Last Updated: 11/13/2014
NASHVILLE, TN – November 13, 2014 – Continuing its product expansion efforts, leading online audit confirmation provider Confirmation.com announced today that it has acquired LegalConfirm, a Maryland-based provider of electronic legal confirmations.
As part of a financial statement audit, auditors mail legal confirmations to their clients' lawyers asking if there is pending litigation against the client that needs to be disclosed. This process is time consuming and can take weeks to get a response. There's also no tracking mechanism in place for auditors and law firms to check the status of these requests.
"As an auditor, I discovered just how long the process can be to receive legal confirmation responses," said Payton Baran, founder of LegalConfirm. "I built LegalConfirm to expedite legal confirmations for both the auditor and the law firm, and I'm thrilled to have the solution in place that will be integrated into the industry leading solution Confirmation.com."
"We are always looking to grow the number of confirmation types we offer through Confirmation.com, and legal confirmations are a priority for us and our customers," said Brian Fox, president and founder of Confirmation.com. "This acquisition fits nicely into our product portfolio."
As part of this acquisition, LegalConfirm will relocate to Confirmation.com's corporate headquarters in Nashville. In his new role, Payton will oversee business development of the legal confirmation service for Confirmation.com including implementation, strategy and sales.
Chris Schellhorn, CEO of Confirmation.com commented, "Auditors that use Confirmation.com will easily see the benefits of having legal confirmations within the platform. Law firms receiving these requests through mail and/or email today will have a much better tool to manage these requests going forward including being able to centralize responses and track their responses in real-time."
Confirmation.com now offers more than 60 confirmation types and launched employee benefit plan confirmations earlier this year. This is the second acquisition for Confirmation.com in the last four months, having acquired ProConfirm in the UK in late July.