Document management company Nitro acquires enterprise software company doxIQ

Nitro transitioning into a cloud-based provider of smart document services

Document management company Nitro acquired enterprise software company doxIQ. Thursday.

The San Francisco-based Nitro is currently transitioning into a cloud-based provider of smart document services. The company has raised $21.6 million in venture capital funding from firms like Battery Ventures and Starfish Ventures.

“There’s way more to document productivity than just creating, editing, converting and signing PDF documents,” Sam Chandler, Nitro founder and CEO, said in a press release. “Analytics and insights are essential to unleash the value locked in business documents today.”

Nitro’s 200 employees help more than 500,000 businesses in 200 countries with document productivity. The company now generates tens of millions in annual revenue.

CEO Michael Feng co-founded Palo Alto-based doxIQ in 2014 after taking it through Stanford’s StartX accelerator and raising $240,000 in debt financing. The company’s technology has become a popular tool for converting marketing documents into intelligent web assets that increase conversion rates, collect behavioral data and send view alerts.

Nitro will transition doxIQ customers to its document sharing and e-signature product, Nitro Cloud. Feng will lead Nitro’s product management team. Max Cantor, doxIQ’s co-founder and chief technology officer, will lead Nitro’s research and development team.

“We saw a huge gap in the market for business document analytics akin to what Google provides for web traffic,” Feng said in a press release. “Being part of Nitro will allow us to fulfill our shared vision for using machine intelligence to make working with documents more pleasant and productive.”