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eDiscovery provider KLDiscovery files for a $100 million uplisting

November 23, 2021

KLDiscovery, a provider of eDiscovery, information governance, and data recovery solutions, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. The company is currently listed on the OTC (KLDI); it originally went public in 2019 via a merger with NYSE-listed SPAC Pivotal Acquisition.

KLDiscovery states that it is a leading global provider of ediscovery, information governance, and data recovery solutions to corporations, law firms, insurance companies, and individuals in 19 countries around the world. The company supported approximately 7,950 Legal Technology matters as of September 30, 2021, and currently averages over 44,000 data recoveries annually. Its client base includes 98% of the highest-grossing law firms in the US as well as 64% of Fortune 500 companies, as of December 31, 2020.

The McLean, VA-based company was founded in 2005 and booked $313 million in revenue for the 12 months ended September 30, 2021. The company has not selected a listing exchange or symbol yet (RC ticker: KDSC.RC). J.P. Morgan and BofA Securities are the joint bookrunners on the deal. No pricing terms were disclosed.