Alternative legal services provider Axiom applies for IPO

Alternative legal services provider Axiom has applied to float in the US, following the spinoff of two of its businesses.

The company, which launched in 2000 and specialises in offering technology-enabled legal services, submitted a draft registration statement to the Securities and Exchange Commission today (19 February).

A press officer for the company would not confirm which stock exchange it intends to list on.

The number of shares set to be offered and the price range for the proposed share offering has not yet been decided, the company said in a statement.

Axiom spun off its data analytics arm Knowable and legal solutions platform Axiom Managed Solutions last week (12 February), in preparation for the move.

The company currently employs more than 2,000 people globally, and in 2017 reported revenue of $300m, according to CEO Elena Donio.

Ashurst recruited Axiom's services in 2016 as part of a drive to offer further regulatory advice to the law firm's banking clients, in what was the legal services provider's first official law firm partnership.

In 2016, Mishcon de Reya hired Axiom's London general manager Nick West as its chief strategy officer at the firm.

The application comes amid a raft of alternative legal service business movement in the market and an increasing interest in law firms floating.

Earlier this month, Big Four accountant EY signed a deal to begin using Slaughter and May-backed artificial intelligence company Luminance across its global legal network.

And DWF has joined several law firms moving to offer an alternative business proposition by cementing its aim to float on the London Stock Exchange.