U.S. software company Onit has acquired AxDraft, a Ukrainian startup that develops document automation software.
The companies haven’t disclosed the price of the purchase, but, after its previous investment round in 2019, AxDraft was valued at $10 million.
Now Onit owns the startup and its technology, but AxDraft’s management will remain the same and the company will keep providing the same services.
“The pace of AxDraft’s development is the same as of the most successful startups in Silicon Valley,” AxDraft director Yuriy Zaremba told online tech journal AIN.ua. “This (sale) is a big breakthrough not only for AxDraft, but for the entire startup industry in Ukraine.”
AxDraft’s online tool simplifies the process of drafting contracts and other legal documents. The startup’s clients can just pick the right template and fill it out. In three years on the market, AxDraft has worked with firms like Carlsberg, Dragon Capital, OLX, DTEK and Glovo.
The purchase, according to Zaremba, will help the company to better its services and access other markets, including the United States.
The startup uses a subscription model to make money. A monthly fee for using its services is $750.
In December 2019, AxDraft participated in Y Combinator, a famous U.S. startup accelerator. As a result, the startup received $150,000 in investment money from Y Combinator for 7% of its shares.
It attracted $1.2 million from Silicon Valley venture capital investors in April 2019.
