Litera, a global leader in legal technology solutions, today announced it entered into an agreement to acquire Clocktimizer, a leading budgeting and pricing platform that helps law firms improve internal processes and increase firmwide profitability.
Clocktimizer will join Foundation Software Group in Litera’s new Firm Intelligence business unit furthering their commitment to accelerate Foundation’s ability to help law firms unlock the value of their data to drive growth and increase client satisfaction.
With the combination, customers will be able to make smarter business decisions and provide more intelligent client experiences. “Litera recognizes the importance of passive data collection for pricing, budgeting, and legal project management for law firms,” explained Chris Vorderer, Managing Director of Firm Intelligence. “We are excited to bring Clocktimizer into the Firm Intelligence business unit to deliver critical data through Foundation’s enterprise data platform while also accelerating plans to help law firms improve profitability.”
Clocktimizer helps law firms understand who does what, when, where, and at what costs. Law firms use these insights to make data-driven decisions around matter management, budgeting, and pricing. Clocktimizer uses natural language processing to mine timecard narratives to paint a picture of current work product while leveraging historical data to improve future matter budgets and plans.
“Litera’s product portfolio and the importance they place on delivering a great customer experience made them a perfect fit,” said Pieter van der Hoeven, CEO and Co-founder at Clocktimizer. “Bram and I are excited to stay on with the business. We believe this acquisition opens up a lot of possibilities to build on our successes and continue to provide our customers with solutions they need to meet client demands while accelerating investment in the product to meet our goals.”
Clocktimizer and Foundation share similar customers, particularly within the AmLaw 100, which pairs well with Litera’s continued focus on the Global 100 firms where the vast majority use its products. Litera, Foundation, and Clocktimizer value similar core competencies that are important to customers including integrity, a long-term outlook, relentless focus on customer success, and the delivery of best-of-class solutions, providing a strong basis for the combination.
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