CHICAGO, IL - January 18, 2022 - Litera, a global leader in legal technology solutions, announced today it has entered into a definitive agreement to acquire Prosperoware, an enterprise software company for the adoption and governance of collaboration systems. The acquisition will enable teams within law firms to collaborate more efficiently and securely when working in the office or from home.
Founded in 2009, Prosperoware has developed the industry's most comprehensive integrated software platform, bringing order to a hybrid workforce's digital collaboration chaos. Prosperoware solutions provide the missing layer of modern collaboration by provisioning and managing the people, data, and risk associated with information exchange inside and outside the firm.
Avaneesh Marwaha, Litera CEO, said that the acquisition would "help Litera execute its vision to transform the way legal teams collaborate. The addition of Litera's tools and other core applications into Prosperoware's platform will automate the new matter, budget, and deal creation process and provide legal teams with a single pane of glass to view and manage their work. Further, this acquisition continues our commitment to partner with law firms to build connections between Litera tools and other core tools lawyers depend on to get their work done, including Microsoft Teams, iManage, NetDocuments, Windows File Shares, and other systems."
"We are thrilled to join the Litera family; the breadth and utility of their solutions are amazing and complement our vision to help teams collaborate more efficiently and securely," said Keith Lipman, Prosperoware CEO and Co-Founder. "The combined solutions will provide firms with everything they need - in the one place - to work more efficiently, especially as legal teams become increasingly remote or hybrid," he added.
The acquisition provides Litera with a broader range of solutions to improve client relationships and manage matters throughout their lifecycle. "The addition of Prosperoware to the Litera family brings new possibilities of better iManage integration and governance for Transact, and deeper integration with Microsoft Teams," said Vince Cordo, Chief Revenue and Legal Project Management Officer, Holland & Knight LLP. Litera clients will be able to develop business more effectively and deliver matters more efficiently with innovative solutions that reduce overall matter cost while securing and governing the data. Also, the acquisition will bring third-party ISVs into Litera's platform vision, including Microsoft M365, time and billing, and document management systems.
Douglas Caddell, Global Chief Information Officer, Mayer Brown LLP, commented, "The combination of Litera and Prosperoware is exciting since the blending of their technology offers a better experience across the firm's global user community. Both are strategic vendors for Mayer Brown.
"Both Keith Lipman, CEO and Co-Founder, and Sheetal Jain, Chief Technology Officer, and Co-Founder will join Litera. The terms of the agreement have not been disclosed.
Holland & Knight LLP, led by M&A partner Paul J. Jaskot, served as legal counsel to Litera. AGC Partners served as financial advisor to Prosperoware and Blank Rome LLP served as its legal counsel.
Litera has been at the forefront of legal technology for 25 years. As a global leader in workflow, AI-powered due diligence review and analysis, collaboration, and data management solutions, Litera provides legal teams with streamlined technology for creating, analyzing, and managing their documents, deals, cases, and data. Litera's solutions help law firms and corporate legal teams around the world to work more efficiently, accurately, and competitively to provide their clients with usable and actionable information. For more information about Litera, visit litera.com or follow the company on LinkedIn.
Prosperoware helps teams collaborate more efficiently and securely. The company's software solutions add the missing layer of digital collaboration by providing team-specific context and security to users, data, and projects. This is all enabled through the solution's capabilities to allow organizations to better manage their collaboration systems by making it easier to provision, classify, protect, move, and minimize data - ultimately mitigating data chaos and risks related to privacy and cybersecurity. Over 370 clients across industries, 66% Am Law 100, 50% Global Top 20, 24% UK Top 50 have trusted Prosperoware solutions to enable them to collaborate safely with confidence, not chaos. For more information, follow us on Twitter and LinkedIn.
Posted in Industry News