Extract from Victoria Hudgins’s article “Litera Acquires Kira Systems as Kira Spins Off Contract Startup Targeting Corporate Market”
It’s been a busy 2021 for legal tech company Litera Corp. so far. Today, it announced it has acquired contracts review software provider Kira Systems for an undisclosed sum, its fourth acquisition of the year and the 12th in two years, according to a press release. But the announcements don’t end there. Kira also said that it is spinning off a new company named Zuva to provide artificial intelligence-powered contract review products for corporations.
According to Litera’s press release, Kira Systems majority investor Insight Partners will become a minority investor in Litera alongside pre-existing investor Hg, which will maintain its majority ownership stake.
Litera CEO Avaneesh Marwaha said Kira Systems’ technological and personnel expertise were needed to make the company’s platform a one-stop shop for transactional lawyers starting and closing a deal. “[Our] ideal state is you’re able to do everything inside Litera for any size deal,” Marwaha said. He added, “To move in the direction of providing a full platform, Kira makes a lot of sense to us.”