HaystackID Acquires Inspired Review and Envision Discovery, Starts Own Holding Company
After exploring "a complete buyout," HaystackID acquires two e-discovery companies and formed its own privaty equity group, Haystack Holdings.
April 24, 2018 at 10:37 AM
3 minute read
Months after completing a recapitalization, e-discovery services group HaystackID announced its acquisition of Envision Discovery and Inspired Review.
The terms of the acquisition have not been disclosed, but the three companies will fall under the umbrella of a new private-equity backed entity called Haystack Holdings, the formation of which was announced along with the acquisitions. Operations and technologies from Envision will integrate into the HaystackID offering, while Inspired Review will continue functioning as a separate unit, with its headquarters remaining in New York. HaystackID operates out of Boston.
HaystackID's recapitalization was announced this past October, with the move promoted as an attempt to grow the company while remaining independent. The company had “explored a complete buyout” of a larger competitor prior to the move, Kevin Glass, president and chief executive officer of HaystackID, previously told LTN.
The funders behind the recapitalization were largely undisclosed, the exception being Chicago-based Knox Capital, which also provided a “significant investment” in helping HaystackID form Haystack Holdings, a press release noted. Other investors listed were ORIX Mezzanine & Private Equity and Maranon Capital, L.P.
Knox Capital operating advisor Mike Bryant said in a press release that the investment group will continue investing “talent and tools” in HaystackID.
“HaystackID has partnered with both Inspired Review and Envision Discovery for many years, and these acquisitions build on the success of those partnerships by deepening the combined company's ability to serve customers with innovative services that quantifiably accelerate the achievement of positive outcomes,” Hal Brooke, CEO of Envision Discovery, said in a press release.
Major leadership additions announced with the acquisition were those at the newly formed Haystack Holdings, which brings on Hal Brooks, formerly CEO at Envision Discovery, as CEO; Knox Capital's Bryant as chief revenue officer; and Rob Robinson as chief marketing officer.
The move isn't HaystackID's first foray into expanding its offerings. In 2015, the company partnered with Nuix, allowing it to utilize Nuix's high-powered data processing engine. Among the offerings that will be expanded through the recent acquisition are HaystackID's Forensics First data location service and Early Case Insight, a service for deciphering data. Inspired Review's Review Right will also be supported. HaystackID said that pricing agreements and business procedures for Inspired Review and Envision will remain unchanged, though noted that contracts and pricing may be adjusted over time.
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