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Trending… NetDocuments acquires deal management application Closing Room

Added on the 8th Nov 2018 at 2:00 am
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With its ndElevate customer and partner user conference in Utah well underway, NetDocuments has announced the acquisition of Closing Room, a deal management application developed by Chapman and Cutler to streamline transactional closing processes.

Closing Room enables users to create checklists during a deal and track documents. At closing it automatically generates a compiled bookmarked closing binder, enabling users to access and organise documents post closing.

“Closing Room, designed for lawyers, by lawyers, has been stamped ‘safe, valued and proven’ and is a strategic addition to the NetDocuments platform,” said Josh Baxter, NetDocuments CEO. “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.”

The application, which will be integrated into the NetDocuments platform in the first half of 2019, provides a way for deal teams to coordinate on closings and is said to drastically reduce the time, cost and effort of producing closing binders for clients and third parties.

“Closing Room has completely transformed the way our firm manages closings,” said Eric Wood, Chapman and Cutler’s practice innovations and technology partner.  “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.”

It follows NetDocuments’ acquisition in November 2017 of team chat and collaboration platform ThreadKM. NetDocuments’ private equity owner Clearlake Capital Group, said at the time that the acquisition will bring the workspace to life and facilitate a new document collaboration experience.

2 Comments

  1. Jobst Elster says:

    I was in the audience during Eric Wood’s session and one of the most impressive points focused on the automation aspect of the NetDocuments-powered Closing Room. He mentioned that the firm has used the application in over 5000 closing sets and at an average cost of $1000 per closing that’s a solid cost savings.

  2. Bill Lipner says:

    Wait.. developed by a law firm?! Did I read that correctly? Hats off to Chapman and Cutler. This is what we mean when we talk about law firm innovation!

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