Investment Will Be Used to Expand the Company's Product Offerings, Executive Team and Global OperationsPortland, OR - (Marketwire - January 26, 2007) - Exterro, a leading provider of litigation support and discovery management technology to the legal industry, today announced the receipt of a major investment in Series-A funding from private investors to expand operations and launch its products. Headquartered in Portland, Oregon, the company has offices and a development center in Chicago, Dallas, San Francisco and Coimbatore, India. The funding allowed Exterro to hire a leading expert in the legal industry, in addition to marketing and development staff. Future plans include offices in New York/Washington, D.C. and other strategic locations during 2007, as well as speeding the development of new and innovative products.
Commenting on the recent investor funding, Exterro CEO Bobby Balachandran noted:
"According to a leading analyst study, three-quarters of all global companies will be involved in regulatory or legal action that requires a systematic approach to legal discovery. It's no surprise then that both law firms and corporate legal departments are seeking to take greater control of discovery and litigation support processes. This need holds out tremendous opportunity for technology companies that can help legal professionals better manage these processes. Our recent funding demonstrates investor recognition that Exterro can help law firms and their corporate clients effectively manage the discovery and litigation support process."
Exterro is led by an executive team with more than 70 years of industry experience, most notably in the successful development of litigation management systems. By leveraging Exterro's technology, legal professionals can at last efficiently automate, monitor and track discovery processes, collaboration, project costs, schedules and vendor performance.
According to Robert L. Carey, Chair of the Labor & Employment Practice Group, Tonkon Torp, LLP: "Exterro has created the legal industry's first fully integrated Discovery Management Platform that speaks to the needs of corporations in litigation. It is focused on the need to control the rapid growth of discovery, particularly with the changes to the Federal Rules of Civil Procedure as relates to the handling of electronically stored information. Exterro's ability to manage discovery risks using its Collaboration, Automation & Integration of legal teams is 'game changing technology.'"
A 2006 Fulbright Study revealed that the average litigation expenditure for those companies surveyed is $12 million. For many companies, the cost associated with litigation is considerably higher. Exterro is bringing its technologies to market just as efficiencies in the litigation process are needed most, particularly with the impact of the amendments to the Federal Rules of Civil Procedure.