|By Business Wire||
|May 7, 2014 02:00 AM EDT||
Scribestar Limited (“Scribestar” or “the Company”), a provider of cloud-based editing and review applications for legal documents entailing multiple reviewers, initially aimed at lawyers working with capital markets transactions, has recently concluded a successful financing round totalling £2.85m ($4.8m) raised from private investors. The fund raise was oversubscribed. A total of £7m ($11.8m) has been raised by the Company since 2010. The product will be commercially launched in the summer of 2014.
The Company is also pleased to announce two significant appointments which strengthen the Company in advance of a commercial launch. The Company has appointed Andrew Prozes as Executive Chairman and to its Board of Directors. Andrew was Chief Executive Officer of LexisNexis Group from 2000 until December 2010, and served on the board of Reed Elsevier for 11 years. He serves on the Board of Directors of TransUnion, Cott Corporation, Interactive Data Corporation, ACAMS, and other companies and not-for-profit organizations.
“As Executive Chairman, Andrew will be integral to Scribestar’s development and growth strategy,” said Rob Westmacott, Chief Executive Officer. “His expertise in growing global professional information and technology businesses serving the legal industry fits perfectly with Scribestar’s products and target markets. Andrew’s decision to join our board, and to invest in the Company, is testament to the significant opportunity that Scribestar has to serve legal markets in the UK, US and globally.”
The Company also announces the appointment of Greg Lunn as Chief Operations Officer and a Director effective April 1st 2014. Greg was previously general counsel and Company Secretary of Lancashire Holdings Limited (LSE ticker: LRE). “Greg has many years’ experience in editing and compiling complex legal documents including capital markets transactions and knows at first-hand how inefficient and costly this process currently is. He is a significant addition to our executive team and will help us to define the product development roadmap so that it synchronises more with the needs of our customers. Greg’s attention to detail and experience in successful execution will be of paramount importance to Scribestar,” said Mr Westmacott.
The Company’s Board now consists of the following eight executive and non-executive members, who together bring to Scribestar many years of experience in the successful launching and running of international businesses:
|Darryl Green||Non-Executive Director||A trained lawyer, a co-founder and the Chief Governance Officer of Ethoca, a business headquartered in Canada focused on delivering a secure network for card issuers and online merchants internationally|
|David Krucik||Non-Executive Director||The Managing Partner of the UK office of OC&C, a global strategy business|
|Greg Lunn||Chief Operating Officer||Formerly General Counsel and Company Secretary of Lancashire Holdings Limited, a publicly traded insurance and reinsurance Group listed on the London Stock Exchange|
|Tim Macready||Non-Executive Director||The Chief Executive Officer of Skillcapital, a global executive recruitment firm|
|Andrew Prozes||Executive Chairman||Former Chief Executive Officer of LexisNexis Group and past member of the Board of Directors of Reed Elsevier, now actively involved in private equity|
|Adam Shaw||Interim Chief Financial Officer||A trained accountant and Partner at Mansfield Partners in London, with experience working on many international and UK acquisitions, sales processes and business funding programmes|
|Mason Slaine||Non-Executive Director||The Executive Chairman of Interactive Data Corporation, a company which provides financial market data. Active in private equity|
|Robert Westmacott||Chief Executive Officer||Over 20 years’ experience providing legal and banking support services to capital markets transactions via Merrill Corporation, RR Donnelly and formerly Bowne|
For more information please visit the Company’s website at www.scribestar.com.
About Scribestar - Scribestar was founded in London in 2009, and is a SaaS provider of editing and review application tools for lawyers focusing on secure collaboration. Initially Scribestar is targeting the Capital Markets sector and will provide automated solutions for a variety of transaction types including class 1 circulars, and prospectuses aimed at Equity and Debt financings. The Company has had a long standing development partnership with three top rated law firms, and is now working with a further fifteen “big law” firms on the commercial product. A launch of the application is planned for the summer of 2014. Scribestar will serve law firms, as well as investment banks and corporate counsel and has developed, in concert with the aforementioned law firms, special features that optimize the prospectus drafting and filing process for all capital market transactions.
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