mergers and acquisitions

 

The latest in a spate of e-discovery mergers and acquisitions, cloud-based e-discovery provider Reveal Data Corporation announced today it has acquired software provider Mindseye Solutions to create a “truly comprehensive e-discovery SaaS solution.” At the same time, Reveal also announced a “significant investment” from Los Angeles-based investment firm Gallant Capital Partners.

Virginia-based Mindseye offers an e-discovery platform that spans the EDRM, with a particular focus on processing and early case assessment (ECA). Chicago-based Reveal's e-discovery software also provides a wide array of capabilities, including processing, review, analysis and production. Reveal CEO Wendell Jisa told Legaltech News that upon looking to combine the two tools, it was “immediately obvious that the software and the people were technically and culturally in line with what Reveal was seeking to acquire.”

The combined solution will primarily use Mindseye processing technology as the input into the Reveal platform. Combined, the new entity will offer data processing, ECA, storage, review and artificial intelligence (AI).

“Reveal is opportunistic and wants to bring in world class technology for the benefit of our clients,” Jisa explained. “The Mindseye processing technology is the best processing technology in the industry and is now included in the global Reveal solution that allows a client's data to sit in one environment form beginning to end.”

Moving forward, Jisa said it will be “business as usual” for current Mindseye customers, who will “now have access to more features at a greater value.” He also said 100 percent of Mindseye employees are now with Reveal, and the Mindseye team should expect “an opportunity to further their careers in a larger organization with greater resources.” The employees themselves were an important facet of the acquisition, he noted, as “the technical support team at Mindseye received rave reviews during the customer diligence process.”

Financial details of both the Mindseye acquisition and the Gallant investment are not being disclosed, but Jisa is confident that Reveal will continue to see both organic and inorganic growth. “Our business model is based on a global solution that now includes Reveal, Mindseye and NexLp for one single price,” he added. “This foundation will allow us the opportunity to acquire strategic targets that help our clients achieve their goals.”

The e-discovery market is continuing to consolidate in 2019, a trend that has now continued over multiple years. April saw Epiq acquire Canadian e-discovery firm H&A eDiscovery, while OpenText, Driven and HaystackID completed acquisitions over the winter.

It's also a trend that's not likely to slow down any time soon. As Mike Dalewitz, president and founder of Review Right, told LTN's Frank Ready in March, “You've got private equity money coming because the returns on investment of e-discovery actually have been good from a private equity perspective. Very good, very quickly.”