IP Software Platforms Anaqua and Lecorpio to Merge Operations
The combined company will continue to operate both brands and software platforms within its merged organization.
By Gabrielle Orum Hernández, Legaltech News
Legal technology is still a vertical still growing and expanding as a whole, but already some areas are showing signs of market consolidation. Two intellectual property-focused software providers, Anaqua and Lecorpio, today announced they’d merge their two operations. Following the merger, the unified organization plans to push new development in its IP software offerings.
The consolidated company, which will retain both companies’ individual branding, plans to continue support for both Anaqua’s and Lecorpio’s current software platforms, as well as its current geographic presence across the U.S., Europe and Asia.
Anaqua CEO Bob Romeo will lead the consolidated company. Lecorpio head Jay Madsen will step down as CEO.
Romeo believes that the two companies are unified by a shared purpose, and that the merger was prompted by a “natural outgrowth” of conversations between both companies and their clients.
“Both companies have deep roots in Intellectual Property software and are recognized leaders. It was clear we were both developing our platforms independently, with some overlapping functionality and some distinct functionality and by combining we could deliver the best possible solution to our joint customers on a global basis,” Romeo told Legaltech News.
Anaqua last year began building out its analytics offerings through M&A activity. The company acquired patent analytics platform AcclaimIP and relaunched the platform within its own patent management system.
Lecorpio has focused its recent development more on expanding its support for the full patent lifecycle. In 2015, the IP software group launched Lecorpio Annuity Management and partnered with Intellectual Property Associates Network (ipan) to bolster the payment options in its platform.
Both companies have aggregated a fair amount of venture capital and private equity funding over the last five years. Anaqua, which took in about $100 million in private equity funding and an additional $25 million in venture funding in 2013, has steadily accumulated a client base comprised of major corporate hitters like Microsoft, Coca-Cola, Kimberly Clark and Xerox. It has also expanded its operation into major Asian markets.
Lecorpio has also done fairly well in the investment game. The company received $15 million in Series B funding in 2015 on top of a $10 million investment in 2014. Since that time, the company has picked up a few major clients, among them Box and FARO Technologies, and launched an operation center in Dublin to strengthen its European foothold.