Global News
Epiq Systems, Inc., a leading global provider of technology solutions for the legal profession, today announced the acquisition of De Novo Legal LLC, a significant U.S. e-discovery provider with particular prominence in managed review services. Epiq paid closing consideration of approximately $68 million which was funded from the company’s credit facility.
The transaction also includes a deferred cash component and an opportunity for contingent consideration based on future revenue growth.
With this transaction, Epiq further strengthens its leading global e-discovery franchise, providing corporate legal departments and law firms with full-service capabilities to manage electronic information for discovery, investigations, regulatory issues, compliance, and related legal matters.
De Novo augments Epiq’s capacity for managed review services and broadens Epiq’s e-discovery customer base. De Novo has document review centers in key strategic locations in the United States and is among the largest providers of managed review and staffing services. De Novo also offers clients e-discovery processing and hosted review platforms. For 2011 on a pro forma basis, De Novo represents an approximate 30% to 40% revenue increase to Epiq’s projected standalone e-discovery segment.
Epiq originally introduced an organically developed service extension for managed review in 2009, which has grown consistently since its inception. This acquisition positions Epiq to offer unrivaled throughput and responsiveness to customers from multiple domestic and overseas locations.
Significant subject matter expertise combined with scale, reach and capacity are important attributes of Epiq’s worldwide e-discovery business and constitute key competitive differentiations. Whether for individual complex engagements or for continuing relationships with multinational corporations or global law firms, the availability of end-to-end services and choice of multiple technologies positions Epiq in the top bracket of market participants. The company has full-service e-discovery operations in New York and Phoenix domestically, and London and Hong Kong internationally.
Christopher E. Olofson, president and COO of Epiq Systems, stated, “Today’s acquisition further advances Epiq’s leadership position in the attractive e-discovery space. With a strong customer base and extensive track record for successful client engagements, De Novo is an excellent addition to our e-discovery business. We see a significant opportunity in 2012 and are positioned well for strong growth.”
Epiq Systems expects this to be an accretive transaction for the full year in 2012.
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