What Do You Do When You Are Losing Customers? Thomson Reuters Buys the Competition

Back in September, UK-based Pilgrim Systems, a provider of law practice management solutions called LawSoft, announced Another Elite site goes live with Pilgrim's Lawsoft, noting:

As well as the functionality and quality of the LawSoft solution, the firms’ selection was based as much on Pilgrim’s ability to migrate and convert one Elite database into three LawSoft systems.

Earlier this week, Thomson Reuters Elite announced it acquired Pilgrim Systems for an undisclosed sum. From the press release:

Acquiring Pilgrim and its LawSoft solution is a key component in Elite’s product development strategy and overall growth strategy to expand internationally.

Pilgrim’s current product, LawSoft, has been very successful since its launch in 1996 with a large client base in the UK. Elite will leverage this success and the strength of Pilgrim’s software development efforts to enhance its business management solutions targeted for mid-market firms in the UK and Asia Pacific. The addition of Pilgrim’s assets builds on Elite’s earlier acquisition of FWBS and its robust core matter management capabilities.

“Pilgrim is a strategic fit within our plan to provide a mid-market back-office solution for law firms in the UK and Asia Pacific region – areas where we do not currently have a solution,” said Cary Burch, chief operations officer for Elite. “This marks the fifth acquisition for Elite this year, all of which have been integral to our vision of creating a compelling, integrated mid-market offering utilizing the best technologies. The culmination of these acquisitions will broaden our capabilities and expand our offerings for our global clients.”

Why grow products organically when customer-flight tells you who has the better product line?

Is Thomson Reuters Elite on a buying binge? This is just the latest acquisition. In October, FWBS was acquired. See Elite Acquires FWBS to Offer Clients Expanded Access to Matter Management Data: Acquisition Also Extends Elite’s Growing International Presence. [JH]