Zapproved, a provider of e-discovery software and a portfolio company of Vista Equity Partners, has been acquired by Exterro, a portfolio company of Leeds Equity Partners.
Exterro is a provider of e-discovery and privacy software that is used by corporations, law firms, managed services providers, governments and law enforcement agencies to automate legal operations, digital investigations, cybersecurity response, compliance, privacy, and information governance.
Exterro, led by CEO Bobby Balachandran, is headquartered near Portland in Beaverton, Oregon.
“Zapproved’s mission has always been to make our customers ridiculously successful,” said Monica Enand, the CEO of Zapproved. “We are confident that combining Exterro’s innovation engine with Zapproved’s world-class customer experience brings the best of the industry together in one powerful and easy-to-use solution that comprehensively addresses the critical business challenges facing our customers today.”
“I have known Monica Enand since the early days of both of our companies’ origins in Portland, Oregon,” said Mr. Balachandran. “Since inception, we have shared a common vision for providing market-leading software and support for our clients and partners, and the combination of Exterro and Zapproved will continue that vision by delivering enhanced value to our constituents.”
Leeds acquired Exterro in June 2018 and completed a recapitalization of the business in July 2022, which valued Exterro at $1 billion. The recapitalization was completed through a new continuation fund that was co-led by Coller Capital and Glendower Capital.
New York City-based Leeds Equity invests in the education, training, and information services industries. In November 2021, the firm held a final and above hard cap close of Leeds Equity Partners VII LP with just over $1.4 billion of capital commitments. Leeds Equity, founded by Jeffrey Leeds and Robert Bernstein in 1993, has raised more than $4 billion across its seven funds.
Vista Equity Partners has more than $95 billion in assets under management and makes equity investments in software, data and technology-enabled companies. The firm was founded in 2000 and has offices in Austin, San Francisco, Chicago, and New York City.
© 2023 Private Equity Professional | January 24, 2023
