Friday, January 14, 2011

Iris Data Services Acquires New York Based Itek Imaging

Following an acquisition of Lexsum, Inc. in January 2010 and an acquisition of Capitol Discovery Services in December 2010, Iris Data makes its third acquisition in 12 months, with the purchase of Itek Imaging. Iris Data predicts an 11 percent revenue increase from this most recent acquisition.

NEW YORK, January 10, 2011 — Iris Data Services Inc., a leading provider of discovery solutions, announced today that it has acquired Itek Imaging, LLC, a major provider of full service litigation support including eDiscovery, computer forensics, and imaging & coding to the New York City area. Itek’s downtown location at 307 West 38th Street, Suite 807, New York, NY 10018, 212-643-3000, will expand Iris’ production capacity and compliment its existing data center at 111 Eighth Avenue, New York, NY, 10011. Iris Data Services is a leading supplier of discovery solutions including eDiscovery, computer forensics, attorney document review, and online hosting utilizing their proprietary review platform, Unify™.

Wednesday, January 12, 2011

IVIZE Services, Inc. Secures New Growth-Oriented Investors

CHARLOTTE, NC – Ivize Services, Inc., an industry leader in litigation support services, announced that Azalea Capital, along with Ivize CEO Ron Self and CFO Mark Marmon, led a recapitalization of the business to accelerate future growth. “This strong financial support will allow us to pursue several growth initiatives and further differentiate the Ivize service offerings in our 14 regional markets,” said Ron Self, president and CEO. “Our 3,000 clients can remain confident that Ivize will continue to serve their litigation support needs and develop innovative, insightful, and informative solutions.”

With this new capital investment, Ivize will strengthen its capability to locally deliver superior electronic discovery, processing, and hosting services, while maintaining excellent support for its clients’ paper-based imaging needs. “We want Ivize to be the preferred one-stop local supplier for the entire spectrum of data discovery services,” added Self.

Azalea Capital is a private equity firm based in Greenville, SC. “Azalea Capital invests in well-managed companies that are committed to growth and excellence,” said Patrick Weston, managing partner of Azalea Capital. “We are impressed by the Ivize management team’s bold vision, its strong market position, and reputation for quality service. We see potential for growth of the e-Discovery market.” The recapitalization of Ivize was also supported by Harbert Mezzanine Partners of Nashville, Tenn., and Fifth Third Bank of Charlotte, NC.

Wednesday, January 05, 2011

Private Equity Firm Acquires First Advantage for $265 Million

CoreLogic in Santa Ana has spun off and sold for $265 million its employer services and litigation support businesses to Symphony Technology Group, a Palo Alto private equity firm, PEHub reports.

The newly spun-off entity is named First Advantage. CoreLogic will retain its remaining businesses. It is an all-cash transaction. CoreLogic, which owns the nation's largest database on real estate and consumer data, was itself spun off in November 2009 by First American Corp., real estate data giant in Santa Ana.

CoreLogic announced in August its intent to sell its employer services and litigation support businesses. "The successful sale of these businesses represents a significant milestone for CoreLogic," said Anand Nallathambi, president and CEO of CoreLogic. "These are valuable businesses with good growth potential, but we determined that they do not have a long-term strategic fit within CoreLogic. We are pleased with the outcome of the sales process and are confident that STG will build on the market-leading position held by these businesses. "He added that CoreLogic intends to use the proceeds from the sale to buy other companies that are a better strategic fit.

Symphony Managing Partner Bill Chisholm said, "First Advantage has a long history of providing a comprehensive suite of solutions to customers in its core markets. We are delighted to partner with the management team to build a leading HR and legal information- and technology-enabled services company.

"Macquarie Capital advised CoreLogic in the sale process for the First Advantage businesses.