A tech firm that provides software and services capable of creating and reviewing legal contracts announced it will look to broaden its product capabilities following the close of its acquisition of a San Francisco-based peer.
LegalSifter, based in Pittsburgh, did not state how much it cost to obtain contract lifecycle management firm Akorda, though LegalSifter CEO Kevin Miller expressed optimism that the deal will lead to better product offerings for the company's customers.
"This is a major milestone in our company's growth journey," Miller said in a prepared statement. "By combining the expertise and client focus of both organizations, we will offer even more powerful tools and services that drive results for our clients."
With Akorda's capabilities, LegalSifter will look to offer enhanced contract drafting tools and e-signature acceptance, among other improvements for the company's products, which rely on artificial intelligence-powered tools for the creation and understanding of pre- and post-signature contracts.
LegalSifter is expected to onboard "key members" of Akorda's workforce that will "ensure a seamless continuation of software development and customer support," but the company did not disclose how many of Akorda's employees will join the company.
The acquisition comes a few months after LegalSifter said it looked to increase its then-60-person workforce by 20% to 25% before the end of the year. At the time, the company had also closed on an eight-figure capital investment, though the firm did not announce a specific figure.
