Legal software pioneer swallowed by Silicon Valley firm
A SMALL company which has developed cloud-based time recording software for the professional services market has been snapped-up by a US-based competitor.
Founded six years ago, Rekoop, based in Didsbury, south Manchester, employs 18 staff.
It helps lawyer and accountants record, monitor and analyse their time to drive better understanding of costs, performance, efficiency and resourcing.
Financial terms of the sale to California company Intapp were not disclosed. Intapp describes itself as a “global leader in legal software” and has offices in Silicon Valley, New York, Atlanta, London, and Sydney. Rekoop’s Manchester base is being retained.
Reekoop founder and chief executive Philip Wedgwood, 42, is joining Intapp to lead it’s Tim Practice Group.
He said: “I’m proud of the success we’ve achieved over the past six years in building a market-leading, cloud-based timekeeping solution, and our traction, particularly among mid-tier law firms. As we looked toward the future, we wanted to find a partner that shared our vision.
“Intapp is committed to driving innovation in time recording and ensuring that our customers continue to receive the support and service they’ve come to expect, and I’m excited to be joining the team.”
In the year to the end of September 2014 Rekoop’s net assets were £348,595, up from £97,748 the previous year.
Dan Tacone, president of Intapp said: “The addition of Rekoop technology to the Intapp portfolio will extend our support for firms adopting cloud-based solutions. We’re very excited to welcome Phil and the Rekoop team to Intapp, and are confident that our growing customer community will benefit from the time entry, capture and analytics software we offer to the market.”
Intapp has more than 570 customers across the world , including 92% of the Am Law 100 (the largest firms in the US) and 84% of the Global 200. As a result of the Rekoop deal the company now has 40 UK-based staff.
