Mitratech Reveals Record 2019 Financial Results
Unveils risk and compliance acquisition and enhancements to company leadership and partnership network.
NEW YORK, NY – February 4, 2020 – Mitratech, a leading provider of legal and compliance software, today announced at LegalTech New York 2020 that it saw record financial results and profits in 2019, as well as unveiling a key acquisition to bolster its product lineup, changes to its leadership team and additions to its global partnership network.
The company credits its 2019 fiscal success to meeting the rising market need for best-in-class technology with proven track records and ROI. Beyond financial results, Mitratech saw growth of its worldwide client base; by the end of 2019, six of the top 10 global financial institutions now utilize Mitratech enterprise legal management solutions.
The company maintained its world-class retention rate as clients stayed loyal to Mitratech’s broad, best-in-class product range and reputation for partnership, co-innovation, and exemplary client support. This strong position with its customers came through in industry surveys, Mitratech is rated as “the leader in customer satisfaction among e-billing and workflow technology providers by corporate law departments,” according to the 2019 HBR Consulting (HBR) Law Department Survey.
Mitratech also announced the acquisition of ClusterSeven, Ltd., based in London, U.K., provider of an innovative solution for discovering and managing “Shadow IT” – hidden, sensitive End User Computer (EUC) applications, spreadsheets, data assets, and other applications that lie outside of IT’s control but that an organization relies upon, and can present a data privacy risk. This acquisition addresses the growing crossover between legal operations and risk management, a crossover that’s being driven by new data privacy regulations.
As Mitratech CEO Mike Williams explained, “Acquiring ClusterSeven is the first in several acquisitions we’re looking at very closely this year, as well as continuing to co-innovate with our clients to improve our existing products and expand our offering, all in order to better serve their needs and continue our focus on their success. Our record results in 2019 are fueling expansion opportunities across our lines of business, and I couldn’t be more excited about joining Mitratech at this critical time in our company history.”
To support its strategy moving forward, Mitratech has made several key leadership changes. Long time CEO Jason Parkman has moved to become Chairman of the Board, as Mike Williams has taken on Jason’s former role. Also, two experienced new members have joined its Board of Directors, both longtime software industry executives:
Melissa Sitton, Managing Director at ST6, has 20 years of operating experience leading software companies, most recently as Chief of Staff at Accruent before its 2018 sale to Fortive. Beyond leading various company-wide initiatives, she’s guided over ten successful acquisitions and three business transformations resulting in five successful exits of over $5B of enterprise value.
Tony Reisz, President and Managing Director at West Ledge Advisors, has a long, distinguished, and award-winning career in business technology, software, and investment sectors, including serving as CEO at several successful firms and as a director or advisor for multiple firms engaged in innovation and transformation in various industries.
Mitratech has also broadened its strong network of global partnerships, and will now be working with ClusterSeven’s partners including the big four. Furthermore, Mitratech has just entered into a partnership with Jalubro, a leading London-based global legal technology consulting firm.
Mitratech is a sponsor of LegalTech and will be at Booth 2000 for attendees that want to learn more.
Mitratech is a proven global technology partner for corporate legal, risk, and compliance professionals, offering a proven portfolio of end-to-end solutions that spread operational best practices throughout the enterprise, standardizing processes and accelerating time-to-value. That helps legal and GRC teams rise to the challenge of serving the evolving needs of the modern, dynamic enterprise. For more info, visit mitratech.com.