‘Search and discovery’ lays the foundation of many legal cases with firms often spending days manually sifting through information from multiple sources to identify companies, people, properties and other assets of interest and then mapping how these inter-relate. The facts they uncover build their understanding of the case and shape their strategy. While search and discovery is an essential process it can be complex, costly and time-consuming creating delays of serious concern for any legal practice. Being slow to the facts inevitably means being slow to respond to client requests – slow turnarounds strain client relationships.
Listed as one of Deloitte’s 2015 Technology Fast 500 companies, LDiscovery has been acquired by major private equity house The Carlyle Group and ‘disruptor’ investor group Revolution Growth alongside LDiscovery’s management. Financial terms have not been disclosed but the Washington Post has reported the investment to be in the region of $150m.
Carlyle is understood to have bought a majority stake in LDiscovery, which provides a full range of information discovery and governance solutions to law firms, corporations and government agencies.
Led by founder and CEO Chris Weiler, LDiscovery will now also be chaired by Daniel Akerson, the former chairman and chief executive of General Motors and former head of Carlyle’s flagship global buyout group.