Alternative legal services provider Axiom has shelved plans for an initial public offering after receiving an undisclosed amount of investment from European private equity firm Permira Funds.

In February this year, Axiom had announced plans for an IPO, and as a part of the process, also spun off two of its companies, Axiom Managed Solutions (AMS) and Knowable.

The Axiom management team, led by CEO Elena Donio, will continue to lead the company in their current roles, according to Bloomberg. It added Axiom had several alternatives to an IPO and ultimately decided Permira was a “superior option” for growing its business.

Cooley advised Axiom while Permira was counselled by Skadden, Arps, Slate, Meagher & Flom. Barclays, which provided committed financing to the deal, was represented by Weil, Gotshal & Manges.

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