As reported by alm, Legaltech group Litera is acquiring industry leader Kira, effective Sept. 1 of this year. The product and brand are to be continued, and at the same time Litera is aiming for market expansion. Why and to what extent can this also be significant for Europe?
Kira is a specialist in AI-based automated document analysis. Main use case is due diligences / data rooms in transactions. Accordingly, Kira's customers are mainly law firms, globally.
Litera, which has grown enormously through numerous acquisitions, describes itself as a leading provider of legal workflow and workspace software. The focus is clearly on speed and effectiveness of legal work towards client service and retention. Litera sees itself as one-stop-shop for any type of legal work. That's why Litera aims to leverage Kira's core expertise in its own software suite.
The big difference, however, is that Litera also operates in the corporate law market, and by spinning off its own new startup Zuva, Kira is also expected to follow this path in the future.
Consultants on both sides of the Atlantic won't be too happy to hear that.
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