We speak to chief marketing officer Dan Carmel about the latest acquisition.
iManage has acquired legal transaction management platform Closing Folders in a step that will enable lawyers to manage transactions from creation, signature and closing within the document management system.
Transactions make up a large portion of law firm and legal department work. The closing processes associated with them are typically manual, error-prone, expensive, and complex. They require the coordination of hundreds of documents, frequent revisions, and numerous signatures and tasks across many parties – often under tight timelines. And clients are frequently frustrated by insufficient visibility into closing status and processes.
Speaking to Legal IT Insider about the transaction, iManage’s chief marketing officer Dan Carmel said: “This is an important deal: in most closing situations documents are flying around and in the likes of a complex bond issuance there are hundreds of documents to sign. Lawyers tell us that they still assemble huge deal rooms in old-fashioned manual processes. Lawyers have to agree things right up to the last minute and the document management system is used to a point but then you have to go external, which presents a security risk.
“Closing Folders creates inside and outside closing folders and integrates neatly with iManage Tracker and the checklist in Tracker. This is one of the biggest things requested by clients. Fifty percent of Closing Folders customers are our customers, so there is a great synergy.”
Closing Folders integrates with DocuSign and other eSignature providers and can generate the signature pages as well as create a closing folder. The integration with iManage will mean that changes to the document in iManage will be flagged in Closing Folders.
Carmel said: “Some of the AI products that we are working on such as Knowledge Unlocked analyse the key components of a deal. Now the deal book will be in the DMS automatically and available to analyse.”
The acquisition means that iManage will be competing with technology partners who have their own transaction management platforms, such as Litera Transact. Carmel said: “We have 250 partners of which many are resellers and we have technology partners, some of which produce their own products and our strategies may at times collide. Our mission is to evolve for the benefit of our customers but we have open APIs and we navigate on a case by case basis.”