ASX-listed intellectual property services group IPH Limited has entered an agreement to sell autonomous legal timekeeping and billing system WiseTime to IP management company Anaqua, which says it is responding to the demand from law firms for all-in-one IP management solutions.
Bob Romeo, CEO at Anaqua said: “This acquisition underscores our steadfast commitment to meeting the evolving needs of the law firm market. 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.”
IPH says it expects to record a net loss on the disposal after transaction costs of c$2.4m. The transaction is subject to a number of conditions including obtaining approval from the Foreign Investment Review Board and is expected to complete early in the first quarter of FY23.