Exterro, based in Beaverton, Oregon, announced the acquisition of Zapproved, a software platform that assists corporate lawyers in sorting through and analysing data.
The terms of the agreement were not disclosed, but it is said to be worth “hundreds of millions” of dollars. Zapproved, which raised $15 million from K1 Investment Management in 2015, ranked 92nd on the GeekWire 200, our list of the top privately-held Pacific Northwest startups.
According to LawSites, roughly all of Zapproved’s 130 executives and employees will transfer to Exterro, including CEO Monica Enand, who founded Zapproved in 2008. The total number of employees will be 750.
Zapproved, which was founded in 2008, sells e-discovery software to over 350 corporate legal teams. Following the acquisition, Vista Equity Partners, which acquired a majority stake in Zapproved in 2017, will retain a minority stake. [exterro acquires accessdata canada]
Exterro is a Leeds Equity Partners portfolio company that also sells legal software for e-discovery. The New York-based private equity firm first invested in Exterro in 2018, pouring over $100 million into the company to acquire a majority stake. According to Reuters, Exterro is planning an IPO for 2024.
Exterro raised new capital from Coller Capital and Glendower Capital in June, with the goal of acquiring companies. Exterro was valued at more than $1 billion in the equity round, making it one of only a few unicorn companies in Oregon.