Acquisition adds to Epiq’s global Contracts Solutions business as demand for contracts technology becomes a top priority
Epiq announces today that it has acquired Mainspring, a digital transformation specialist firm for contract lifecycle management (CLM) and contracts migration needs.
The acquisition of Mainspring Consulting Group expands Epiq’s existing Contracts Solutions business to help clients effectively manage contracts across people, processes, technology, and data. By delivering CLM system integrations, clients get additional value from the contracting process from creation to post-signature obligations management.
“The need for corporations, and their legal departments, to maximize the value from their contracts technology continues to grow,” said Ziad Mantoura, Senior Vice President of Epiq’s Enterprise Legal and Consulting Solutions. “Mainspring’s CLM strategy, implementation, and integration services will enable our clients to get better value from their CLM technology investments.”
The Epiq Contracts Solutions business delivers in three areas:
- Epiq Contracts Review and Analytics helps clients organize, review, and analyze their executed contracts in the context of M&A due diligence and merger integration, regulatory change, and preparing contracts for CLM implementations;
- Epiq CLM Professional Services provides advisory, CLM selection, and implementation; and,
- Epiq Counsel provides flexible legal talent for law departments facing an overwhelming volume of commercial contracts.
Epiq Contracts Solutions is part of the Epiq Legal Service Management framework, which is a set of legal solutions to reduce risk, improve service quality, ensure responsiveness to business stakeholders, and drive cost efficiency. Epiq is a leader in providing legal service management solutions across the practices of a corporate legal department, including Litigation, Commercial, Corporate and M&A, Regulatory and Compliance, IP management, and Legal Operations.
According to the 2023 World Commerce and Contracting benchmark report, 81 percent of organizations surveyed consider the selection and adoption of contracts technology a top priority. Using an AI-powered CLM helps to standardize data, automate compliance, and provide total visibility to accelerate the contracting process. Mainspring has earned a reputation for helping clients solve challenges related to contracts workflow, processes, and technology. It has CLM partnerships with the leading CLM providers, including Agiloft, Conga, Ironclad, ContractPodAI, and Malbek, to name a few.
“Joining Epiq, clients will benefit from our combined contracts solutions expertise,” said Peter Toundaian, Mainspring Co-founder and Chief Operating Officer. “Our CLM experience and consultative approach enable us to provide the best platform configuration to support our clients’ business models for any contract type. We are excited to strengthen our client relationships with Epiq’s global scale and broader team of experts.”
Since Epiq launched its award-winning Legal Transformation Services business three years ago, it has experienced significant growth in legal business advisory services, flexible legal talent, legal spend analysis, contracts intelligence, and analytics solutions. Adding Mainspring builds upon that growth and Epiq’s highly successful acquisitions, including Fireman & Company in 2022, Simplex in 2021 and Hyperion Global Partners in 2020.
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