Breaking News: Nuix, a security, risk, and compliance software company, has today acquired the Ringtail eDiscovery software business from FTI Consulting for $55 million in further proof that the legal tech market is red hot at the moment for investment and M&A.
The company said the goal was to combine the ‘patented processing power of the Nuix Engine across more than 1,000 file types and data formats with Ringtail’s efficient review and automation capabilities that creates an end-to-end eDiscovery platform without compromise’.
They added that the business logic for the deal is that the transaction ‘unleashes the capabilities of Nuix and Ringtail to address the entire eDiscovery market, which research firm MarketsandMarkets estimates at more than US$10.76 billion in 2018, growing annually by 10% through 2023. And it allows Nuix to offer a solution across the eDiscovery workflow and enables Ringtail to go to market as part of an independent and trusted global software organisation.’
Rod Vawdrey, Group CEO of Nuix, said: ‘We know the practice of eDiscovery is hard and our customers and partners have been asking consistently for a better end-to-end solution. Integrating the power of Ringtail into the Nuix platform is truly transformational for the legal, risk, and compliance industries and equips our extensive partner and distribution network to raise the bar for excellence and pace of innovation in eDiscovery.’
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