Last year, Mitratech generated a record amount in profit. This year, the Austin company’s been on a buying spree.
On Tuesday, the legaltech and compliance software startup announced its fifth acquisition of 2020. CEO Mike Williams said he doesn’t expect Mitratech’s moves to stop there — the COVID-19 pandemic has driven demand for the company’s software as businesses increasingly move to digitize their operations.
“This year, even more organizations have seen the value of digitizing and automating different processes across multiple departments and business units, even on a global scale,” Williams wrote in an email to Built In.
Founded in 1987, Mitratech now counts more than 2,000 businesses like Yahoo! as customers, and has more than 600,000 users. Williams described the company’s growth strategy as a combination of in-house tech development, as well as strategic partnerships, mergers and acquisitions.
On Tuesday, Mitratech paid an undisclosed sum to acquire INSZoom, a Pleasanton, California-based immigration case management software. The acquisition follows Mitratech’s purchases of Acuity ELM, Tracker Corp and ClusterSeven this year. In February, the company also announced a partnership with Jalubro, a legaltech consultancy based in London.
Over the next three years, Williams said he expects Mitratech to remain cash positive — even as it buys up more businesses.
The corporate giant “has a particular focus on using cash to fund further growth through acquisition,” Williams said.
The 540-person company counts more than 100 people as part of its Austin office. Williams said Mitratech is currently evaluating its hiring needs. The company’s website lists nine openings in Austin for developers, marketers, account managers and more.
