K1 invests over $100 million to create market leading pure-play legal software platform
The investment creates the world’s only end-to-end document solution for lawyers and corporate counsels through the combination of Litéra, Microsystems, XRef, and The Sackett Group.
Las Vegas, NV – August 14, 2017 – The combined business will better serve more than 1,000 legal and corporate customers with solutions across the full document lifecycle. Its software products improve the efficiency of document creation, collaboration, and review while mitigating the risks of mistakes and reducing the time lawyers spend on these critical tasks.
Raina Massand, Co-Founder and Chief Commercial Officer of Litéra, states, “The combination will continue to improve workflows for lawyers and corporate counsels worldwide by creating the most comprehensive and robust integrated suite for documents.”
Paul Domnick, President of Litéra, says, “We are excited to build upon each company’s unique strengths to continue to revolutionize the legal software market. We will continue to strengthen our use case for existing customers, expand geographically and move forward into additional verticals as well.”
The new company will remain focused on delivering current customer commitments and new product features while devoting resources to the next generation of solutions.
“Our products have an immediate and measurable ROI for our clients. More importantly they assist our customers with drafting high quality products for their clients,” says Avaneesh Marwaha, a former lawyer and the current President of Microsystems. “Our goal is to improve lawyers’ ability to focus on their clients, not their documents.”
“We have been using solutions from Litéra, Microsystems, XRef and The Sackett Group for years. They have all invested the time and energy required to understand our firm, our working practices and our challenges,” comments Dan Surowiec, Global CIO of Baker McKenzie. “By bringing these brands together we are excited about the opportunities for even greater innovation alongside the efficiencies of working with one vendor to address our document lifecycle needs.” Baker McKenzie has deployed these solutions to assist in creating, comparing, proofreading, repairing, cleaning and collaborating safely on documents to better serve its clients.
The strong growth experienced by all four companies is an ideal foundation for future expansion. The company will maintain operations in the US and across the world.
All customers and product lines will continue to be supported in order to provide continuity to current clients and also to provide increased opportunities and benefits over time. These customers include some of the largest legal, life sciences, financial services, and professional services organizations around the world.
The new platform is majority backed by K1, an investment firm focused on enterprise software companies globally. K1 has invested over $100 million of equity behind the combination, with additional capital available for further acquisitions. “K1 is excited to partner with management in this strategic combination,” says K1 Partner, Ron Cano. “With continued investment and support we will create a one of a kind platform for our customers.”
ABOUT K1 INVESTMENT MANAGEMENT
K1 is an investment firm focusing on high-growth enterprise software companies globally. K1 seeks to help dynamic businesses achieve successful outcomes by identifying and executing organic and acquisition-based growth opportunities that position its companies as industry leaders. K1 typically invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. K1’s investments vary in the level of ownership in order to meet the needs of entrepreneurs and managers. For more information about K1, please visit www.k1capital.com
Litéra delivers integrated solutions for document lifecycle management through a comprehensive suite of patented creation, collaboration, and control technologies. With platform agnostic and cloud savvy solutions, Litéra empowers you to generate, review and distribute quality content quickly and securely, from any device anywhere. Litéra has won multiple innovative technology awards, maintains a 99.9% client retention rate, and has grown consistently since the company was first founded in 2001. Organizations worldwide choose Litéra for its dedication to client service and for its proven ability to develop the highest quality document lifecycle solutions. From start to finish, Litéra supplies efficient, effective and secure solutions for complete content confidence. No matter what document challenges a client may face, Litéra is there to deliver cost-effective solutions every single time.
ABOUT THE SACKETT GROUP, INC.
The Sackett Group, Inc. formerly known as Legal MacPac, was founded by Linda Sackett in 1990. The company’s flagship products are MacPac and Forte, both available in Legal and Business editions. MacPac is a document template and macro product, offering outstanding efficiency and control in the creation and revision of legal documents. Forte is a cutting-edge document automation and assembly program that works within Microsoft Word, bringing power and sophistication to all levels of document automation. Over 500 TSG installations worldwide attest to TSG’s client satisfaction. More than 25% of Am Law 100 and 200 firms are TSG clients. For more information, visit www.thesackettgroup.com
Microsystems is the leading provider of software for drafting, proofreading, comparing, repairing and cleaning documents in the legal and life sciences industries worldwide. Five core products optimize all stages of the document production lifecycle, improving content quality and formatting, identifying errors and inconsistencies, mitigating risk, and enhancing document production efficiency. Today, Microsystems supports more than 650 document-intensive organizations across the globe, helping them satisfy the complex demands of clients and regulators. For more information, visit www.microsystems.com
Contact: Mitch Steichen