NetDocuments acquisition of the deal management application developed by lw firm Chapman and Culter aims to streamline transactional closing processes.
Josh Baxter, ceo of NetDocuments, said ‘Closing Room, designed for lawyers, by lawyers, has been stamped ‘safe, valued and proven’ and is a strategic addition to the NetDocuments platform.’ He added, ‘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 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 has expertise in the financial transactions space and a firmwide commitment to leveraging technology to enhance legal service delivery. Eric Wood, Chapman and Cutler’s practice innovations and technology partner, commented ‘Closing Room has completely transformed the way our firm manages closings.’ He explained, ‘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.’