The combination of both organizations’ complementary product sets means law firms will now have a single platform for their financial and operational data.
BigHand, a leading provider of operational and financial products for law firms, today announced it has acquired Iridium Technology.
BigHand and Iridium have been offering complementary products and in coming together, now offer powerful insight and data into law firms financial management, operational management, resource optimization and business development. “Law firms are under continuous pressure to improve their efficiency while also growing their profitability. Our goal has always been to offer our clients the best solutions and support, that work for them- so when it comes to M&A, we’ve been very selective. We want to join forces with organizations that align to our goals and the goals of our customers. There has to be an added value to our customers and that’s what makes this acquisition very exciting. The combined organization now gives our clients the opportunity to access a vast amount of data within their firms that will enable them to move from the practice of law to the business of law”, says Sam Toulson, Chief Executive Officer of BigHand.
Rob Stote, Managing Director of Profitability at BigHand continues “More specifically for our financial product set, BigHand and Iridium together now offer a complete range of BI, profitability financial management, time recording, matter pricing and analytics solutions to the legal industry. The two teams working together will ensure law firms get enhanced access to extensive domain expertise and feature-rich products.”
BigHand’s product lines are extending to include the Iridium BI, Intellistat, Steere, and SmartTime product families. This acquisition means BigHand can offer law firms leading legal business intelligence and financial applications.
“Martin and I have had a personal mission to find a “forever home” for Iridium that would result in continued progress for our team members, our clients, and our products” says Tom Jones, Chief Executive Officer of Iridium Technology. “I have known members of the BigHand team for years and the cultural fit between Iridium and BigHand is perfect. We share the same values on client service, technical excellence, caring for team members and giving back to our communities. Martin and I look forward to continuing work with the Iridium team members, clients, and products as well as the BigHanders”.
The full Iridium team are joining the BigHand team effective today. The combined organization now has over 3600 clients worldwide and 350+ employees. “I’m so excited to welcome our newest BigHanders. Throughout the whole process, I’ve been really impressed with how both organizations have come together and identified so many opportunities for growth and improvement. Together, we will achieve big things” concludes Sam Toulson.
Marks Baughan served as exclusive financial advisor to Iridium Technology.
For more information on this transaction, please contact:
Chris Rose
610.616.3298
crose@marbau.com
Braeden DeWan
610.365.7284
bdewan@marbau.com
Mike Doulong
610.643.4618
mdoulong@marbau.com
About Marks Baughan Securities
Marks Baughan provides investment banking services to growth companies. Our clients are software, technology-enabled services and data-intensive companies seeking shareholder liquidity or growth capital. We work tirelessly alongside our clients and excel at defensible positioning and disciplined processes that maximize shareholder value. Our professionals come from senior positions at bulge-bracket firms, giving our clients access to the relationships and experience that come from our years of interaction with the top executives and investors in companies in our fields. Our clients receive top-flight advice throughout any advisory relationship, because our boutique approach allows our senior advisors to stay deeply involved with each client on a continuous basis. No handoffs to junior staff. No preferential client relationships. No conflicts of interest.
For additional information on Marks Baughan, see www.marksbaughan.com.
About Iridium Technology
Iridium Technology is a global firm focused on providing world-class business intelligence, profitability, financial management, and timekeeping solutions for legal and professional services firms. Iridium has more than 300 law firm clients globally, ranging from 40 to 2000+ timekeepers and including 114 Am Law 200 firms. Iridium “lives and breathes” business intelligence and financial analytics for law firms every hour of every day as it fulfills its mission to enable firms to maximize profitability and improve operational processes.
For more information on Iridium Technology, please visit www.iridium-technology.com or contact rod.wittenberg@iridium-technology.com.
About BigHand
Through technology, insight and experience, BigHand delivers success for the future by helping law firms achieve professional productivity and profitability. The leading software technology company has developed a range of solutions from workflow and resource management, document creation, matter pricing, intuitive reporting and analytics, that help busy people achieve more in less time and organizations become more efficient and effective. BigHand has over 545,000 software licenses in use across 3,000 organizations globally. It actively listens and responds to client needs, demonstrated in its outstanding customer satisfaction score of 98%.
For more information on BigHand, please visit www.bighand.com.