Wolters Kluwer’s ELM Solutions Acquires CLM Matrix for $35 Million

Wolters Kluwer’s ELM Solutions, a provider of technology for enterprise management of legal matters and legal spend, has acquired CLM Matrix, a provider of contract lifecycle management (CLM) software, for $35 million. The acquisition will enable Wolters Kluwer to offer a more comprehensive suite of solutions to address the growing needs of corporate legal operations,  the company said in its first-quarter trading update. Texas-based CLM Matrix, whose technology is build on the Microsoft Office SharePoint platform, had 2018 revenues of $3 million and has 20 employees, the update said. It was founded in 1992, according to Crunchbase. The company’s management group and employees will remain in place. Jonah Paransky, executive vice president and general manager for Wolters Kluwer’s ELM Solutions, said that CLM Matrix will continue to be offered as a standalone product and that it will not be integrated into WK’s Passport or TyMetrix…

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