PORTLAND, Ore. — Beaverton software maker Exterro has acquired e-discovery software business Zapproved in a move that brings two complementary businesses together.
Terms of the deal were not disclosed, however, Exterro’s main investor Leeds Equity Partners and Zapproved’s investors K1 Management and Vista Equity Partners will all have stakes in the newly combined company.
The two companies have complementary offerings. Exterro has a platform aimed legal governance, risk and compliance, and Zapproved has a platform for e-discovery used by more than 350 corporate legal teams.
The founders of each company, Bobby Balachandran of Exterro and Monica Enand of Zapproved, have known each other for more than a decade, said Enand. And they were frequent sounding boards for each other.
“We have innovated in different ways,” said Enand, and this deal brings those together. “They have the product portfolio, and we have innovated with how we work with customers, our customer success engine and how we interact with the market and the community.”
Zapproved wasn’t planning to sell or raise money. However, Enand and Balachandran have been looking for an opportunity to collaborate for years, she said. The timing was right to do a deal now.
The combination means a single platform that can help customers with the complexity of privacy, e-discovery for litigation and other legal operations, digital investigations, cybersecurity response and information governance.
Zapproved’s team of 130 is expected to move over to the new company, said Enand. She noted that the integration process is now underway with the deal closed.
The Portland Business Journal, a KGW news partner, has more details on the sizable deal.
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