Marking its 14th acquisition since 2019 and its eighth in just the last 12 months, legal technology company Litera has entered into an agreement to acquire Prosperoware, a company that develops software for the legal industry for the adoption and governance of collaboration systems.
Haley Altman, global head of corporate development at Litera, told me that the company views this deal as a strategic acquisition for Litera and powerful for customers.
“With Prosperoware, we can deliver Litera tools to customers with deeper integrations into Teams and DMS solutions that enables greater collaboration while providing critical governance,” Altman said. “Customers will be able to better manage the ever-changing number of people, data, documents and tools needed every time a firm engages on a client matter.”
Founded in 2009, the Philadelphia-based Prosperware is focused on developing software that helps legal teams collaborate more efficiently and securely. Its 370 clients include 66% of the Am Law 100, 50% of the Global Top 20, and 24% of the UK Top 50, it says.
Its principle products are:
- CAM, a SaaS platform designed to provision, classify, protect, move, and govern data across multiple collaboration systems.
- Confidentiality Manager, a tool designed to enable firms to implement “need-to-know” security and ethical walls without impacting workflow.
- Cloud Migrator, a tool for migrating data to iManage Cloud and other cloud systems.
- PowerDesktop, a tool for complex import, export, and reorganization needs in collaboration systems.
- Desktop Import/Export, a tool for moving large volumes of content into and out of a DMS.
- Milan, a modular platform for adding various types of functionality to iManage.
- Umbria, a “client value management platform” for business intelligence, price budgeting and cost allocation.
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,” he said.
He said that the acquisition continues Litera’s commitment to building connections between Litera tools and other core tools lawyers depend on, including Microsoft Teams, iManage, NetDocuments, and Windows file shares.
Prosperoware’s cofounders Keith Lipman, its CEO, and Sheetal Jain, its CTO, will both join Litera. Both founders were legal tech veterans even before founding Prosperoware, with Lipman having worked at Autonomy, Interwoven and iManage, and Jain at iManage and the legal software consultancy Docstree LLC.
“The breadth and utility of their solutions are amazing and complement our vision to help teams collaborate more efficiently and securely,” Lipman said. “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.”
The terms of the agreement have not been disclosed.