Mitratech continues acquisition spree with Alyne addition

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REUTERS/Axel Schmidt

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  • Enterprise software provider's eighth acquisition since January 2020
  • Move aims to help companies address evolving risks, compliance obligations

(Reuters) - Mitratech Holdings Inc is scooping up digital governance, risk management and compliance software provider Alyne GmbH in its third acquisition this year.

Austin, Texas-based Mitratech, a legal and compliance software provider, said in a Wednesday announcement the deal will allow its customers to leverage Alyne's artificial intelligence-powered capabilities, reduce risk "in real time" and get "quantifiable risk impacts." Financial terms of the deal were not disclosed.

Mike Williams, CEO of Mitratech, said companies need access to technologies that allow them to better manage shifting legal and compliance requirements, while moving away from outdated and manual systems like spreadsheets.

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"It really comes down to the ever-evolving landscape of risks and obligations that companies are trying to deal with," he said. Integrating Munich, Germany-based Alyne's artificial intelligence-backed platform into Mitratech's product suite will give companies the "holistic view" they need, Williams said.

Mitratech has more than 1,500 corporate customers, including 30% of the Fortune 500, according to the company's website. It offers enterprise software for corporate legal departments and risk, compliance and human resources teams.

Williams joined the company as its chief executive in November 2019. During his tenure it's made eight acquisitions, including Alyne, since January 2020.

Mitratech's two other acquisitions this year came in May, when it picked up corporate general counsel marketplace AdvanceLaw LLC and contract lifecycle management platform ContractRoom. The previous purchases range from companies offering solutions for information governance to immigration management to legal operations.

Other sizable deals in the governance, risk and compliance arena have included e-discovery provider Exterro's nine-figure acquisition of AccessData announced in late 2020.

More broadly, deals in the legal technology and legal services sectors have continued throughout 2021, with recent M&A activity from UnitedLex, Clio and Onit.

Read more:

E-discovery market consolidation continues with 'nine-figure' Exterro acquisition

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Sara Merken reports on privacy and data security, as well as the business of law, including legal innovation and key players in the legal services industry. Reach her at sara.merken@thomsonreuters.com