Technology tools and projects are becoming increasingly essential in the legal sector. This is well known to Litera, one of the companies offering legal technology solutions, which has just announced the acquisition of Kira Systems, one of the sector leaders in software and data collection. 

With Canadian origins, Kira has established itself in recent years as an important player in the world of software, especially for the analysis of contracts for law firms, streamlining the process of analysing these documents. 

Kira has transformed the way law firms work. In a typical M&A transaction, lawyers only review a small set of contracts because traditionally it has not been economically feasible to do more. This selective process inherently increases the risk of the deal, and important information can be overlooked.

With Kira, lawyers can review more contracts efficiently and accurately to mitigate risks and provide more meaningful insight into transactions. Ultimately, Kira's technology will further Litera's mission to support law firms to improve client retention, increase margins and improve end-user happiness.

"Litera is the perfect partner for Kira. They have a deep understanding of the global legal market and share our vision that technology can transform the contract review process," said Noah Waisberg, CEO and co-founder of Litera.

As a result of this major acquisition, Kira Systems will be spun off into a new company: Zuva. This project will continue to leverage machine learning services in the development of business documents. Zuva will be officially launched in September 2021.