Sedgwick acquires legal spend management business from Bottomline

MEMPHIS, Tenn., Feb. 20, 2025 /PRNewswire/ -- Sedgwick, a leading global provider of claims management, loss adjusting and technology-enabled business solutions and Bottomline, a global leader in business payments and cash management, have signed an agreement whereby Sedgwick will acquire Bottomline's industry-leading legal spend management (LSM) division. The LSM business services the property and casualty (P&C) insurance industry, providing carriers, third party administrators (TPAs), self-insured entities and corporate legal departments with cloud-based software applications and complementary legal bill review solutions.

Sedgwick will leverage Bottomline's modern and highly scalable LSM technology infrastructure, including its Legal-X and Legal eXchange web platforms, in helping clients control the cost of litigation. Pending the closing of the transaction, which is subject to customary conditions and regulatory approvals, Sedgwick plans to operate the LSM business as a separate division.

"Bottomline's LSM business is a strong fit for Sedgwick, and bringing these solutions in-house will enable us to better assist clients in making data driven decisions regarding their litigation management," said Jim Ryan, Chief Operating Officer at Sedgwick. "This transaction sets a new standard of excellence for Sedgwick, positioning us as the unmatched claims partner for organizations worldwide. By integrating industry-leading LSM expertise in third party legal bill review into our existing capabilities, we will elevate the value we bring in meeting the evolving needs of our clients and their customers."

The addition of end-to-end legal bill review solutions to Sedgwick's menu of services will especially benefit the company's casualty clients, who will enjoy streamlined e-billing, case management, reporting, analytics and vendor management services.

"The combination of Sedgwick's industry-leading property and casualty claims management services with LSM's end-to-end legal bill review solutions will be game-changing for customers," said Craig Saks, Bottomline CEO. "This transaction allows Bottomline to redouble our focus on business payments and cash management, while providing a great home for our LSM colleagues and customers. We are excited to watch them usher in a new chapter of growth
for LSM."

Sedgwick anticipates transitioning approximately 300 LSM colleagues to ensure clients receive the highest quality service from the experts they know and trust.

Morgan Stanley & Co. LLC and BofA Securities served as financial advisors and Simpson, Thatcher & Bartlett LLP served as legal counsel to Sedgwick in connection with this transaction. Deutsche Bank Securities Inc. served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Bottomline.

About Sedgwick
Sedgwick is a leading global provider of claims management, loss adjusting and technology-enabled business solutions. The company provides a broad range of resources tailored to clients' specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of over 33,000 colleagues across 80 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact performance. Sedgwick's majority shareholder is The Carlyle Group; Stone Point Capital LLC, Altas Partners, CDPQ, Onex and other management investors are minority shareholders. For more, see sedgwick.com.

About Bottomline
Bottomline helps businesses transform the way they pay and get paid. A global leader in business payments and cash management, Bottomline's secure, comprehensive solutions modernize payments for businesses and financial institutions globally. With over 35 years of experience, moving more than $16 trillion in payments annually, Bottomline is committed to driving impactful results for customers by reimagining business payments and delivering solutions that add to the bottom line. Bottomline is a portfolio company of Thoma Bravo, one of the largest software private equity firms in the world, with more than $166 billion in assets under management. For more information, visit bottomline.com.

Bottomline and the Bottomline logo are trademarks or registered trademarks of Bottomline Technologies, Inc.

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SOURCE Sedgwick Claims Management Services, Inc.