NetDocuments, the leading secure cloud-based content services platform for law firms, corporate legal teams and compliance departments, announced today, it acquired Closing Room, a deal management application developed by Chapman and Culter LLP to streamline transactional closing processes.
Closing Room, designed for lawyers, by lawyers, has been stamped ‘safe, valued and proven’ and is a strategic addition to the NetDocuments platform. The acquisition serves to extend our company’s rich partner and product eco-system that is solving for the unique challenges of the legal industry.
- Josh Baxter, NetDocuments CEO
The application, which will be integrated into the NetDocuments platform in the first half of 2019, provides an intuitive way for deal teams to coordinate on closings, automates manual closing binder processes, eliminates the need for physical closing rooms, and drastically reduces the time, cost and effort of producing closing binders for clients and third parties.
A NetDocuments customer, Am Law 200-ranked Chapman and Cutler LLP has deep expertise in the financial transactions space and a firmwide commitment to intelligently leveraging technology to enhance legal service delivery.
Closing Room has completely transformed the way our firm manages closings. In the two years since we launched the application, our attorneys and staff have used it on over 5,000 closing sets, providing the firm with significant efficiency gains and cost savings. We built Closing Room to work seamlessly with NetDocuments, and we’re thrilled to partner with them to deliver this proven technology to the broader legal market.
- Eric Wood, Practice Innovations and Technology Partner at Chapman and Cutler
We are really pleased to offer this product to NetDocuments. We launched our practice innovations group three years ago and today, we have a world-class innovations team capable of designing and building market-ready software. NetDocuments provides a wonderful platform to deploy the application to other firms, and we look forward to future opportunities to collaborate on products that can benefit the entire legal industry.- Tim Mohan, Chief Executive Partner at Chapman and Cutler
The announcement of acquisition was made at NetDocuments’ annual customer and partner summit ndElevate in Park City, Utah.