Here comes more consolidation in the legal tech and adjacent software markets, this time with Corsearch buying well-known IP platform, TrademarkNow.
Corsearch is already focused heavily on trademark clearance and protection and the addition of TrademarkNow both absorbs a potential competitor and adds in the target’s expertise and machine learning tech stack.
TrademarkNow, which is based in Finland, but operates globally, has around 40 staff according to LinkedIn, and is eight years old. It had made its name by utilising machine learning to help clients conduct better searches for trademarks.
Corsearch is a far larger company, based in New York and with just under 400 staff in total. It is also way older – having got started back in 1949, if you trace it all the way back to its early origins. The company also has offices around the world.
In many of the recent examples of consolidation in the legal tech and adjacent fields the deals have been about one company adding on a quite different capability. This is more akin to a company in one field adding to it a far smaller and related company that had developed some proprietary capabilities of its own. I.e. this is a move that helps to consolidate one segment of the market, rather than adding companies in two different segments together.
Or, as Corsearch explained: ‘The acquisition further enhances Corsearch’s end-to-end platform, which provides users with an integrated workflow that moves from initial trademark screening to anti-counterfeiting investigations.’
Corsearch CEO, Tobias Hartmann, said: ‘We’re living our ‘stronger together’ mantra by merging the best in class and bringing TrademarkNow to Corsearch. Through its innovative use of machine learning, TrademarkNow reduces complexity and enhances user efficiency. In combination with Corsearch’s global data sets and holistic approach to managing the trademark lifecycle, this deal brings together the best talent in tech and trademarks.’
While, Mikael Kolehmainen, CEO & Co-founder of TrademarkNow, concluded: ‘TrademarkNow’s mission to provide fast, comprehensive trademark search and watch services requires investment and strategic partnerships with the brightest minds. Coming together with Corsearch will mean that together we can transform the work of trademark professionals by providing instantaneous data in a secure, structured, and easy-to-use way.”