More mergers ahoy – FTI acquire Attenex
FTI Consulting Inc, a global player in the litigation support and case management market (its flagship product is Ringtail Legal and in 2006 it bought the UK lit support company 3G Consulting) last night announced that is had signed a merger agreement
to acquire Attenex Corporation, a leading e-discovery software provider best known for its Attenex Patterns system.
The total purchase price for the transaction is approximately $88
million in cash and is expected to close in the third quarter of 2008
after expiration of the HSR waiting period. After amortization of
intangibles, the acquisition is expected to be neutral to FTI’s
earnings per share in 2008 and accretive in 2009. Attenex had revenue
of approximately $25 million in 2007. Attenex Patterns software
automates data processing and provides powerful visualization tools for
quickly analyzing massive amounts of electronically stored information
(ESI). Attenex will be integrated into the FTI Technology segment.
Kathryn Hardie, JR Jesson, Mike Kinnaman and Joe White will join FTI as
senior managing directors in the company’s technology segment.
FTI expects the acquisition of Attenex will bring with it a number of strategic advantages including enhanced positioning in the e-discovery marketplace: both companies are well-established players with
distinguished brands and proven track records. Attenex and FTI are two
of the market’s top five e-discovery software vendors, according to the
2007 Socha-Gelbmann Electronic Discovery Survey. Through this
acquisition, FTI now owns key proprietary technology for each crucial
step of the Electronic Discovery Reference Model (EDRM), providing
clients with a single source, industry leading solution.
FTI will host a conference call to discuss its acquisition of Attenex
Corporation today, Wednesday 11 June, at 9:00pm Eastern Daylight
Time – that's 2:00pm London time. You can access the live call via internet broadcast through the home page of the company’s web site at www.fticonsulting.com