CHICAGO, Feb. 3, 2015 /PRNewswire/ -- kCura, the developers of the e-discovery software Relativity, today announced it will be taking on a long-term, minority investor for the first time, raising $125 million from San Francisco-based ICONIQ Capital.
kCura will remain privately owned and independent, and the funds will allow the company to raise their level and pace of innovation within e-discovery by investing significantly in their people, their technology, and their community of users. kCura intends to accelerate the build-out of Relativity—a fully featured platform for managing electronic data around litigation, investigations, compliance, and related processes—to respond quickly and strategically to market needs.
Relativity has more than 110,000 active users worldwide from organizations including the U.S. Department of Justice and 195 of the Am Law 200. The software is being used to manage more than 50,000 matters, including the most complex and largest cases today, some involving hundreds of millions of documents.
"Our industry is evolving rapidly—it's no longer a boutique business—and remaining competitive will require an extensive amount of resources," said Andrew Sieja, president and CEO of kCura. "Our customers want a single technology platform that offers best-of-breed technology in every phase of the e-discovery process, as well as for internal investigations and compliance. At the same time, they're dealing with increasing volumes of electronic information, and need progressively smarter, easier ways to get a better understanding of that data. We want to continue delivering that for them."
ICONIQ Capital is an investment firm closely associated with the founders and executives of many of the most successful companies in the world.
"We're very excited to be working with ICONIQ Capital to ramp up our growth in a smart way, while retaining our autonomy," said Sieja. "They have the investor mindset to take a long-term view of companies like ours, they have strong expertise in high-growth software companies, and they have an unparalleled network. They're the ideal partner for us."