KLDiscovery, a provider of eDiscovery, information governance, and data recovery solutions, withdrew its plans for an initial public offering on Tuesday. It originally filed in November 2021 with a proposed deal size of $100 million.
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. As of December 31, 2020, its client base included 98% of the highest-grossing law firms in the US as well as 64% of Fortune 500 companies.
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 had not selected a listing exchange or symbol (RC ticker: KDSC.RC). J.P. Morgan and BofA Securities were set to be the joint bookrunners on the deal.
