Litera Acquires Transactions Platform Doxly, Its Second Deal in Two Months

In a bid to enhance the legal transactions process, Litera Microsystems announced today it acquired transaction management platform Doxly.

Doxly’s software includes a real-time view of the documents and tasks needed for a transaction, from configuring and deploying signature packets to creating closing books, and reviewing performance metrics afterwards. Litera CEO Avaneesh Marwaha said Doxly’s platform “removes a lot of unbillable tasks related with transactions.”

Marwaha said Doxly appealed to his company because the corporate transaction market “is ready for real disruption and aggressive growth,” and investing in an established transaction management platform “would help strengthen a global approach to bringing this solution to market.”

While noting the global need for a streamlined approach for managing transaction deals, Marwaha also said he was inspired by firsthand transactions.

Indeed, Litera has a few recent experiences on both ends of a transaction deal. In May, K1 Investment Management sold the document drafting company to private equity investor HgCapital. In July, Litera acquired fellow document drafter Workshare to create a single end-to-end solution.

Marwaha said the company’s recent transactions highlighted “the amount of paper used and the amount of time to do the transaction and the deal.” He added, “It was clear that this is an area we can make significant improvements [in].”

Specifically, Marwaha noted that the deal will allow Litera to leverage Doxly “to significantly remove paper” from transaction deals and enhance automation that improves the scalability of a transaction.

While Litera’s features include spotting and correcting errors in documents and clause management, Doxly’s platform covers the entire life cycle of a transaction deal.

Doxly will remain a standalone product for now, though Marwaha said he looks forward to bringing Litera’s proofreading, Litera Desktop and Clause Companion features into transaction deals. He said Litera looks to develop a platform that improves its user’s efficiency.