Saturday, November 28, 2009

Mimosa Systems raises $4 Million

Based in Santa Clara, California, Mimosa Systems, a maker of software that archives email and other data, has raised $4 million of a $5.5 million round of debt, rights and securities, according to a filing with the SEC. The company is backed by August Capital, Clearstone Venture Partners, Dot Edu Ventures, Focus Ventures, Jafco Ventures and Mayfield Fund.

As reported by VentureBeat, the company last raised money in June, bringing in $3 million in debt financing. Founded in 2003, Mimosa Systems is in a vertical trajectory growth mode that has allowed it to expand beyond the U.S. to the UK, France, Germany, China, Australia, Japan and Canada. "The key driver of Mimosa's growth is the explosion of content and the need for electronic information such as email and documents to be retained as a business record," says T.M. Ravi, Co-Founder, President and CEO, Mimosa Systems. Currently, there are about 300 employees in the company.

According to the company, the explosive volume of electronic information, coupled with the requirement to retain email records for regulatory compliance and legal discovery, has created a hot market for email active-archiving solutions. It also claims that the Mimosa NearPoint solution is the only integrated offering for archival, eDiscovery, DR, and storage management that can economically scale to meet the demands of today's enterprise. Recently, the company announced that the Stockbridge Real Estate Funds has deployed the Mimosa NearPoint archiving solution to deliver eDiscovery compliance readiness and end-user self-service for its email environment while optimizing overall performance of its Microsoft Exchange servers.

Tuesday, November 10, 2009

RELM Holdings Inc. Executes a Letter of Intent for Acquisition of a South East Electronic Document Management Company

RELM Holdings Inc. (PINKSHEETS: RELM) announced today that it executed a Letter of Intent (LOI) to acquire 100% of the equity interests in a well established Electronic Document Management company with facilities in the South East and Midwest.

Management noted that the target company will remain undisclosed pending the execution of definitive agreements per customary non-disclosure terms agreed on by the parties. The Company, founded in 1990, provides high-quality document management services to its clients in the pharmaceutical, legal, financial services, healthcare and commercial markets through electronic discovery, computer forensics, litigation support, commercial imaging, online collaboration, forms processing, and other services. Revenues for 2009 are expected to exceed $3,300,000.00. With this acquisition, Relm's annual technology revenues will exceed $5,000,000.00. Management will provide consolidated pro-forma statements once due diligence has been completed.

Management plans to operate the Company within the newly formed Relm Technology Group (RTG) and the Company's key executives will become members of the RTG Executive Management Team.

Friday, November 06, 2009

Dolan Media Acquires Majority Interest in DiscoverReady

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 6, 2009-- Dolan Media Company (NYSE: DM), a leading provider of professional services and business information to the legal, financial and real estate sectors in the United States, said today that it acquired an 85% equity interest in DiscoverReady, LLC, a leading provider of outsourced discovery management and fixed-fee document review services to major companies and their counsel.

With headquarters in New York City and an office in Charlotte, N.C., DiscoverReady assists major corporations and their counsel in litigation and regulatory matters by providing integrated discovery solutions that drastically reduce legal costs while delivering high quality, defensible document review. Its customers include leading law firms, major banks and Wall Street firms, and Fortune 500 corporations.

Dolan Media Company Chairman, President and Chief Executive Officer James P. Dolan said that DiscoverReady will become the third business line offered by Dolan Media’s Professional Services Division.

Wednesday, November 04, 2009

Avalon Document Services Acquires Exacta Legal

Buffalo NY based Exacta Legal was acquired by Avalon Document Services.

Avalon Document Services announced the acquisition of one of its local competitors, Exacta Legal, in a move that formalized a long-standing relationship between the two litigation support services firms. The companies are part of a growing local presence in the electronic document management and discovery business that includes IKON, D-4 LLC and Toshiba Business Solutions, all with offices serving Buffalo.

Though Avalon first looked into acquiring the company last summer, J.P. Midgley, managing partner at Avalon’s Buffalo office said they felt the time wasn’t right, and only last month revisited the idea. The transaction was finalized last Thursday.

Midgley said he expects the acquisition to allow his company to branch out in both “pre-litigation preparedness and trial services,” and distinguish themselves from the competition. The market for legal document services and support has seen steady growth as more Western New York courts are moving toward electronic discovery as the norm in handling court cases.

“The big thing for us, is that they (Exacta) had a much longer-standing tradition of being a great service provider in Buffalo while we are the new people in town over the last year and a half,” Midgley said. “I am hoping it opens some doors and allows us to work with some people that they have had those long-standing relationships with.”

Avalon employs over 90 people in offices in Buffalo, Rochester, Syracuse and Utica. Exacta Legal had a staff of four operating out of its downtown Buffalo office. Midgley said those employees were relocated to Avalon’s offices and have been retained. He also didn’t rule out future acquisitions for what has now become Buffalo’s largest litigation support firm.