Doxly has become the first exit for the IU Philanthropic Venture Fund after its acquisition by Litera Microsystems.
Doxly, a US-based legal transaction management tools provider backed by Indiana University (IU)’s Philanthropic Venture Fund, was acquired by legal and life sciences document technology producer Litera Microsystems.
Financial terms of the deal have not been revealed.
Founded in 2016, Doxly has created a set of collaborative tools to manage legal transactions such as coordinating closing checklists, signature management and executing copies of agreements.
Going forward, the technology will be integrated into Litera’s own offering with the goal of covering the US, UK, European, Middle Eastern and African markets.
The acquisition marks the first exit for the IU Philanthropic Venture Fund, a $15m vehicle managed by the university’s investment arm IU Ventures, after the fund had backed a $330,000 round in November 2018 with a $250,000 commitment.
The total figure 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.
In September 2016, Nextlaw Labs – a business accelerator set up by law firm Dentons – backed a $2.25m seed round though its Nextlaw Ventures unit, participating alongside High Alpha Capital and Hyde Park Venture Capital.
