Investcorp, the asset management firm specialising in alternative investments, said it has acquired Veritext Holding Company, a leading provider of deposition and litigation support services to law firms in the United States.

The New Jersey-based Veritext is a leader in the growing $3 billion deposition services niche of the broader US legal services market.

Founded in 1997, Veritex 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, said a statement from Investcorp.

The services Veritex 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, the statement added.

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,' Al-Shroogi observed.

'It has a large and diverse base of clients that are a source of a significant amount of repeat business. There are strong characteristics in Veritext’s business and in its leadership team that position the company for accelerated growth in a recession-resistant area of professional services,' he added.

Investcorp has offices in Bahrain, New York and London and is publicly traded on the Bahrain Stock Exchange and the London Stock Exchange. The company has presently $12.4 billion in total assets under management.-TradeArabia News Service