NetDocuments, a Lehi cloud-based content services platform for law firms, corporate legal teams and compliance departments, has acquired Closing Room, a deal management application developed by Chicago-based Chapman and Culter Law that streamlines transactional closing processes.
“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. “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.”
The application, which will be integrated into the NetDocuments platform in the first half of 2019, provides an intuitive way for deal teams to coordinate on closings, automates manual closing binder processes, eliminates the need for physical closing rooms and reduces the time, cost and effort of producing closing binders for clients and third parties, NetDocuments said in a release.
“We are really pleased to offer this product to NetDocuments,” said Tim Mohan, Chapman’s chief executive partner. “We launched our practice innovations group three years ago and today, we have a world-class innovations team capable of designing and building market-ready software. NetDocuments provides a wonderful platform to deploy the application to other firms, and we look forward to future opportunities to collaborate on products that can benefit the entire legal industry.”
The announcement of acquisition was made at NetDocuments’ annual customer and partner summit ndElevate in Park City and terms were not disclosed.