Investcorp, the asset management firm specializing in alternative investments, announced on Tueday that it has acquired Veritext Holding Company. Veritext provides deposition and litigation services that support law firms, leading companies and regulatory agencies across the United States. It is a leader in the growing $3 billion deposition services niche of the broader US legal services market. Veritext was founded in 1997 and has its headquarters in New Jersey, US. The services it provides plays a key role in the litigation process, for example, by recording and converting witness testimonies into the written transcripts used by lawyers to build their cases. Veritext has 30 locations in the US's largest legal markets and is one of only four companies with the size and scale to serve a national client base. Official witness depositions are used by both plaintiffs and defendants in almost every litigation proceeding in the US. Mohammed Al-Shroogi, Investcorp's president of Gulf business, said: “During the past year we have examined different investment opportunities looking for those with strong cash flow characteristics and significant value creation opportunities and Veritext was a perfect fit. The Veritext management team has built a highly profitable business by integrating smaller firms, expanding into new markets and offering proprietary technology in a burgeoning market.”
