Anaqua, the leading global innovation and intellectual property (IP) management technology provider, today announced that it has entered into a definitive agreement to acquire Practice Insight Pty Ltd, and its intelligent time capture software WiseTime, from IPH Limited.
In leveraging Practice Insight’s technology for integrated IP time and billing functionality, Anaqua continues its investment in both AQX® Law Firm and PATTSY WAVE® as end-to-end IP practice management solutions, while adding WiseTime, Practice Insight’s flagship autonomous time capture tool, to its suite of standalone offerings.
“This acquisition underscores our steadfast commitment to meeting the evolving needs of the law firm market.” said Bob Romeo, CEO of Anaqua. “We have listened very carefully to practitioner feedback across the globe, and it is clear that law firms are seeking IP management solutions that offer advanced reporting and analytics, integrated document management, secure cloud hosting, collaborative client portals, intuitive user experience – and integrated time and billing. With the acquisition of Practice Insight, we will now have all of these features fully integrated into both AQX Law Firm and PATTSY WAVE.”
The Practice Insight team, led by co-founder and current CEO Thomas Haines, will maintain its footprint in Perth, Australia, joining Anaqua’s global R&D organization.
“Our companies share a deep passion for leveraging technology to drive efficiency within IP operations,” said Haines, a former practicing patent attorney, who will join Anaqua as Vice President and continue to lead the Practice Insight team. “We have quickly developed a strong rapport with the Anaqua team and look forward to joining the organization, as we execute against our shared vision for an end-to-end IPMS for law firms.”
“WiseTime’s service offering strongly aligns with Anaqua’s suite of IP management software and will provide the team growth opportunities,” said Andrew Blattman, IPH CEO and Managing Director. “We wish the team every future success as part of Anaqua.”
The transaction is conditional on regulatory approvals and other usual conditions and is expected to complete early in the third quarter.
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