RenewData bought for at least $70M by D.C.-based company

Dec 11, 2014
Austin Business Journal

RenewData Corp. has been acquired by Washington, D.C.-based LDiscovery LLC


LDiscovery announced that the company will keep its name and Austin address


Financial terms of the deal were not disclosed. However, New York-based Abacus Finance Group LLC revealed Tuesday that it provided $70 million in financing to enable the acquisition. The deal, which was announced Nov. 17, came just weeks after LDiscovery bought Flash Data Solutions, a New York-based litigation support company


LDiscovery, founded in 2005, employs 230 workers, according to a company news release


Austin-based RenewData, which was founded in 2001, provides electronic discovery services for law firms and corporations. It employed 105 workers in 2012. The company named Jim Blayney as CEO in April 2011


In 2012, RenewData reported raising $5.3 million of a planned $6.2 million equity offering. The company collected the capital from nine investors, according to a filing with the U.S. Securities and Exchange Commission


The financing increased to $60 million the amount of investment capital the company had raised since launching. At the time, RenewData planned to use the capital to market a new online document organizer called Libreeze, executives said


In August 2009, RenewData acquired New York-based Digital Mandate Inc. for an undisclosed amount



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