015.
As part of the transaction, for an undisclosed sum, Pinsent Masons will retain a strategic relationship with Dow Jones.
It will provide the legal content for compliance solutions and deliver supplementary legal compliance support and consultancy to Dow Jones clients where required.
Richard Foley, senior partner, said: “We are proud with what we have achieved with Cerico.
“As the business has moved toward its next phase of growth, it has been clear that it will need to integrate with a wider range of business and financial data to support the full range of client need.
“In that respect Dow Jones is the perfect partner to ensure that Cerico achieves its full potential. We very much look forward to working with the Dow Jones team in future to the benefit of our mutual clients.”
Chris Lloyd, head of professional information business at Dow Jones, described Cerico as an excellent fit for Dow Jones.
Cerico Chief Executive Jim Armstrong will move to Dow Jones with fellow director Julia Salmond alongside the organisation’s 15 staff.
Richard Masters, former executive chairman of Cerico, will remain a partner at Pinsent Masons and head of the firm’s Scotland and Northern Ireland offices.
Tom Stocker, co-founder of Cerico, will continue as a Pinsent Masons partner and lead the firms’ legal and compliance support of the combined Cerico and Dow Jones offering.
Cerico was amongst of the first of a series of investments in alternative delivery models and services made by Pinsent Masons.
Within the last five years the firm has also launched an international legal resourcing hub Vario, acquired a minority stake in ‘new law’ start-up business Yuzu, and acquired diversity and inclusion consultant, Brook Graham.