FileTrail Acquires Enterprise Technology Provider Teravine
AUSTIN, Texas, Jan. 18, 2022 (GLOBE NEWSWIRE) -- FileTrail®, the leader in modern information governance and records management software for law firms and highly regulated industries, announces its acquisition of Teravine, Inc. Based in Overland Park, Kansas, Teravine has specialized in information governance software as a service primarily for large law firms throughout the United States since 2016.
FileTrail will integrate the Teravine Provident software with its governance policy suite of offerings to enhance the client experience. By combining the two, FileTrail expands its capabilities to provide a complete end-to-end software solution that improves compliance with internal IG policies, outside counsel guidelines and governmental regulations.
“As the leading provider of modern records and IG solutions to law firms, we continually evaluate both current and future market needs, as well as the competitive landscape of tools to meet those needs. In Teravine we identified a forward-looking governance solution that complements ours, the integration of which will benefit clients of both our companies,” says FileTrail CEO Harold Westervelt. “In addition to leveraging its sophisticated workflows and architecture to advance our governance offering, we’re excited to welcome Teravine’s exceptional team and impressive client portfolio to the FileTrail family.”
When the Teravine technology is fully integrated with FileTrail’s governance solution, he company expects to use its advanced architecture as a springboard for development in the future, including artificial intelligence and natural language processing solutions for IG. Teravine’s former CEO, Wes Baldwin, has agreed to serve in the newly created role of FileTrail chief technology officer and will oversee further development of the platform.
“Joining FileTrail is a great fit for Teravine, as our products and business philosophies mesh well together,” offers Baldwin. “We share a desire to provide the legal and large enterprise markets with superior solutions for records management and IG, and we look forward to achieving that goal together.”
Terms of the transaction were not disclosed.
Physical records management and information governance remain a challenge for law firms and large enterprises, particularly those in highly regulated industries facing ever-changing regulatory requirements and especially amid continuing work from home and hybrid work environments. In the fall of 2021, ILTA published an Executive Summary of its 2021 Technology Survey entitled “Technology Is the Business Enabler for Law Firms.” The authors of that summary share the following observation: “Every CIO we’ve talked with in the last year has listed IG as the top issue keeping them up at night. It’s the hidden time bomb in WFH and hybrid work models. There are so many traps and sinkholes looming. The impact is greater for large firms with cross-border issues, multi and varied jurisdictions.”
The concerns expressed by their CIOs and other firm leaders are driving many law firms to adopt a more holistic approach to IG and records management, including the right tools and processes for full life cycle management of both traditional and emerging data forms. IG solutions like FileTrail’s are helping them to achieve cost reductions, improved efficiencies and increased policy compliance.
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