Online audit confirmation provider Confirmation.com said Tuesday it has acquired LegalConfirm, a Maryland-based provider of electronic legal confirmations.
Confirmation.com explained the acquisition by noting that as part of a financial statement audit, auditors need to mail legal confirmations to their clients’ lawyers asking if there is pending litigation against a client that needs to be disclosed. The time-consuming process can take weeks before a response is received, and there is often no tracking mechanism in place for auditors and law firms to check the status of the requests.
“We are always looking to grow the number of confirmation types we offer through Confirmation.com, and legal confirmations are a priority for us and our customers,” said Confirmation.com president Brian Fox in a statement. “This acquisition fits nicely into our product portfolio.”
Confirmation.com now offers more than 60 confirmation types and began providing employee benefit plan confirmations earlier this year. This is the second acquisition for Confirmation.com in the past four months, having acquired ProConfirm in the United Kingdom in late July (see Confirmation.com Acquires ProConfirm).
Confirmation.com is part of Capital Confirmation Inc., based in Brentwood, Tenn. As part of the acquisition, LegalConfirm will relocate to Confirmation.com’s headquarters in Brentwood.
In his new role, LegalConfirm founder Payton Baran will oversee business development of the legal confirmation service for Confirmation.com including implementation, strategy and sales.
“As an auditor, I discovered just how long the process can be to receive legal confirmation responses,” Baran said. “I built LegalConfirm to expedite legal confirmations for both the auditor and the law firm, and I’m thrilled to have the solution in place that will be integrated into the industry leading solution Confirmation.com.”
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