Dayton, Ohio (March 18, 2004) -- Legal, news and business information services provider LexisNexis has furthered its legal and accounting services strategy with the purchase of the Time Matters and Billing Matters practice management workflow and time and billing software of Cary, N.C.-based Data.TXT Corp.
Data.TXT and its products are now part of LexisNexis’ North American Emerging and Legal Markets Division. The business will continue to operate from Data.TXT’s Cary headquarters with the current management and staff. Terms were not disclosed.
LexisNexis and Data.TXT have had a business relationship since January 2001, when LexisNexis became a licensed reseller of its own branded version of Time Matters.
With plans to integrate Time Matters with LexisNexis services including legal research, electronic discovery, electronic filing and court access, client development, and practice management, the acquisition clearly aims at furthering Lexis' legal profession strategy. But the accounting profession won't be left out of the deal.
“Our accounting market strategy falls under our corporate and federal markets division and I know they are very interested in leveraging these [recently acquired] products as well,” said Tim Payne, vice president of practice management systems at LexisNexis. “We’d like to integrate some sort of research relevant to the accounting community into the products. We are also looking to add more accounting and payroll functionality in the future.”
For a comparatively small company like Data.TXT, the purchase provides them with the staff and the capital to expand their products and services more quickly, among other things.
“This acquisition will allow us to extend our reach to larger firms and to intensify our efforts in the corporate and government arena,” Bob Butler, Data.TXT chief executive, said in a statement. “Based on our successful three-year working relationship, we know that adding the high-value content and technological resources of LexisNexis will help make this happen.”
-- Seth Fineberg
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