In the beginning of 2008, Veritext Corp disclosed the fact that will own the Priority One Court Reporting Services, Inc. This acquisition is an add on acquisition. Veritext is basically a big provider of court reporting services in the United States of America. Its head quarter is situated in New Jersey.
In 2005, The Riverside owned Veritext as a platform company. However, in this paper we will discuss about this business deal briefly. In March 2008, Veritext Corp., a New Jersey based company, announced that they are going to own, as an add on acquisition, Priority One Court Reporting Services, Inc., a court-reporting organization situated in New York. This business deal is the result of Veritext’s long term planning for investment.
Veritext is basically a court-reporting services provider and, it is also one of the biggest court-reporting companies in the United States of America.
In 2005, The Riverside Company, world’s biggest private equity firm, owned Veritext as a platform company. However, during the financial year of 2007, Veritext achieved 16% growth.
In New Jersey, Veritext has eleven regional offices. It is working with a national network that consists of nearly 500 sovereign contractors. It is affiliated with over 600 court reporting firms and 9 thousand individual court reporters. However, the function of the court reporter is to provide transcriptions of some legal hearings and proceedings like, trials, board meetings, arbitrations, depositions, stockholder meetings to name a few.
Priority One has been providing court reporting services to the legal communities of New Jersey and New York since 1993. It is used to handle some complex cases, for example, asbestos litigation, efficiently.
This deal will increase Veritext’s value among the other global court reporting service provider. Veritext has got the support from The Riverside which, helps the company to go for the deal. Moreover, through this deal, Veritext will be able to expand its business beyond the United States of America.