We are discussing Bootstrapped & Profitable Legal Tech Startup Atticus Takes on $10.84 Million From VCs in First Raise After 7 Years:
Documents compliance checking startup Atticus has raised $10.84 million in its first-ever external funding round. Other investors included venture capital firms Blackbird and Kim Jackson’s Skip Capital.
Providing Solutions to Critical Problems
Atticus was founded in 2017 by Saul Wakerman, a former corporate lawyer, and Misha Wakerman and Mitchell Brunton, former Palantir software engineers. They aim to enhance the speed and precision of authenticating significant corporate and legal records.
The service provides document review and verification solutions that some leading law firms and listed companies adopt. It verifies reports like the IPO prospectus, ESG reports, and annual reports before publication.
The CEO of Atticus, Thom Mackey, said;
“Atticus was founded to create a faster and more accurate way to solve the time-consuming and mundane process of legal verification of critical corporate and legal documents, mitigating core compliance risks for our global clients.
Hundreds of investor relations, company secretary and legal teams over five continents are trusting Atticus’s verification software with their highest stakes work. We’ve had directors and audit & risk committee members asking for our products by name as a sign of quality and trust.
Our products give them the confidence that their documents are accurate and verified by providing an auditable process that centralizes documents, maintains version control and reduces manual error. Users love Atticus because it’s easy to use with no setup time and saves teams the pain of manually tracking this high-stakes information across multiple spreadsheets, emails, and documents.”
Quotation Source: startupdaily.
Client Trust and Industry Growth
Even though Atticus was bootstrapped until now, it has reached a state of profitability. Their software has enthralled and pocketed 90% of the corporate legal firms in Australia, such as King & Wood Mallesons, Gilbert + Tobin, Herbert Smith Freehills, Ashurst, Clayton Utz, and Allens, among others.
Furthermore, Atticus works with almost a third of the leading UK law firms in terms of turnover among the top 30. By 2022, it was utilized in over 1,300 Australian disclosure documents, 50% of IPO listings on ASX, and 33% on the LSE. It is also important to point out that BHP and CBA are among the companies listed at Atticus.
International Growth
Atticus’ strategy is to self-fund a sustainable rate of growth from revenue while using external capital as the war chest. It plans to diversify its product portfolio and explore new markets in the United Kingdom and other countries. The no-setup-time and intuitive interface, coupled with an auditable process, have established Atticus as a reliable partner for investor relations, secretaries, and legal departments around the globe.
Kinds of Documents Verified by Atticus
Atticus can authenticate all forms of essential business and legal documents. In IPO prospectuses, which are essential for investors, Atticus ensures that statements are accurate. ESG statements are checked to ensure integrity and adherence to requirements.
In the case of annual reports, Atticus also uses them to confirm information regarding a company’s financial position, performance, and other aspects. It also checks and confirms that the disclosure documents provided by companies to the stock exchanges are accurate and standard. Atticus can guarantee legal documents, agreements, contracts, and other legal necessities for businesses, cutting out risk possibilities.
Benefits of Using Atticus for Document Verification
Atticus also guarantees accurate validation of crucial statements in the documents, so there is less chance of getting it wrong. This means there is no need to spend much time verifying the data because the platform does it on its own.
Atticus is also helpful in ensuring legal and regulatory compliance. The workflow ensures detailed reports, which ensure accountability and transparency. Directors and audit committees exclusively ask Atticus because it is accurate and reliable.
Conclusion
Atticus’s success stems from its ability to offer the needed solution after manual verification of legal and investor documents, which used to take a considerable amount of time. Due to their high standards and reliability, various directors and audit & risk committee members have sought out Atticus’s products by name.
