At its ndElevate partner and customer conference taking place this week in Park City, Utah, NetDocuments today announced that it has acquired Closing Room, a deal-management application developed by the Am Law 200 financial services law firm Chapman and Cutler.
The application is designed to streamline transactional closings by enabling deal teams to coordinate and automating manual closing binder processes, thereby eliminating the need for physical closing rooms and reducing the time, cost and effort of producing closing binders for clients and third parties.
Closing Room will be integrated into the NetDocuments platform in the first half of 2019, the company said.
In a statement provided by NetDocuments, Eric Wood, Chapman and Cutler’s practice innovations and technology partner, said that in the two years since his firm launched the application, it has been used on over 5,000 closing sets and has “completely transformed the way our firm manages closings.”
“We built Closing Room to work seamlessly with NetDocuments,” Wood said, “and we’re thrilled to partner with them to deliver this proven technology to the broader legal market.”