RenewData Completes Internal Round of Funding to Support Continued Rapid Growth
Press release: Discovery Company Experiences 247% Growth in Demand of Data Processed
AUSTIN, Texas – March 21, 2007 – RenewData, a leader in discovery services for law firms and corporations, announced today that it had raised $5 million in a Series D financing from existing investors ABS Capital Partners and CIBC Capital Partners. Since its previous financing in August 2006, the Company has named Ellery Buchanan, an experienced executive, as CEO; recruited several new senior managers; enhanced its board of directors—all while experiencing significant growth. The capital will be used to support management’s forward plan—including planned investments in technology, quality initiatives, and sales & marketing.
“We have implemented a number of changes, including an experienced team of discovery professionals, and we are continuing to invest in the technological infrastructure. We are highly focused on continued improvements in both speed and quality for our customers, and further solidifying our position as a leader in our market.” said Ellery Buchanan, CEO of RenewData.
With the amount of data processed by RenewData more than doubling from 2005 to 2006, the Company recently expanded its Austin, Texas corporate headquarters. The increase of 8,000 square feet brings the total administrative and processing space to 43,000 square feet. Proceeds from the funding round will allow RenewData to scale both physically and technologically in order to meet the demands of their clients.
“RenewData has aligned their services around the discovery process, from identification to production” said George Socha of Socha Consulting, “They have been ranked as one of the top five electronic discovery service providers in our Socha-Gelbmann Electronic Discovery Survey report for the last two years, and appear to be focused on continuing to enhance their discovery services in order to meet the needs of their customers.”
RenewData’s customer-centric approach has also included hiring a number of legal and technical experts, making their employees a powerful resource for their customers. As a result of their strategy, 2006 held a great deal of success:
- Selected as one of the top electronic discovery providers in the 10th Annual AmLaw Tech Survey.
- Ranked as a “Top 5″ electronic discovery service provider for the second year in a row by the Socha-Gelbmann Electronic Discovery Survey Reports for 2005-2006
- 247% increase in amount of data processed from 7.4 petabytes in 2005 to 18.3 petabytes in 2006
- Ranked 135th in the Inc. 500 fastest-growing privately held companies in the U.S.
- Named as 2nd fastest-growing private company in Central Texas by the Austin Business Journal for the second year in a row in the more than $10 million in revenue category
With the electronic discovery market predicted to grow 47% in 2007 according to Socha Consulting, RenewData anticipates further growth in their core market as well as adding new, complementary services for their customers.
About RenewData
RenewData® is a leading provider of electronic evidence services that enable law firms and corporations to manage digital data, email and user files as evidence. RenewData leverages its legal expertise with scalable technology solutions to respond to customer needs for secure, accessible and manageable data in a cost effective and timely manner. It specializes in the five critical steps of the electronic evidence process for litigation readiness: Planning; Preservation and Collection; Processing; Production; and Review. RenewData is ranked a “Top Five” electronic discovery service provider by the 2005 and 2006 Socha-Gelbmann Electronic Discovery Survey Report. RenewData was ranked 135 in the 2006 Inc. 500 fastest-growing privately held companies in the U.S., and is a founding member of the Electronic Discovery Reference Model (EDRM) project. For more information, visit www.renewdata.com or call 888.811.3789. To get RenewData news directly, visit http://renewdata.com/rdcrss.php.
RenewData is a registered trademark of Renew Data Corp.
RenewData disclaims any proprietary interest in the marks and names of others.
Contact
Jessica Sjölseth | Communications Manager | 512.276.5531 | jsjolseth@renewdata.com
Mentions: Renew Data Corp. - web site | Socha Consulting listing
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