It was reported today that TyMetrix and Datacert are merging. In the press release, Richard Flynn from Wolters Kluwer Corporate Legal Services said, “We will continue to support and invest in the TyMetrix and Datacert product lines while offering the highest levels of service and support our clients have come to expect.” Elsewhere in the press release Jim Tallman, President of Datacert, references “this new combined business.” We can only wait to see what the future holds for these two products.
Category: EBMM
Legal Matter Management and Electronic Billing, as it pertains to Enterprise Legal Management Technology
Datacert Acquired
In yet another blow to the shrinking gene pool of EBMM solutions available in the marketplace, it was reported yesterday that Wolters Kluwer has acquired the remaining shares of Third Coast Holdings, Inc., whose holdings include the Datacert Passport EBMM system. The acquisition is subject to regulatory approval.
WK is the owner of CT Corporation and therefore the corporate parent of TyMetrix, another leading EBMM vendor system. Both companies have been staunch competitors in the ELM marketpace.
CT Corporation acquired Tripoint in 2005 and within a few years the system disappeared from the EBMM landscape. It will be very interesting to see how this acquisition evolves.
Acquisition of LT Online by Mitratech
I constantly hear rumors of MMEB vendor systems for sale, and the rumor mill has been buzzing for the past few months.
I read today that LT Online Corporation, who offers the Lawtrac system, has been acquired by Mitratech. Congratulations to Frank Orzo and his team.
This follows acquisitions in the past few years of TyMetrix by CT Corporation, Tripoint by CT Corporation, Mitratech by Vista Equity Partners, Serengeti by Thomson Reuters, Visabillity by Bottomline Technologies and Allegient also by Bottomline Technologies.
It is always interesting to see what the new owner will do with these systems once acquired. Many don’t fully understand the lengthy sales cycle. Others lack product vision or the commitment necessary to evolve the product. Others still see acquisition as the opportunity to acquire customers and, after a short period of stasis, stop selling and eventually withdraw support for the product. It will be interesting to see what happens in this case.
New Legal Ebilling Offering for Law Departments
There is a new ebilling offering for law departments called Viewabill is a very new take on the client’s desire to manage better. The system gives clients the ability to monitor work performed by outside counsel real time. It allows clients to monitor services provided while work is underway instead of discovering four or more weeks later when a bill is submitted that the work deviated from the agreed to plan. With this system there should never be any surprises.
I am intrigued by this product for a couple of reasons: it completely eliminates the need to provide accrual information, and it provides insight into the actual services performed under a flat fee instead of producing a shadow invoice. These are two of the most cumbersome manual processes in ebilling today and with Viewabill they are not a factor.
More importantly, it represents a new take on ebilling. I always have been intellectually interested to see how ebilling will evolve. Will this be a better mouse trap? I can’t wait to see.
I do feel the need to caution law firms. Now is the time to get your billing practices in order. Because Viewabill allows clients to see real time data, time must be entered on a timely (daily) basis, as cleanly as possible and in accordance with the client’s billing guidelines. You don’t have the luxury of the billing process to massage raw entries under this system. I suggest you don’t wait until one of your clients requests your firm to use this kind of system before you start to put your timekeeping practices in order.