K1 Sells Document Management Software Leader Litera Microsystems
LOS ANGELES, May 7, 2019 /PRNewswire/ -- K1 Investment Management, LLC ("K1"), a leading investment firm focusing on high-growth enterprise software companies, today announced the sale of its portfolio company, Litera Microsystems ("Litera"), to funds managed by Hg. With K1's partnership, Litera tripled its revenue to become one of the world's leading providers of end-to-end document management software. Litera helps organizations mitigate risk and drive return on investment by enabling users to create, check, repair, collaborate, and share high-quality complex documents.
Following K1's acquisition of Litera in July 2016, Litera made substantial investments to more than double its product portfolio and build a robust global go-to-market engine. Additionally, Litera pursued a bold add-on acquisition program, made possible by K1's operational assistance, to seamlessly bring together four companies under one name.
Litera's 1,300 clients include some of the largest law firms and life sciences firms in the world.
"K1 provided unparalleled operational value, focusing our company on customer-centric, industry-specific software solutions," says Avaneesh Marwaha, CEO of Litera. "The firm's expertise in growing successful enterprise software companies helped Litera get ahead of the curve and avoid the pitfalls of a typical high-growth company. Litera's relentless drive for innovation and deep focus on the end-user has fundamentally changed the way our customers utilize and manage the document lifecycle, enabling them to provide superior services to their clients."
"It has been an incredible journey to partner with the Litera management team to innovate and transform the document lifecycle market," says Ron Cano, managing partner at K1. "Litera has become a trusted platform for its customers and is well positioned for continued future success."
Litera was an investment in K1's third fund (K3). The firm is currently investing out of its fourth fund (K4). William Blair acted as exclusive financial advisor to Litera.
About Litera Microsystems
Litera Microsystems is a leading provider of software for drafting, proofreading, comparing, repairing and cleansing documents in the legal and life sciences industries worldwide. Headquartered in Chicago, Litera's core products empower users to generate, review, and distribute high-quality content quickly and securely, from any device. Today, Litera supports over a thousand document-intensive organizations across the globe, helping them satisfy the complex demands of clients and regulators. https://www.litera.com/
About K1
K1 builds category leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses achieve successful outcomes. K1 invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 75 professionals, K1 changes industry landscapes by executing organic and acquisition-based growth strategies. Since inception of the firm, K1 has partnered with over 100 enterprise software companies including industry leaders such as Apttus, Buildium, Certify, Checkmarx, ChiroTouch, Chrome River, Clarizen, Granicus, IronScales, Jobvite, Onit, Rave, RFPIO, Smarsh and WorkForce Software. For more information about K1, please visit www.k1capital.com or www.linkedin.com/company/k1im.
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