Indianapolis-based tech startup Doxly is under new ownership. The company, which provides tools for managing legal transactions, has been acquired by Chicago-based Litera Microsystems. Financial terms of the deal were not disclosed.
Litera provides transaction management software for the legal and life sciences industries. The company says the acquisition will create a "best-of-breed solution with global appeal."
In an interview with Inside INdiana Business, Doxly Chief Executive Officer Haley Altman called the deal "incredibly exciting."
"This is going to allow us to continue to grow the platform that we’ve built with incredible customers and grow it to more law firms and continue to build an even better and more expansive product," said Altman. "Litera firmly believes in transaction management as a critical opportunity and so we will continue building Doxly and really trying to provide that end-to-end deal management and it really fits in with their goal of providing end-to-end document drafting tools."
Altman says the acquisition will not have a negative effect on jobs. The Doxly team will remain in Indianapolis and Altman hopes that will lead to continued growth.
Doxly was launched in July 2016 out of Indianapolis venture studio High Alpha. Two months later, the company closed on a $2.25 million round of funding. Altman says being acquired by a company with a global presence showcases the strength of the Indianapolis tech community.
"We can build products that have global resonance and that’s how (Litera) heard of us; they heard about us from CIOs at law firms around the world and here we are, this small team in Indianapolis that can build big things," said Altman. "I think that just continues to showcase that the city and the state of Indiana, we produce incredible tech talent and we have such innovative minds in the state and we are a force to be reckoned with and global companies take notice of what we’re doing here and I think it just continues to showcase the power we have to affect change right in the Midwest."
Litera entered the transaction management market with its recent acquisition of Workshare Transact in the United Kingdom.
"We understand our customers’ pain points and see a real opportunity to leverage technology and help simplify the complex area of transaction management," Avaneesh Marwaha, CEO of Litera, said in a news release. "By bringing together two companies with strong expertise in the U.S., U.K., and EMEA markets, the acquisition of Doxly helps further strengthen our offering allowing us to become the leading transaction management software provider."
Altman called the deal “incredibly exciting.”