Doxly, a local legal tech firm that helps clients collect and manage legal documents through a cloud-based platform, has been acquired by Litera Microsystems, a Chicago-based provider of document-management software.
Financial terms of the deal, which closed Wednesday, were not disclosed.
Litera officials said they plan to maintain an Indianapolis presence — and grow it. Doxly has 11 employees, and those employees are expected to stay with the company, a Litera official said.
Doxly, a software-as-a-service firm, was founded in 2016 by Haley Altman, a former partner in the Ice Miller law firm, under the High Alpha Studio umbrella. The firm’s clients are mostly law firms, primarily for the Am Law 200 market.
Altman, speaking with Indiana Lawyer in 2016 shortly after Doxly’s creation, said the idea for her business was born during a late-night prep session for a $32 million transaction. Faced with stacks of documents needed for the deal’s closing, Altman told IL she began to envision a product that would enable attorneys and clients to manage in one place the hundreds of documents that pass through their hands every time they work on a legal transaction – a service she said hoped would prevent document oversights.
Altman, a 2017 Indianapolis Business Journal 40 Under 40 honoree, could not be reached for comment. A source familiar with the deal said she will remain with the company, as will vice president of engineering, Moses Dwaram, who was instrumental in starting Doxly.
“This is a significant win for Doxly and the Indianapolis tech community. It’s further proof that Indianapolis is one of the best cities in the world to build industry-leading SaaS companies,” High Alpha partner Kristian Andersen told IBJ.
Litera was acquired three years ago by K1 Investment Management, which reportedly invested $100 million in the company. K1 turned around and sold Litera to London-based HG Capital Trust earlier this year.
Litera grew through several acquisitions under K1, amassing 1,300 customers, including some of the largest law firms and life sciences firms in the world.
“Litera’s products are in use daily in firms across the world, and we believe the same opportunity exists for our software,” Altman said in written comments. “We believe that access to Litera’s world-class support and service will be great news for our customers, and we’re very excited to be joining the team.”
Under HG Capital, Litera has continued to acquire new companies, buying London-based legal data manager Workshare in July and now Doxly. Workshare is known for its Workshare Transact product in the United Kingdom.
“By bringing together two companies with strong expertise in the U.S., UK, and [Europe, Middle East and Africa] markets, the acquisition of Doxly helps further strengthen our offering, allowing us to become the leading transaction management software provider,” Litera CEO Avaneesh Marwaha said in written remarks.