Tuesday, February 10, 2009

Milestone Partners Back Callidus Acquisition of Black Letter Discovery

Black Letter Discovery is the first acquisition by Callidus, a new litigation support consolidation platform sponsored by Milestone, as noted in a recent press release.

Press release: Milestone Partners (“Milestone”) announced that it closed on capital commitments of approximately $230 million for its latest fund, Milestone Partners III, L.P. (“Milestone Partners III”), exceeding its $200 million fundraising target.

Once again Milestone has attracted a diverse investor base, including a wide range of institutional investors, family offices and entrepreneurs. In addition to the participation of nearly all of the investors in the $120 million Milestone Partners II, L.P., Milestone Partners III includes several new institutional limited partners, including public pension funds, insurance companies and funds of funds.

John Shoemaker of Milestone Partners remarked, “Everyone at Milestone appreciates the confidence that both our pre-existing investors and our new investors have demonstrated in our firm, especially in a difficult fundraising environment. We look forward to continuing our disciplined approach to investing in the new fund.”

Milestone has already completed four acquisitions through the new fund, including: Fatz Cafe, a casual dining restaurant chain; Safemark Systems, a provider of in-room hospitality safes; Global Connection, a marketer of prepaid wireline phone service; and Black Letter Discovery, the first acquisition by Callidus, a new litigation support consolidation platform sponsored by Milestone.

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