- 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.
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.
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.