NetDocuments Acquires Deal Platform Closing Room From Chapman and Cutler
The application will be integrated into the wider NetDocuments platform in early 2019, with the goal of better automating M&A process documents that are already in NetDocuments.
November 07, 2018 at 06:01 PM
2 minute read
Cloud document management platform NetDocuments is once again looking to expand its product network. At the company's ndElevate conference, NetDocuments announced on Wednesday the acquisition of deal management platform Closing Room.
Closing Room was originally developed by Chicago-based law firm Chapman and Cutler to help streamline closing processes in transactions. The application will be integrated into the wider NetDocuments platform in early 2019, with the goal of better automating M&A process documents that are already in NetDocuments.
“Closing Room, designed for lawyers, by lawyers, has been stamped 'safe, valued and proven' and is a strategic addition to the NetDocuments platform,” said Josh Baxter, NetDocuments CEO, in a press release announcing the move. “The acquisition serves to extend our company's rich partner and product eco-system that is solving for the unique challenges of the legal industry.”
Of course, Closing Room was already part of the platform in one sense: Chapman and Cutler is a pre-existing NetDocuments customer, and Closing Room had already been built to work within the system.
Eric Wood, Chapman and Cutler's practice innovations and technology partner, explained, “In the two years since we launched the application, our attorneys and staff have used it on over 5,000 closing sets, providing the firm with significant efficiency gains and cost savings. We built Closing Room to work seamlessly with NetDocuments, and we're thrilled to partner with them to deliver this proven technology to the broader legal market.”
The contract management space has seen increasing growth in 2018. Contract management platform Concord, for instance, announced a $25 million investment just last week. Earlier in October, software company Apttus, which counts among its products a contract life cycle management solution, also announced a new majority investment from Thoma Bravo. Legal technology companies such as Elevate and HighQ have also focused on the space, as have contract-specific companies such as Doxly.
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