Litera, the ever-growing legal tech conglomerate backed by Hg Capital, has bagged its fifteenth deal after collaboration system Prosperoware agreed to be bought for an undisclosed sum.
Haley Altman, Global Director of Corporate Development told Artificial Lawyer: ‘Prosperoware is a strategic addition. Litera has been involved in providing technology that enables the collaborative processes of delivering matters. The addition of Prosperoware deepens that to include DMS and Teams while providing critical governance.’
‘[This deal] equips us with another tool to enhance the lawyer experience by allowing them to start their workflows in the right place with best practices and standard templates. So in a transaction, with CAM, we can automatically provision with the appropriate user group: a DMS folder, a Teams Channel, a Transact site, Kira workspace, a Clocktimizer budget, etc. all in Teams where the lawyers work while securing and managing the underlying data.’
CAM is one of the target company’s key products that ‘streamlines the process of managing and governing data, making it accessible, secure and compliant’.
So, there you go. Onwards and upwards for Litera.
Meanwhile, Keith Lipman, Prosperoware CEO and Co-Founder, told Artificial Lawyer: ‘I am very excited about the deal.
‘I think this is an opportunity where 1+1=5. Sheetal Jain [the CTO and founder] and I are staying with the business and think the possibilities are endless.’
Will we get to 20 deals for Litera by the end of 2022? Could this be a world record…? Find out in the 2023 edition of the Guinness Book of World Records under the heading ‘Legal Tech M&A’ to be published early next year.
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