DEAL COMBINES BROADEST BI, PROFITABILITY, AND FINANCIAL MANAGEMENT PRODUCT SET WITH AI-BASED TIME ENTRY AND TIME CAPTURE TECHNOLOGY
Reno, Nev., January 6, 2020 — Iridium Technology, a leading provider of business intelligence and financial analytics for law firms, today announced its acquisition of Smart Time Apps, creator of innovative timekeeping tools designed to eliminate reliance on manual time entry. SmartTime will become the company’s fourth product family, in addition to Iridium BI and the Intellistat and Steere families that were created following the merger with Data Fusion in February 2020. The company continues to be named Iridium Technology.
Smart Time’s products help law firms to increase efficiency, accuracy, and productivity. All are easy to use, which maximizes adoption throughout the firm. “Our focus has always been on helping firms improve process and profitability. Smart Time’s tools do both for firms both in the United States and in Europe. This is a powerful addition to our product line,” says Tom Jones, CEO/Founder of Iridium Technology. “We are excited about this opportunity to bring another product family offering innovative technology with such an exceptional ROI to our clients.”
SmartTime automatically builds consistency, accuracy, and convenience into the time entry process and includes a number of innovative timekeeping features:
- Time Entry - Automatically generate time entries that conform to client billing guidelines, use consistently worded narratives, and include the time spent on tasks, client matter numbers, required codes – everything attorneys and accountants need to simply review and approve entries in seconds.
- Time Capture - Automatically tracks work-related activities and polls all firm systems for data to generate pre-populated time entries. Time Capture typically finds 8-10 hours of additional time per timekeeper each month.
- Mobile - Equips timekeepers to easily track and enter time anywhere, anytime through native timekeeping apps for IOS and Android devices.
- Timers – Allows timekeepers to track time as they work, negating the need for trailing time entry
- Billing Guidelines - Automates compliance with outside counsel guidelines to minimize the rejection and resubmission cycle that often delays and reduces payments
- Approver - Streamlines the timesheet approval workflow to allow more rapid review
These product features will amplify the value of Iridium’s existing business intelligence and financial analytics tools. Access to the raw timeslips will allow Iridium’s tools to report with more detail and on a more granular level, for example, with improved reporting/dashboarding on time entry practices. SmartTime technology also improves the accuracy of a firm’s time entries, which will enable Iridium’s tools to deliver better insights and intelligence.
Current SmartTime customers will benefit from Iridium’s stability, global support, and continued investment in the deepest BI, profitability, and financial analytics product footprint of any legal software provider. “Since our founding, our mission has been to develop tools that help law firms and other professional services firms to improve their processes and profitability. Iridium shares that vision, and we are truly excited to join the Iridium family,” says Todd Gerstein, co-founder of Smart Time Apps and now SVP - SmartTime at Iridium. “Our clients will clearly benefit from the ability to turn the time entered in our tools into actionable business intelligence.”
To learn more about the acquisition, please join one of Iridium’s webinars on Wednesday, January 20.
Hennepin Partners acted as the exclusive financial advisor to Smart Time. As a private transaction, the terms of the deal will not be disclosed.
About Iridium Technology
Iridium Technology is a global firm specifically focused on business intelligence, profitability, and financial management for legal and professional services firms. Following its 2020 merger with Data Fusion, more than 250 global law firms ranging from 40 to 2000+ timekeepers have signed up for Iridium products. Iridium’s mission is to make sure that firms that make an investment in its applications receive maximum return on that investment. Iridium “lives and breathes” business intelligence and financial analytics for law firms every hour of every day. To learn more about Iridium Technology, please visit www.iridium-technology.com.
CEO/Founder - Iridium Technology LLC