Exterro Receives Series-A Funding
Investment Will Be Used to Expand the Company's Product Offerings, Executive Team, and Global Operations
Portland, OR – (Marketwire – January 26, 2007) – Exterro, a leading provider of litigation support and discovery management technology for the legal industry, announced that it has received a major Series A investment 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 enabled Exterro to hire a leading expert in the legal industry, along with additional marketing and development staff.
Future plans included opening offices in New York and Washington, D.C., as well as other strategic locations during 2007, while accelerating the development of new and innovative products.
Commenting on the recent investment, Exterro CEO Bobby Balachandran said:
“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 greater control over discovery and litigation support processes. This need creates 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 discovery and litigation support.”
Exterro is led by an executive team with more than 70 years of combined industry experience, particularly in developing litigation management systems.
By leveraging Exterro’s technology, legal professionals can 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 at Tonkon Torp LLP:
“Exterro has created the legal industry’s first fully integrated Discovery Management Platform that addresses the needs of corporations involved in litigation. It focuses on controlling the rapid growth of discovery, particularly with changes to the Federal Rules of Civil Procedure related to electronically stored information. Exterro’s ability to manage discovery risks through collaboration, automation, and integration of legal teams is game-changing technology.”
A 2006 Fulbright Study revealed that the average litigation expenditure for surveyed companies is $12 million, with many organizations spending considerably more.
Exterro introduced its technologies at a time when greater efficiency in the litigation process is critically needed, especially following amendments to the Federal Rules of Civil Procedure related to electronic discovery.
