Five years ago, Noah Waisberg sold Kira Systems, the AI-based contract-analysis firm he co-founded, to Litera. While the transaction was a success, the experience of selling the business was far from simple, reflecting the emotional and procedural complexities that entrepreneurs often face when parting with their creations.
The sale experience not only left a lasting impression on Waisberg but also laid the groundwork for his subsequent business venture. Retaining the underlying Kira technology and around 30 out of the 180 employees, Waisberg used these assets to set up Zuva. This new venture initially focused on providing an API-focused solution but has since pivoted towards addressing sell-side challenges in the M&A market.
Through interviews with approximately 200 dealmakers, Zuva identified key pain points in the business selling process. It developed software aimed at helping sellers manage the influx of questions from potential buyers, thereby easing one of the most daunting aspects of the sale negotiation process. The company also launched a tech-enabled diligence service that combines Kira’s AI with the expertise of seasoned former Big Law associates, producing a work product that Zuva claims is comparable to that of big firms but at a reduced cost.
Waisberg’s insights were shared in a recent episode of the LawNext podcast, where he discussed Zuva’s new strategic direction, as well as the implications of his now-expired post-sale restrictions. The conversation also touched upon the broader landscape of legal tech, including discussions on emerging players like Harvey and Legora, and Waisberg’s observations on the current state of artificial intelligence within law, particularly how certain limitations continue to be underestimated in the market.
The sale of Kira Systems drives home the reality that, while exiting a business might be lucrative, the process is fraught with complexities, many of which are emotional as much as they are procedural. Zuva now seeks to mitigate these challenges, aiming to not only revolutionize the M&A sell-side process but to ultimately redefine how efficiency is perceived and achieved in the legal sector.
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