Sands Capital Announces Successful Global Ventures Exit Following Brightflag Acquisition

Brightflag, backed since Series A by Sands Capital, was acquired by Wolters Kluwer for €425M.
Sands Capital Announces Successful Global Ventures Exit Following Brightflag Acquisition
As quoted in BusinessWire:

Sands Capital Global Ventures Fund II announces the successful exit of its investment in Brightflag, a global provider of AI-powered legal spend and matter management software, following a definitive agreement for the company to be acquired by Wolters Kluwer Legal & Regulatory for approximately €425 million in cash. The acquisition closed on June 11, 2025.

Sands Capital first invested in Brightflag in March 2019, leading the company’s $8.5 million Series A financing, and subsequently invested in the company’s $28 million Series B financing in December 2020. Since Sands Capital’s original investment in Brightflag, the company grew its annualized recurring revenue by more than 10x to €27 million, as of April 2025.

“Brightflag has consistently demonstrated exceptional execution and technological innovation, and is a great example of how applied AI is delivering measurable value,” said Michael Graninger, Managing Partner at Sands Capital. “We’re proud to have supported Brightflag’s journey and look forward to seeing the team continue to transform legal operations as part of Wolters Kluwer.”

Founded in 2014, Brightflag emerged as a transformative force in legal operations technology, leveraging AI to streamline matter management, control legal spend, and enhance collaboration between corporate legal departments and outside counsel. Brightflag’s approach enabled efficient and profitable scale, growing revenue without having to proportionally expand its workforce, and deliver enterprise-grade value while maintaining lean operational overhead. Brightflag employs 155 full-time team members, all of whom will join Wolters Kluwer’s Legal & Regulatory division.

“This milestone marks an exciting new chapter for Brightflag and a testament to the incredible work our team has done to transform legal operations through AI,” said Ian Nolan, CEO of Brightflag. “Throughout this journey, Sands Capital has been a valued partner, offering strategic support and a deep belief in our mission.”

The successful exit underscores Sands Capital’s commitment to identifying and supporting high-impact, high-growth companies that are reshaping industries through the application of AI. Brightflag exemplifies this vision with its category-defining approach to modern legal operations, and the company now joins a growing list of notable Global Ventures portfolio exits, including Agilis, Anaplan, ModMed, and DocuSign.
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Sands Capital Alternatives, LLC
Sands Capital Alternatives, LLC
Arlington, United States
Sands Capital is an active, long-term investor in leading innovative businesses globally. Our approach combines analytical rigor and creative thinking to identify high-quality growth businesses that are creating the future. Through an integrated investment platform spanning venture capital, growth equity, and public equity, we provide growth capital solutions to institutions and fund sponsors in more than 40 countries. We are an independent, staff-owned firm founded in 1992 and headquartered in the Washington, D.C. area with offices in London and Singapore. Sands Capital Alternatives, LLC manages three main strategies including: Global Innovation - later stage technology strategy Global Venture - early stage venture capital strategy focused on technology Life Sciences Pulse - life science strategy focused on early to late stage life science businesses
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