Continued focus on WiseTime with the sale of the DMS product suite
Today we announce the sale of our DMS product suite to PACE IP GmbH, a sister company of Serviva GmbH, Germany. This move is in keeping with our strategy to focus on our innovative new software, WiseTime, and allows us to continue to grow the team and the product as our sole focus.
The DMS document management system product suite will now move to the safe hands of German IP software provider PACE IP GmbH where we are sure it will continue to prosper and add value to its customers.
We originally developed the DMS product suite to enhance the use of the Patricia® IP management platform by Patrix, a highly customisable IP software that handles case matters in IP firms and corporate departments. Serviva, as a well-known IP software service provider and distributor of the Patricia® software in the German-language market, is the clear best choice to take on the complementary DMS suite and continue it’s growth.
Our Founder and CEO, Thomas Haines, said “PACE IP is a natural home for the DMS product suite. PACE IP and Serviva are uniquely positioned to maintain and evolve the product, to meet the future needs of their existing client network, many of whom intersect with the current DMS customer-base.”
“We are delighted to have reached agreement for sale of this product to PACE IP and we look forward to the opportunity to continue our focus on our highly innovative software, WiseTime.”
Dr Andrew Blattman, Managing Director & CEO of IPH Limited, Practice Insight’s parent company said, “The divestment of the DMS further confirms that Practice Insight continues to produce quality IP software products which create value for their clients and the business.”
We will work with Serviva to manage the transition as smoothly as we can for all involved.
Our focus and resources are now fully committed to WiseTime, our privacy-first, autonomous timekeeping tool that produces accurate records of a professional’s time throughout their day, eliminating the need for manual administration.
This transaction had an effective date of 1 May 2019, and as a result, an immaterial gain on the sale will be recognised in the IPH Limited accounts in this financial year.
7 May 2019