RenewData Raises Cash, Buys Digital Mandate

RenewData, an Austin, Texas-based provider of discovery, archiving and governance solutions for electronically-stored information, has acquired Digital Mandate, a provider of discovery lifecycle management solutions. The acquisition was supported by new equity from existing RenewData shareholders ABS Capital Partners and CIBC Capital Partners. No financial terms were disclosed, but VentureWire puts the investment at $6 million.

PRESS RELEASE
RenewData, a leading provider of services for the discovery, archiving, and governance of electronically stored information (ESI), today announced it has successfully completed an acquisition of Digital Mandate, provider of discovery lifecycle management solutions including Vestigate document review software. This acquisition further strengthens RenewData’s commitment to investing in technology that delivers market leading information governance solutions, significantly lowers costs to clients, and meets requirements for both legal and IT professionals. To support the acquisition and other growth initiatives, existing investors ABS Capital Partners and CIBC Capital Partners provided the equity financing.

“RenewData is committed to delivering transparency and cost savings to clients, as well as investing in information governance technology at a time when capital investment is a challenge,” remarked Steven Horan, CEO of RenewData. “Superior eDiscovery solutions are rooted in both technology and legal insight and this acquisition enables both through a robust technology that utilizes legal judgment. We believe there is no other product in the market that delivers the same level of realized time and cost savings, while also delivering a measurable certainty that all relevant information has been identified. We’re excited to be bringing on the exceptional Digital Mandate team and Vestigate technology platform, both of which give RenewData tremendous opportunity for growth in the market.”

“With review being the most significant portion of the growing costs of eDiscovery, law firms, corporations, and government agencies are continually searching for more efficient and accurate methods for review,” said George Socha of Socha Consulting. “Leveraging advanced analytics to more quickly identify relevant data, as well as utilizing sampling to measure the accuracy of results are logical next steps to helping organizations achieve these lofty objectives.”

“We’re excited about being a part of the RenewData team and the opportunity to integrate two great organizations,” said Greg Osinoff, CEO and Founder of Digital Mandate. “I am extremely impressed with RenewData’s understanding of the market and technology vision. This acquisition greatly benefits both RenewData and previous Digital Mandate clients, as it enables us to offer comprehensive solutions. Vestigate has already enabled numerous clients to greatly reduce their review time and costs, and being part of RenewData will enable us to really drive this value proposition further into the market through a larger, scalable, and more integrated platform.”

The Vestigate solution is particularly beneficial for early case assessment (ECA) and first-pass review, which is often the best opportunity for lowering eDiscovery costs. “Consider early case assessment tools to investigate and test potential litigation strategies, and reduce cost by focusing on the ESI most relevant for collection,” suggests Gartner analyst John Bace in a March 2009 Gartner research report titled, “Cost-Cutting Approaches to E-Discovery Featured at LegalTech”. Since data is read in context, clearly irrelevant data can be quickly set aside, cutting down on the total amount of data and making strategic decisions possible before costly attorney review.

For more information about RenewData and Vestigate or to view a Vestigate demo video and register for a free webinar, visit www.renewdata.com/vestigate.

About RenewData

RenewData® is a trusted provider of services for the discovery, archiving, and governance of electronically stored information (ESI) to help organizations proactively manage the inherent risks associated with ESI. RenewData leverages unique and scalable technology, superior legal and technical expertise, and a high security facility to deliver defensible, accessible, and manageable data to our clients in a cost-effective and timely manner. RenewData has been ranked a top provider for four consecutive years in the Socha-Gelbmann Electronic Discovery Survey Report and included for three years in Inc. Magazine’s list of fastest-growing privately held companies. For more information, visit www.renewdata.com or call 888.811.3789.