Stretto Acquires CINgroup in Quest to Become 'Ultimate' Bankruptcy Platform
Stretto has acquired bankruptcy practice workflow and data platform CINgroup in a bid to offer comprehensive end-to-end bankruptcy services.
March 08, 2019 at 11:15 AM
3 minute read
Last week Stretto announced it acquired fellow bankruptcy services provider CINgroup for an undisclosed amount. Stretto hailed the acquisition as completing its vision to become an ultimate bankruptcy, fintech and legal service platform.
Stretto's current solutions are tailored toward bankruptcy trustees, corporate clients filing bankruptcy, and receiverships. Financing for the deal was provided by Stretto co-CEOs Jonathan Carson, Eric Kurtzman, and other members of Stretto's management team, as well as private equity firm Stone Point Capital, according to a press release.
“Stretto sits inside that circle that connects all of the players together,” placing it in the center of bankruptcy courts, trustees, creditors and lawyers, Carson said.
Now, Stretto owns CINgroup's Best Case software, which prepares, files and manages bankruptcy cases. Carson called it a market leader used by most bankruptcy attorneys in the U.S.
Currently, there's no plans to rebrand Best Case. After all, “Best Case has a name unlike many, it's a very powerful name in the bankruptcy industry,” Carson said. “I would be crazy to change that now.” However, Carson did not rule out rebranding Best Case in the future.
Stretto's acquisition of CINgroup also includes CINCompass, which is a cloud-based program similar to Best Case, and CIN Legal Data Services, software that allows users to import credit reports and obtain income and asset data. Carson said the acquisition of CIN Legal Data Services presents a “data opportunity we are very bullish on. I think there's a lot of opportunity on the public policy side to take this data business pretty far.”
Carson wouldn't reveal if Stretto was in acquisition talks with other companies, but he did note that Stretto has a growth mindset, explaining, “I wouldn't be surprised if we saw something else we wanted to bring under our umbrella.” However, Carson added that the recent acquisition of CINgroup was a large undertaking and the company is currently focused on fostering integration and innovation.
Stretto's announcement places it on a growing list of legal tech companies aiming to offer end-to-end services. For example, Casepoint's new director of product and process improvement recently confirmed the e-discovery company is venturing into overall matter management. In addition, legal services company Elevate likewise expanded its offerings by acquiring contract management and technology company Sumati Group and legal AI and consulting firm LexPredict late last year.
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