eDiscovery leader Exterro has announced a strategic investment from New York private equity house Leeds Equity Partners, reported by the US press to be in excess of $100m.
Exterro is headquartered in Oregon, where local paper OregonLive reported yesterday (23 May) that it had secured an investment of more than $100 million, which is “funding it will use to expand its technology and incorporate artificial intelligence into its products for the legal services sector.”
On 22 May Exterro, as part of its vision to infuse AI throughout the entire E-Discovery process, launched Smart Labeling, which leverages deep learning technology to help identify the most relevant documents for review. “In the near future, Exterro will be launching new AI capabilities that will drive efficiency in the identification, preservation and collection stages of the EDRM,” it said in a statement.
“Exterro was founded with the simple vision that applying the concepts of process optimization and data science to the way companies respond to litigation would drive more successful outcomes at a lower cost,” said Bobby Balachandran, president and CEO, Exterro. “I am excited to begin work with our new partners from Leeds Equity Partners to increase operational efficiency, drive growth and create long-term business value for our customers.”
Leeds Equity’s experience investing in the legal sector includes its investment in BARBRI, which is one of the largest providers of practical legal education to law students and attorneys throughout their careers. At the core of BARBRI is its bar review offering, which has helped more than 1.3 million lawyers around the world pass a U.S. bar exam. Also included is The Association of Certified E-Discovery Specialists (ACEDS), a member-based organization for professionals in the private and public sectors who work in the field of e-discovery.
“Bobby and his team have built a very successful business through deep strategic vision, leading product innovation, focus on customer success and strong operating fundamentals,” said Jacques Galante, Managing Director, Leeds Equity Partners. “We look forward to partnering with them to develop and execute on the numerous strategic growth opportunities within the e-discovery and information governance markets.”
This is Exterro’s first round of funding.