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Pangea3 Secures $7 Million Series C Funding from Sequoia Capital
NEW YORK, July 10 /PRNewswire/ -- Pangea3 LLC, the global leader in legal process outsourcing to corporate in-house counsel and U.S. law firms, announced today that it has closed $7 million in Series C funding, funded by Sequoia Capital India. Sequoia Capital's investment underscores the significant demand among legal departments and law firms for outsourced legal services as a solution to increasing legal fees. Sumir Chadha, managing director of Sequoia Capital India, will join Pangea3's board of directors.
The additional financing will be used to fund the company's expansion and aggressive recruitment of superior quality legal talent in India and in the U.S., increase its service offerings and accelerate its sales and marketing efforts.
"Sequoia has an exemplary track record and we are very excited to join its portfolio of industry leading companies," said David Perla, Co-CEO and Co- Founder of Pangea3. "Sumir Chadha, one of the founding members of Westbridge Capital and a former executive of Goldman Sachs, will make an excellent addition to Pangea3's board of directors."
"Pangea3 is the recognized industry leader in the rapidly expanding legal process outsourcing (LPO) market," said Chadha. "As an increasing number of companies look for solutions to minimize the spiraling fees of outside counsel and law firms, Pangea3's hybrid business model and range of service offerings is the benchmark."
Founded in 2004, Pangea3 has successfully demonstrated that corporations and law firms can increase their efficiency and dramatically reduce legal costs by utilizing legal process outsourcing as a solution. It provides superior quality legal and intellectual property services in the areas of litigation support and document review, contract drafting, abstraction and administration, corporate governance and corporate secretarial services, patent drafting, analysis, competitive intelligence and patent litigation, legal and competitive intelligence research and database technology services.
"As a pioneer in the legal process outsourcing industry, we are pleased with the number of corporations and law firms that have integrated Pangea3 into their organization," said Sanjay Kamlani, Co-CEO and Co-Founder of Pangea3. "Over the previous year, Pangea3 has expanded exponentially and has added several new service offerings. The additional funding will allow us to leverage our existing model of world class legal services with U.S. attorney management to take advantage of the increasing number of opportunities in this market. Our vision, to enable lawyers around the globe to revolutionize the way they practice law, is becoming a reality. And we are very excited that Sequoia has recognized the opportunity associated with the successful realization of that vision."
Pangea3 to Open New Facility in Andheri
Pangea3 is proud to announce the recent acquisition of a 16,000 square
foot facility in the Andheri district of Mumbai, India. Located in the
prestigious Leela Business Park, the new state-of-the-art facility will
contain segregated and dedicated document review facilities with
independent biometric single entry points, will have a state-of-the-art
security infrastructure and will be ISO 27001 certified.
The Andheri office, scheduled to open in September 2007, will house 250 attorneys, scientists, engineers and other professionals, including segments of the litigation, corporate and intellectual property divisions. This marks the third Pangea3 office in Mumbai and the fifth office for the company worldwide.
"This is a very exciting time for Pangea3," said Kamlani. "In June 2006 we added a 5,000 square foot facility in Churchgate to increase our capacity to 175 employees, and this year we will add an additional 250 employees in Andheri. This new facility will be completely designed for Pangea3 and with a particular focus on our litigation division, which is experiencing tremendous growth."
The new facility will complement Pangea3's current Mumbai offices located in Churchgate and Nariman Point.
"These new facilities will allow us to increase our capacity for document reviews and maximize new eDiscovery opportunities," said Kamlani.
About Pangea3 LLC
Pangea3 is the recognized global leader in legal process outsourcing
(LPO), providing outsourced legal, patent and IP technical support services
to U.S. corporations and law firms. The company combines top talent -
lawyers, engineers and technologists in the U.S. and India - with a secure
global technology infrastructure in order to provide low-cost, high-quality
legal support services to a global client base.
