- KLDiscovery Completes Acquisitions of Two
Firms-- Strategic Legal Solutions and Compiled
- Accretive Acquisitions Add $12 million of
Revenue in 2020
- Expands KLD’s Global Customer Base and
Information Governance and eDiscovery Software Offerings
Pivotal Acquisition Corp (NYSE: PVT) (“Pivotal”), a public
investment vehicle, and KLDiscovery (“KLD”), a leading global
provider of electronic discovery, information governance and data
recovery services, today announced that KLD has acquired New
York-based Strategic Legal Solutions (SLS) and Richmond,
Virginia-based Compiled. Financial terms of the acquisitions were
not disclosed.
The acquisitions reflect KLD’s capital allocation framework and
demonstrate its commitment to driving long-term revenue growth by
identifying entrepreneur-led acquisition targets that enhance its
global footprint, technology capabilities and client base. SLS and
Compiled are expected to be fully integrated by the fourth quarter
of 2019, enabling substantial cost savings once fully on-boarded.
The acquisitions will be accretive to 2019 earnings and are
projected to add $12 million of revenue in 2020.
“These transactions represent significant milestones for our
company as we grow our business and expand our Information
Governance and eDiscovery software offerings,” said Chris Weiler,
CEO of KLD. “Strategic Legal Solutions’ robust client base will now
have access to KLD’s extensive platform and Compiled’s ReadySuite
offering will provide additional flexibility in how we address the
industry’s unique data management needs. Together, these
acquisitions broaden our customer base with the addition of key
client relationships, strengthen our end-to-end technology platform
and provide significant revenue opportunities for the future.”
“As we move towards the closing of the merger between KLD and
Pivotal, we are excited to see Chris and his team identify and
execute accretive tuck-in acquisitions that will drive long term
value creation for all shareholders,” said Jonathan Ledecky,
Chairman and CEO of Pivotal. “A disciplined M&A strategy is a
core tenet to our investment thesis and an important driver of
growth for KLD. We look forward to building on this momentum and
continuing to execute on KLD’s M&A strategy.”
Strategic Legal Solutions offers eDiscovery and managed document
review services primarily in New York and Michigan. The addition of
a managed document review facility in Detroit, Michigan will bring
KLD’s managed document review capabilities to 13 locations across
six countries. Jay Horowitz, the CEO and founder of SLS and a
23-year industry veteran, will join KLD as Senior Vice President,
Global Solutions Strategy and will continue to manage SLS’ key
relationships with AmLaw 100 law firms and Fortune 100/500
corporations. “This is an exciting chapter for us as we join the
KLD family,” said Mr. Horowitz. “Our clients, which include some of
the largest corporations in the world, will soon benefit from
KLDiscovery’s advanced technology, global footprint and ‘white
glove’ customer service.”
Compiled provides its self-service and subscription-based
flagship offering, ReadySuite, which assists law firms, service
providers, consultants and corporations handle discovery documents
in their eDiscovery workflow. ReadySuite will continue to be sold
as a stand-alone service offering and will be integrated into
Nebula, KLD’s proprietary e-discovery platform. Compiled CEO Justin
Blessing will join KLD as Director of Engineering. “Integrating
ReadySuite’s unique tool set will further expand the capabilities
of KLD’s best-in-class Nebula platform – a win for our global
customer base,” said Mr. Blessing.
Additional Information and Where to Find It
Pivotal has filed a Registration Statement on Form S-4,
including a proxy statement/prospectus, with the Securities and
Exchange Commission (“SEC”) to be used in connection with its
meeting of stockholders to approve the proposed transaction with
KLD. The proxy statement/prospectus will be mailed to stockholders
as of a record date to be established for voting on the proposed
business combination. INVESTORS AND SECURITY HOLDERS OF PIVOTAL ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT
DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.
Investors and security holders will be able to obtain free copies
of the proxy statement/prospectus and other documents containing
important information about Pivotal and KLD once such documents are
filed with the SEC, through the website maintained by the SEC at
http://www.sec.gov. Copies of the documents filed with the SEC by
Pivotal when and if available, can be obtained free of charge on
Pivotal’s website at www.pivotalac.com or by directing a written
request to Pivotal Acquisition Corp., c/o Graubard Miller, The
Chrysler Building, 405 Lexington Avenue, 11th Floor, New York, New
York 10174.
Participants in the Solicitation
Pivotal and KLD and their respective directors and executive
officers, under SEC rules, may be deemed to be participants in the
solicitation of proxies of Pivotal’s stockholders in connection
with the proposed transaction. Investors and security holders may
obtain more detailed information regarding the names and interests
in the proposed transaction of Pivotal’s directors and officers in
Pivotal’s filings with the SEC, including Pivotal’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2018, which was
filed with the SEC on April 1, 2019. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of proxies to Pivotal’s stockholders in connection
with the proposed business combination will be set forth in the
proxy statement/prospectus.
