Helping lawyers focus on what matters
Litera’s products are used by thousands of lawyers every day to improve the productivity and quality of the document drafting lifecycle. The company provides end-to-end document lifecycle solutions to the legal and life sciences industries globally. Litera has developed a suite of legal document productivity applications, delivered as a platform to customers across the globe.
Based in Chicago, New York and London, Litera provides a suite of best-in-class productivity tools that help customers to focus on creating the highest quality documents.
Litera acquired Workshare and Doxly in 2019. The combination of these businesses created a leader in document productivity tools and transaction applications for law firms.
Litera x Hg
Hg believes Litera has the potential to become the only front-office software platform a law firm will ever need.
Litera is an excellent example of business right in Hg’s sweet-spot: a leading provider of differentiated products that offer clear return on investment for its customers and have sector-leading Net Promoter Scores; a business model with high recurring revenue, low churn, and accelerating growth; a fragmented customer base with c.15,000 customers globally; and a significant cross-sell opportunity, selling incremental modules and additional products into the existing customer base, supplemented with new customer wins in a growing sector.
Litera has already proven itself to be a platform for legal software consolidation with the aim of offering a better value proposition to customers, as shown by the recent acquisitions of Workshare and Doxly.
Hg’s view of Legal Tech
Hg has been investing in technology for the legal profession for 15 years. Law firms haven’t typically been in the forefront of innovation but Hg believes there is a significant role for technology and software to help them become more productive and better serve their clients. We think we are in the very early years of a long term secular opportunity to drive greater adoption with better software.
In addition, law firms IT decision makers are collegiate group, who place significant importance on working with trusted vendors; providers who deliver great service can become widely known in a short timeframe.
Expanding across the pond
London’s Workshare had been a recognised innovator in productivity tools for over 20 years, with core products used for document comparison, protection and sharing. Its Transact platform had also been transforming transaction management for many top tier law firms.
In July 2019 Litera was able to leverage Hg’s network and knowledge of the global legal software market to support the acquisition of Workshare and integrate the two companies, expanding Litera’s global footprint and creating a leader in document productvity and transaction applications for law firms.
Having been through the M&A and integration process many times, Hg brought proven know-how and supported the process to ensure that the potential benefits were realised quickly and with the least possible friction.
Adding a piece to the puzzle
Indianapolis’ Doxly transforms the complex, chaotic process of managing legal transactions into a streamlined, efficient process. Built by corporate attorneys for corporate attorneys, Doxly’s secure cloud-based platform automates the workflows, analytics and reports they need to collaborate with clients and each other in a secure and trusted environment.
Hg worked closely with the Litera team to identify Doxly, amongst a list of transformative partnership opportunities, as the best industry consolidation opportunity for Litera.
Our joint goal of strategic growth discovered a strong symbiotic opportunity in adding an important piece to the ever growing puzzle of streamlining the legal process.
Combining Doxly with Litera in August 2019 created a true end-to-end solution across the full document cycle.
The world’s definitive law firm software
Hg backed Litera to build the only front-office software platform a law firm will ever need. Expanding out of drafting and into law practice management and workflow ensures that customers can rely on a single unified solution to simplify their lives, reduce their total costs and create operational efficiency for their IT departments: all available from the user’s Microsoft Word ribbon.
Hg supported the cross-sell of Workshare and Doxly into Litera’s existing customer base and the results to date speak for themselves. Still a nascent offering in the workflow space, we will continue to make substantial investments in Litera’s growth.
Aligned with Hg’s core objective, Litera has truly built a business that changes the way we all do business.
+99% retention before up- or cross-sell
+21% LTM revenue growth
+97% recurring revenue
287 employees at YE2019