From October to Rocktober? A Hart-Scott-Rodino Act Transaction Update (October 2021)

Increased interest in levels of M&A activity resulted in the Bureau of Competition’s Premerger Notification Office (PNO) publishing monthly figures for Hart-Scott-Rodino (HSR) Act transactions. The latest monthly update from the PNO is for October 2021 (FY 2022) and noted 443 reported transactions. This is the highest number of monthly reported transactions in any month of October between FY 2010 and FY 2022. It is also the highest number of reported transactions in any month since October 2010.

Driven and Innovative Discovery Merge

According to the announcement, Silver Oak Services Partners, a private equity firm and majority shareholder of ID, will remain the majority shareholder of the combined company.  Greg Barr, Managing Partner of Silver Oak, said, “We are excited to partner with management of Driven and ID and support the merger of two great companies with strong growth track records and commitments to client service.  The combined business will leverage best practices from each to create a differentiated platform well-positioned for continued growth.”

An Unprecedented Surge? 43rd Annual Hart-Scott-Rodino Report Released

According to the recently published report, fiscal year 2020 was an especially challenging year as the global pandemic required adjustments to regular workflows at the agencies. After closing the physical offices where HSR filings are submitted, the agencies pivoted to telework and on March 18, 2020, started receiving HSR filings through an online portal for electronic document submission for the first time. From March 18, 2020, this ad hoc system has worked well even in the face of a significant surge in filings: as of September 10, 2021, the agencies had received over 8,000 electronic HSR filings, representing over 4,000 transactions. In fiscal year 2020, 1,637 transactions were reported under the HSR Act, representing about a 21.6 percent decrease from the 2,089 transactions reported in fiscal year 2019.

Quantitative Pleasing? A Hart-Scott-Rodino Act Transaction Update (September 2021)

Increased interest in levels of M&A activity resulted in the Bureau of Competition’s Premerger Notification Office (PNO) publishing of monthly figures for Hart-Scott-Rodino (HSR) Act transactions. The latest monthly update from the PNO is for September 2021 and noted 359 reported transactions. This is the highest number of monthly reported transactions in any month of September between FY 2010 and FY 2021. It is also the third highest number of reported transactions in any month since October 2010.

eDiscovery Mergers, Acquisitions, and Investments in Q3 2021

From Ipro and Disco to Nuix and Lighthouse, 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, 2021, through September 30, 2021. During 3Q21 there were at least 14 M&A+I events, a pulse rate that is the same as the investment pulse rate during the same time frame in 2020.

A Wave of Changes? FTC Highlights Second Request Process Updates

Given the recent surge in merger filings and the Commission’s obligation to protect Americans from illegal transactions, the Bureau of Competition is instituting new process reforms to best to use its limited resources. One of those reforms is that FTC second requests will now require each company under investigation to provide information about how it intends to use eDiscovery tools before it applies those tools to identify responsive materials. Complete and accurate information is critical in any investigation and there are substantial benefits to ensuring up front that eDiscovery processes will identify required information. In addition, this change will more closely align the FTC’s model second request with that of the Department of Justice.

Vertically Challenged? FTC Withdraws Vertical Merger Guidelines and Commentary

According to a statement by the FTC majority, the 2020 Vertical Merger Guidelines had improperly contravened the Clayton Act’s language with its approach to efficiencies, which are not recognized by the statute as a defense to an unlawful merger. The majority statement explains that the guidelines adopted a particularly flawed economic theory regarding purported pro-competitive benefits of mergers, despite having no basis of support in the law or market reality.

Considering Debt? An FTC Update on the Treatment of Debt in HSR Filings

According to a recent announcement, the Federal Trade Commission (FTC) has a new position on an important factor in determining whether a transaction must be reported under the Hart-Scott-Rodino Act. That factor being whether debt repayment at closing counts in determining the value of a transaction.

With Business Combination Complete, Cellebrite to Begin Trading on NASDAQ

According to to Adam Clammer, Chief Executive Officer of TWC Tech Holdings, “Cellebrite’s technology enables its customers to protect the public and safeguard assets with efficiency and transparency. We believe Cellebrite is well-positioned to capture the opportunities ahead and increase its share of the large and growing Digital Intelligence market as it transitions to the public markets.”

Array Merges with the Gnoêsis Group

According to Mary Beth Schmidt, President and Chief Operating Officer at The Gnoêsis Group, “As our companies combine, I’m looking forward to cultivating new relationships and expanding service offerings to our clients. Gnoêsis and Array share a similar philosophy on the customer experience and will be deeply committed to the tradition of service, integrity, and honesty both of us believe in and strive to achieve every day.”

From Russia (and China) with Love? The UK National Cyber Security Centre Annual Review

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New Federal Government Cybersecurity Incident and Vulnerability Response Playbooks

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A Surge in Cybercriminality? The Annual ENISA Threat Landscape Report – 9th Edition

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Considering Zero Trust? November 2021 Cyber Events Report from NATO CCDCOE

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A Long Runway? KLDiscovery Files for Initial Public Offering

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Modus Secures Working Capital Facility from J.P. Morgan

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Driven and Innovative Discovery Merge

According to the announcement, Silver Oak Services Partners, a private equity...

Smarsh Acquires Digital Safe Product Line from Micro Focus

According to Smarsh CEO Brian Cramer, “Solving the sophisticated archiving, compliance...

An eDiscovery Market Size Mashup: 2021-2026 Worldwide Software and Services Overview

From market retraction in 2020 to resurgence in 2021, the worldwide...

A New Era in eDiscovery? Framing Market Growth Through the Lens of Six Eras

There are many excellent resources for considering chronological and historiographical approaches...

An eDiscovery Market Size Mashup: 2020-2025 Worldwide Software and Services Overview

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Resetting the Baseline? eDiscovery Market Size Adjustments for 2020

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Five Great Reads on Cyber, Data, and Legal Discovery for November 2021

From worldwide eDiscovery market sizing and discovery intelligence to cybersecurity playbooks...

Five Great Reads on Cyber, Data, and Legal Discovery for October 2021

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Five Great Reads on Cyber, Data, and Legal Discovery for September 2021

From countering ransomware to predictive coding and packaged services, the September...

Five Great Reads on Cyber, Data, and Legal Discovery for August 2021

From the interplay of digital forensics in eDiscovery to collecting online...

Alternative Reality? Winter 2022 eDiscovery Pricing Survey Results

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Calm Before the Storm? Eighteen Observations on eDiscovery Business Confidence in the Fall of 2021

In the fall of 2021, 71.2% of survey respondents felt that...

Help Wanted? Issues Impacting eDiscovery Business Performance: A Fall 2021 Overview

In the fall of 2021, 27.4% of respondents viewed lack of...

Harvest Time? eDiscovery Operational Metrics in the Fall of 2021

In the fall of 2021, 67 eDiscovery Business Confidence Survey participants...