No Offer or Solicitation
This communication shall neither constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any jurisdiction in which the offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Compiled
Since 2008, Compiled has created specialized software tools to
aid in meeting tight litigation deadlines while adhering to strict
quality standards. ReadySuite, the bundled suite of these tools,
gives nontechnical and technical eDiscovery professionals the
ability to perform a number of quality control, load file
manipulation and image processing steps to data involved in
litigation or regulatory matters. Clients include law firms,
eDiscovery service providers and in-house legal teams. More
information can be found at www.compiled.com.
About Strategic Legal Solutions
Strategic Legal Solutions is a global provider of end-to-end
eDiscovery, corporate and staffing support to AmLaw 100 firms and
Fortune 500 corporations across industry sectors. With 20 years of
experience, Strategic Legal Solutions offers its clients
state-of-the-art legal support services including forensic
collection, data processing and hosting, early case assessment,
analytics (e.g., threading and predictive coding), managed document
review, production and provides consultation for information
governance and cybersecurity. For more information, please visit
www.strategiclegal.com.
About KLDiscovery
KLDiscovery provides technology-enabled services and software to
help law firms, corporations, government agencies and consumers
solve complex data challenges. The company, with offices in 40+
locations across 20 countries, is a global leader in delivering
best-in-class eDiscovery, information governance and data recovery
solutions to support the litigation, regulatory compliance,
internal investigation and data recovery and management needs of
our clients. Serving clients for over 30 years, KLDiscovery offers
data collection and forensic investigation, early case assessment,
electronic discovery and data processing, application software and
data hosting for web-based document reviews, and managed document
review services. In addition, through its global Ontrack Data
Recovery business, KLDiscovery delivers world-class data recovery,
email extraction and restoration, data destruction and tape
management. KLDiscovery has been recognized as one of the fastest
growing companies in North America by both Inc. Magazine (Inc.
5000) and Deloitte (Deloitte’s Technology Fast 500) and CEO Chris
Weiler was recognized as a 2014 Ernst & Young Entrepreneur of
the Year™. Additionally, KLDiscovery is a Relativity Certified
Partner and maintains ISO/IEC 27001 Certified data centers around
the world. For more information, please email info@kldiscovery.com
or visit www.kldiscovery.com.
About Pivotal Acquisition Corp.
Pivotal Acquisition Corp. (NYSE: PVT), a public investment
vehicle, is a blank check company organized for the purpose of
effecting a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization, or other similar
business combination with one or more businesses or entities.
Pivotal’s securities are quoted on the New York Stock Exchange
under the ticker symbols PVT, PVT WS and PVT.U. For more
information, visit www.pivotalac.com.
Forward Looking Statements
This press release includes “forward looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements
contained in this press release other than statements of historical
facts, including, without limitation, statements regarding KLD’s
future financial and business performance for the full-year 2019,
attractiveness of KLD’s product offerings and platform and the
value proposition of KLD’s products, are forward-looking
statements. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside Pivotal’s or KLD’s management’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Important
factors, among others, that may affect actual results or outcomes
include: the inability to complete the transactions contemplated by
the proposed business combination; the inability to recognize the
anticipated benefits of the proposed business combination, which
may be affected by, among other things, the amount of cash
available following any redemptions by Pivotal stockholders; the
ability to meet the NYSE’s listing standards following the
consummation of the transactions contemplated by the proposed
business combination; costs related to the proposed business
combination; KLD’s ability to execute on its plans to develop and
market new products and the timing of these development programs;
KLD’s estimates of the size of the markets for its solutions; the
rate and degree of market acceptance of KLD’s solutions; the
success of other competing technologies that may become available;
KLD’s ability to identify and integrate acquisitions; the
performance and security of KLD’s services; potential litigation
involving Pivotal or KLD; and general economic and market
conditions impacting demand for KLD’s services. Other factors
include the possibility that the proposed transaction does not
close, including due to the failure to receive required security
holder approvals, the failure of other closing conditions, as well
as other risks and uncertainties set forth in the “Risk Factors”
section of Pivotal’s Registration Statement on Form S-4 and any
subsequent reports that Pivotal files with the SEC. Neither Pivotal
nor KLD undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190729005198/en/
Investor Relations Contacts Marc P. Griffin 646-277-1290
Marc.Griffin@ICRinc.com
Michael Bowen 203-682-8299 Michael.Bowen@ICRinc.com
Media Contact Krystina Jones 888.811.3789
krystina.jones@kldiscovery.com
Pivotal Acquisition (NYSE:PVT)
Historical Stock Chart
From Dec 2024 to Jan 2025
Pivotal Acquisition (NYSE:PVT)
Historical Stock Chart
From Jan 2024 to Jan 2025
