h3. Capital to accelerate global sales growth and enable acquisition strategy.
San Francisco, 7th October 2008 – Recommind, a leading provider of search, email management and eDiscovery systems for enterprises announced today that it has secured the first institutional funding in the company’s history. Global growth equity firm Kennet Partners led the financing of the business.
Recommind’s solutions enable Fortune 500 enterprises and professional services firms to organize, access and analyze data and expertise across the organization to maximize the value of enterprise information while efficiently mitigating the risks associated with litigation, regulatory compliance and investigations. In particular, Recommind’s eDiscovery platform dramatically improves the accuracy, consistency and speed of document review during litigation and investigations.
In the past year, the company has also launched its email management tool, DecisivTM Email, which automatically tags, files and deduplicates all email-borne information to help firms better meet their records management and litigation preparedness needs.
Recommind has experienced sustained and rapid growth across all product lines and geographies. The company plans to use the new capital to accelerate global sales growth and to acquire additional product and market breadth through acquisition.
“At Kennet Partners, we focus on well run, capital efficient companies with strong franchises that have shown a consistent track record of sustained revenue growth. Recommind is directly in our sweet spot and we are pleased to be the first institutional investors in the company,” said Eric Filipek, Principal at Kennet Partners. “Recommind is following a similar path taken by some of the most successful technology companies to date by becoming a key supplier of strategically critical technology to a rapidly expanding vertical industry. The skill sets required to build and maintain an extremely loyal customer base in legal technology positions the business perfectly to deliver best-of-breed solutions to the broader and rapidly changing document management market. We are excited to be a part of what is a tremendous success story that continues to gain momentum, even in turbulent times such as these.”
“We are very proud of Recommind’s track record of strong, organic growth and profitability. Our high-growth rate is a testament to the dedication, focus and capabilities of our employees – not to mention the strong support of our customers. With the tremendous demand we have experienced, which has only accelerated with the recent financial market crisis, access to significant capital will be a key ingredient of our ability to fulfill demand going forward,” said Robert Tennant, CEO, Recommind. “With a successful track record of investing in well-established, strategically positioned companies experiencing significant growth, Kennet Partners is an ideal partner that shares our vision of making Recommind the leading provider of information risk management solutions to enterprises.”
As part of the investment, Eric Filipek from Kennet Partners will join the board of Recommind.
h2. About Kennet Partners
Kennet Partners is a leading international private equity firm that invests in growth companies in Europe and North America. Kennet invests in the technology and technology-enabled business services sectors, offering expansion capital to businesses that want to accelerate growth and build exceptional shareholder value in partnership with an experienced investor.
Kennet Partners has over $600 million under management and acts as an advisor to Kennet II and Kennet III.
Kennet Partners Limited is authorized and regulated by the Financial Services Authority. For more information: www.kennet.com
h2. About Recommind
Recommind’s enterprise search and categorization platform automatically organizes, manages, and distributes large volumes of information from multiple sources. With faster access to the right information, organizations can save time, enhance the quality of work product, increase the value of information assets, and improve competitiveness and profits. Recommind customers include Bertelsmann, BMW, DLA Piper, Novartis, Lewis Silkin, Shearman & Sterling and Simmons & Simmons. Recommind is headquartered in San Francisco and has offices in New York, Boston, Chicago, Atlanta, Washington DC, London, and Bonn, Germany.
For more information, email info@recommind.com, or go to www.recommind.com.