From HaystackID and NightOwl Global to Reveal Data and NexLP, the following findings, data points, and tracking charts highlight information that may be useful for understanding M&A+I activity patterns in the eDiscovery ecosystem from July 1, 2020, through September 30, 2020. During 3Q20 there were at least fourteen M&A+I events, a pulse rate that exceeds the pre-COVID investment pulse rate of eleven events during the same time frame in 2019.
According to Mike Williams, CEO of Mitratech, “We came to the realization that smaller departments that haven’t yet adopted technology to manage documents, control legal spend, process claims, and otherwise streamline operations have fallen further behind the rest of the industry on the legal technology maturity curve. So we saw an incredible opportunity to help this underserved portion of the market, and Acuity ELM will help us do that.”
“By integrating Globanet’s technology into our digital compliance portfolio, we’re making it simpler for Veritas customers to find and act on more of their data, no matter where it lives,” said Greg Hughes, CEO, Veritas. “Today’s announcement accelerates and strengthens our vision for the Veritas Enterprise Data Services Platform and improves its world-class compliance capabilities. No matter what communications and data management platform our customers use, we enable them to optimize and monitor all their content as it moves from backup to archive to discovery.”
“Integro and Innovative Discovery’s services and solutions are highly complementary. Our respective customers will be able to take advantage of greatly expanded skillsets and service offerings now that two of the most respected companies in the industry have joined forces,” noted Scott Burt, CEO of Integro, in today’s press announcement.
According to the press announcement, industry analysts have enthusiastically supported this investment and confirmed the value this will bring to the eDiscovery industry. Ryan O’Leary, Esq., Senior Research Analyst at IDC, shared, “Despite the COVID-19 pandemic, the eDiscovery software market has proved to be crucial to business resiliency and has maintained investment. The investment in Venio comes at an opportune time as corporations look to improve their ECA and processing capabilities to drive savings further down the EDRM.”
According to Jay Leib, Co-Founder and CEO of NexLP, “We chose Reveal, after considering all the major players in the space, because they offer by-far, the most comprehensive, solutions-oriented technology on the market and we have a shared vision for the future of legal technology. Reveal’s global footprint and ability to deploy the Reveal solution in the cloud or on-premise enables us to rapidly expand the adoption of AI to tens of thousands of legal, risk, and compliance professionals overnight. Our existing clients and partners should all be thrilled with our ability to expand our capabilities by joining Reveal.”
According to David Moran, XDD President and COO, “Complementing our recent domestic acquisitions, adding Anexsys to the XDD family enables XDD to expand eDiscovery, Forensics and Managed Review services in the UK.”
According to today’s announcement, the NightOwl merger is HaystackID’s fourth major investment event since April 2018. In April 2018, HaystackID acquired Envision Discovery, an eDiscovery managed services provider, and Inspired Review, a managed review and remote review services provider. In January 2019, HaystackID acquired eTERA Consulting, an eDiscovery managed services provider. Additionally, in February 2020, HaystackID completed a strategic recapitalization with Quad-C to support the continued growth and expansion of company depth, breadth, and reach.
The acquisition supports Mitratech’s mission to provide legal and compliance solutions to mitigate risk across organizations. Via Tracker, HR, and Legal teams can employ best practices, innovative features, and seamless integration to help minimize staffing-related risk and safeguard business continuity.
The recently released 42nd Annual Hart-Scott-Rodino (HSR) Report shares a 10-year summary of HSR transactions reported, second requests issued, and early terminations granted by the agencies, as well as a detailed statistical profile of transactions reported during fiscal year 2019. Enacted by Congress in 1976, the HSR Act gives the federal government the opportunity to investigate and challenge mergers that are likely to harm consumers before injury occurs. The Commission vote to issue the report was 4-0-1.