Legal and life sciences document technology producer Litera Microsystems has paid an undisclosed amount for Doxly, a US-based legal transaction tool provider backed by law firm Dentons.
Founded in 2016, Doxly has created a set of collaborative tools to manage legal transactions such as the coordination of closing checklists, signature management and executing copies of agreements. The technology will be integrated into Litera’s own offering.
The acquisition marks the first exit for IU Philanthropic Venture Fund, a $15m vehicle managed by Indiana University’s investment arm, IU Ventures, which invested $250,000 in a $330,000 round closed by Doxly in November 2018.
The size of the round was confirmed in a regulatory filing, though the identity of other investors could not be ascertained. Doxly has raised more than $3.3m in funding according to securities documents.
Nextlaw Labs, a business accelerator set up by law firm Dentons, took part in a $2.25m seed round for Doxly in 2016, participating alongside High Alpha Capital and Hyde Park Venture Capital.
The original version of this article appeared on our sister site, Global University Venturing.
