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US eDiscovery and information governance platform IPRO has acquired Amsterdam-based automated legal hold service provider ZyLAB as it seeks to expand its footprint in Europe.
The deal gives IPRO access to ZyLAB’s AI-driven, real-time legal hold technology, whose fully automated notifications and custodian alerts help prevent accidental data loss or evidence spoliation. In addition to legal hold automation, the acquisition also provides IPRO users with ZyLAB’s advanced analytics and cloud capabilities.
Dean Brown, CEO of IPRO, said: “Joining forces with the incredible team at ZyLAB enables us to provide innovative product capabilities and expand our geographic footprint in Europe and the UK. With this acquisition, we are better positioned to deliver upstream solutions to help our clients and partners manage the risks and costs associated with the continued growth of their unstructured data and legal discovery costs.”
Chicago-based investment firm ParkerGale Capital, which acquired IPRO in 2017, provided the capital to fund the acquisition. DLA Piper advised ZyLAB on the deal, while Kirkland & Ellis and De Brauw advised IPRO. ZyLAB will continue to operate under its own brand name in Europe, with key product development also remaining in the Netherlands.
Dennis van der Veeke, ZyLAB’s CEO, said: “We chose IPRO, after considering all major players on the market, because of its commitment to innovation, security and customer success.”
The acquisition is IPRO’s third major deal in recent years, following its takeovers of information governance platform NetGovern and trial and deposition management platform inData.
IPRO’s acquisition of ZyLAB comes at a time of increased M&A and general funding activity for legaltech companies. Earlier this month, US legaltech company Litera acquired UK-based Objective Manager, a strategic planning and performance software provider for law firms.
Last month, US contract management start-up Lexion raised $11m to help finance growth and develop its AI-powered contract system, while US cloud-based firm management software provider Intapp filed for a potential initial public offering. That followed Canadian legaltech provider Clio’s $110m Series E funding round in April that pushed its valuation to $1.6bn – making it the world’s first legal practice management unicorn.
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