Data technology company KLDiscovery has received an undisclosed investment from WestView Capital Partners.
Existing backers the Carlyle Group and Revolution Growth also made a ‘substantial’ investment. As part of the transaction, WestView managing partner Rick Williams will join KLDiscovery’s board of directors.
KLDiscovery builds technology and software solutions to help institutions solve legal data challenges, including litigation, regulatory compliance, and data recovery, among others. The technology is used in industries including, financial, healthcare, insurance, energy, automotive, pharmaceutical and technology.
Through the platform, banks and other institutions can receive support on financial legal matters by accessing an easy solution to review data and documents. For insurance companies, the platform can help to support the litigation and claims investigation process, helping to reduce expenses and managing risk.
This capital injection will be used to continue development to its sales, marketing and technology since it acquired Kroll Ontrack in 2016. KLDiscovery acquired the diveresed risk and information service provider Kroll in a $410m deal.
KLDiscovery CEO Chris Weiler said, “With this investment, KLDiscovery is armed with the capital necessary to execute our growth plan over the next several years. Investments in sales initiatives, our new global datacenters in EMEA, APAC, and North America, our cloud technology for both legal technologies and data storage technology, and critical software development projects, like our on premise and cloud data hosting solution Nebula, are all scheduled for the next two years”
WestView looks to invest in North American middle market companies that have an EBITDA between $3m and $20m. The firm invests around $15m to $60m in to companies across a range of sectors including software and IT services, business services and healthcare technology, among others.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
