And yet more acquisitions – and then Elite bought FWBS
Thomson Reuters is continuing its spending spree with the announcement of yet another acquisition. This time it is Elite which has acquired FWBS, a provider of software solutions that allow lawyers to manage their practice work streams, contacts and other materials in a matter-centric view. The deal will enable Elite to extend its financial management applications with a robust core matter management capability, as well as strengthen the company’s growing presence in the APAC and EMEA regions.
The announcement says the deep matter management capability found in FWBS’ MatterCentre and MatterSphere tools will be integrated with Elite’s 3E and Enterprise financial and practice management offerings, with the combined solutions offering clients many benefits, including enhanced efficiency and time savings in the back-office; a single point of entry; and the ability to unify firm-wide client and matter data within Microsoft Office and on mobile devices. This integrated matter management capability solves a critical pain point for most firms by centralizing multiple threads of data into a single convenient view within Outlook or browser.
“Law firms today face many challenges, including rising compliance and ethics requirements and the need to stay constantly connected to critical matter management data, even when off-site or in the field,” said Cary Burch, chief operations officer for Elite. “Our strategic acquisition of FWBS eases the burden of these challenges by offering clients a single, reliable platform for financial, practice and matter management that is available on Outlook, and in mobile devices – where lawyers work.”
Comment: FWBS was founded in 1997 and was a prospective acquisition target with at least two other significant players prior to the recession. It is worth noting that FWBS has been acquired by Elite, as distinct from Flosuite which was acquired earlier this summer by a different arm of the Thomson Reuters empire.