Houston-based CloudNine, the provider of an eDiscovery automation software designed for the simplification of litigation, investigations, and audits, announced the completion of a major funding round led by private equity Crest Rock Partners of Denver.
Financial terms were not disclosed, however, CloudNine announced the latest funding would augment capacity to expand its product offerings and would help fund future acquisitions. Partners and co-founders of Crest Rock, Steve Johnson and Jeff Carnes will join the CloudNine Board of Directors, according to the company’s announcement.
Founded in 2002, CloudNine is headquartered in Houston, with firms across the country including Raleigh, North Carolina, and Dayton, Ohio, as well as remote employees working throughout the U.S.
According to CloudNine, the company’s cloud-based or on-premise software products are actively used by more than 1,000 law firms, legal services providers, government agencies, and corporations. eDiscovery automation enables customers to reduce costs associated with the collection of electronic data.
A portion of the funding will be used to hire additional talent, with plans to grow the company by 50% in the next three years, as well as developing new software offerings that will continue to assist in the simplification of the e-discovery process for current and future client base.
“Since CloudNine’s inception, we have been helping businesses navigate the intricacies of eDiscovery technology. Within the last decade, the rapid addition of new communication mediums has made identifying, collecting, and storing information in response to a request for production in a lawsuit or investigation more difficult than ever to capture and process," Tony Caputo, CEO of CloudNine said. "Corporations, law firms, and other legal service providers need strong partners like CloudNine to automate the process in an easy and intuitive manner. This investment capital will enable us to increase our investment in additional product offerings and allow both new and existing customers to rely on CloudNine to manage eDiscovery complexity."