Edinburgh based HotDocs Ltd has been named one of the winners of a 2013 Queen’s Award for Enterprise. Going against the norm of a large US company purchasing and absorbing a UK business, the Scottish SME has acquired a larger company in the States from a major corporation and is enjoying significant success in this new market as well as continuing to grow at home.
The company received the award for achievement in International Trade, formally recognising HotDocs success in doubling group revenues since the 2009 acquisition of the HotDocs business from LexisNexis. For HotDocs, the North America market now represents more than 70% of worldwide business, with group revenues expected to grow a further 30% in 2013. In total, the company has seen an increase of 255% in the past two years in terms of overseas sales.
The company’s founder Russell Shepherd said “It is with great delight that we today announce our success in winning a Queen’s Award for International Trade, particularly in recognition of how quickly we have increased our overseas business in North America and Australia. We have a fantastic team at HotDocs on both sides of the Atlantic and not many businesses have headquarters in both Edinburgh and Utah, but we have shown that this combination can work extremely well. However, there will be no ‘laurel-resting’ and HotDocs will push ahead with our ambitious growth plans over the coming months and years. We have just opened our New York office to better serve our East Coast customers. We will continue to develop and enhance our product range and have several innovative and disruptive technologies due for release this year, which will further cement our position as the global market leader in document generation software. “
Corporate background: In October 1997, Capsoft Development (the original creators of HotDocs) was acquired by Matthew Bender & Co and within a year Matthew Bender was acquired by Reed Elsevier and became part of the LexisNexis Group. During the LexisNexis years, what began as Capsoft Development became known as the HotDocs business unit. In November of 2009 the HotDocs business unit was purchased by Capsoft UK, the largest distributor of HotDocs technology outside the United States. Capsoft UK has since been renamed HotDocs Limited. With over one million users worldwide – including 80% of the AmLaw 200, 20% of the Fortune 500, and enterprises and agencies of all sizes – HotDocs is now the global leader in the document automation software industry and serves many of the largest companies in the world including RBS, JP Morgan, Thomson Reuters and the US Department of Justice.