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Extero, a Beaverton, Ore.-based legal technology company that helps corporate lawyers identify and analyze data, has announced a Portland, Ore. It said it has acquired a software platform based on Zaproved.
The companies did not disclose terms, but the deal is said to be worth “hundreds of millions of dollars.” Zapproved, which raised $15 million from K1 Investment Management in 2015, is ranked No. 92 on the GeekWire 200, our list of privately held Pacific Northwest startups.
All of Zaproved’s 130 executives and employees, including CEO Monica Enand, who founded Zaproved in 2008, will transfer to Exterro, LawSites reported. The combined head count will be 750.
In the year Founded in 2008, Zappvd sells e-discovery software to more than 350 corporate legal teams. In the year Vista Equity Partners, which acquired a majority stake in Zaproved in 2017, will hold a minority stake following the acquisition.
Extero is a Leeds Equity Partners portfolio company that sells legal software for e-discovery. The New York-based private equity firm first invested in the startup in 2018, pumping more than $100 million into Exterro to take a majority stake. Extero is eyeing a 2024 IPO, Reuters reports.
In June, Extero received new capital from Kohler Capital and Glendor Capital, in part to acquire the companies it will acquire. The equity round valued Extero at more than $1 billion, making it one of the few unicorn companies in Oregon.
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