DiscoverReady, LLC

Ownership

Private

Company Description

DiscoverReady, headquartered in New York, New York, is a fast growing outsourcer of e-discovery and managed legal review services.  The Company primarily services large corporations in providing an end-to-end solution to manage their corporate clients’ e-discovery needs.  The Company also services several large law firms that work closely with the Company to provide these services to their own clients.  The Company was and is a market leader in innovative processes and solutions that improved the efficacy of the e-discovery process while dramatically reducing costs for their clients.

Objective

Having grown the Company substantially from its inception, the owners were seeking liquidity on their investment and a partner that could assist in accelerating the Company's organic growth while undertaking an acquisition strategy.

Advisory Role

VRA Partners was engaged by DiscoverReady to serve as its exclusive financial advisor in the sale of the Company.  As DiscoverReady’s outsourced managed legal review offering was a relatively new offering in the market, VRA spent significant time educating potential acquirers as to the offering’s unique value-add to clients and its robust long-term prospects.  The Company’s highly educated and innovative management team greatly facilitated a successful process during a difficult economic cycle in the U.S.

Result

DiscoverReady was acquired by Dolan Media, Inc., a Minneapolis, Minnesota based public company that is an outsourcer of various legal processes .  The buyer was unknown to management at the time VRA introduced Dolan Media as a potential acquirer.  The transaction was structured as an 85% purchase of the Company’s LLC with a put/call option for DiscoverReady’s owners and Dolan Media, respectively, allowing VRA’s client to reap the direct benefits of its future growth on its remaining 15% ownership.  Dolan Media provided the Company with a larger balance sheet to help facilitate increased growth with additional corporate clients and an opportunity to embark on an acquisition strategy that it subsequently executed.