EY’s acquisition of Riverview Law: Some, not all, of your questions answered

Following the news yesterday (7 August) that EY is to acquire Riverview Law, views of our post exceeded 10,000 in 24 hours on LinkedIn alone and we are grateful for the many likes and comments. We put a few of your questions or comments to EY global law leader Cornelius Grossman.
Has EY acquired Kim Technologies?
EY has acquired Riverview Law, we did not acquire Kim Technologies. EY Riverview Law secured a long term license agreement with Kim Technologies.
Has EY just paid for the tech, as opposed to clients?
Through the acquisition EY has paid for neither just technology nor clients. While Riverview Law’s expertise will help us further drive our approach to legal managed services the acquisition allows us to add talent in legal innovation and operating model transformation and to expand on the innovative approaches to legal services that help EY clients meet their biggest challenges.
What is the ballpark value of the transaction?
This is not something we’d comment on.
The market chatter is that business at Riverview wasn’t as good as it seemed [chatter aside, it reported a £17k net loss in its most recent accounts], do you have any stats to show the value of the acquisition to EY?
We have not heard that chatter. We are convinced that Riverview Law is a very well run company with great expertise that fully compliments the EY Law offering. Before we took the decision to acquire Riverview Law we validated the quality of the company and their services with our mutual clients who came back with an overwhelmingly positive response.
Legal IT Insider is operating a pared down summer hols service this week so apologies for any delay in replying to your comments or getting involved in social media conversation.