Thomson Reuters is ready to acquire the legal process outsourcing outfit Panagea3, reported Business Standard. The deal, which will boost market consolidation and help the industry remain competitive, will be closed in the coming week at total value of about Rs 157 crore.

This will be Thomson Reuters’ second acquisition in the legal services space.

Panagea3 co-CEO Sanjay Kamlani refused to comment beyond terming talk of the deal as speculation. However, company sources have been quoted as stressing that the formal announcement will come within a few days.

Thomson Reuters' also refused to comment on this. However, Tarun Anand, Managing Director and Senior Company Officer, South Asia, had said at a press meet that the company was looking at the inorganic growth route in India in the legal space and has acquired Indlaw Communications.

Panagea3, which was founded by Kamlani and David Perla, has private equity investment from The Glenrock Group and Sequoia Capital. It is one of the well known LPOs in India and has had a steady growth.

Pangea3 has over 650 employees today. The company offers services such as patent analytics and patent prosecution services, legal research, business and competitive intelligence services, commercial contracting and licensing services among others.

The acquisition is expected to strengthen Thomson Reuters’ legal services offerings. It will fit into the company's legal business unit, which has 14,300 legal experts globally and a revenue of $3.6 billion.