The Ontario Teachers’ Pension Plan is getting into the legal technology business after agreeing to a strategic investment in software provider Miratech.
Miratech’s legal and compliance products count more than 500,000 users around the world, including the corporate legal departments at most companies listed on the Fortune 100, according to a press release.
“Our new partnership with Ontario Teachers’ will further support our commitment to enhancing our portfolio of products and support our dedicated and growing customer base with their digital transformation, risk mitigation, and operational excellence,” said Mike Williams, chief executive officer of Miratech, in the release.
Terms of the transaction — which remains subject to closing conditions — have yet to be disclosed, but Karen Frank, the Ontario Teachers’ senior managing director for equities, hinted at further deal activity in the company’s future.
“Mitratech is an exceptional business with a significant and growing suite of mission-critical technology solutions for corporate clients,” she said in the release. “We look forward to supporting Mike Williams and Mitratech’s strong management team to drive the next phase of the company’s growth, both organically and through strategic acquisitions.”
Meanwhile, the pension plan also announced its role in the expansion of franchise operator Flynn Restaurant Group, which recently doubled the size of its portfolio with the acquisition of more than 1,000 locations from NPC International.
The plan took a US$300-million interest in the franchise group back in 2014, and supported the purchase of 937 Pizza Hut and 194 Wendy’s locations, which takes FRG’s total footprint to 2,355 casual dining restaurants across 44 U.S. states. The franchise group generates $3.5 billion in sales and employs 73,000 people, according to a press release announcing the deal.
“We are excited for the NPC team to join the Flynn organization and to partner with iconic brands like Pizza Hut and Wendy’s through this transformative acquisition,” Frank said in a press release.