Editor’s Note: In this edition of “Vendor Voices in eDiscovery,” we spotlight the latest developments and achievements across the eDiscovery landscape, underscoring their significance for professionals in cybersecurity, information governance, and eDiscovery. This compilation of updates from key industry players—including Exterro’s data retention advancements, HaystackID’s award-winning AI for data privacy and cybersecurity, and Consilio’s expanded partnership with Reveal—illustrates the dynamic nature of eDiscovery and its critical role in managing data risk and enhancing legal operations. Additionally, the financial accomplishments of FTI Consulting and innovative AI integrations by DISCO and Casepoint signal robust industry growth and the increasing importance of AI technologies. As we navigate the complexities of data management and legal technology, these updates serve as essential insights for professionals aiming to stay ahead in an ever-evolving field.
Content Assessment: eDiscovery in Focus: Vendor Voices Highlight Latest Industry Milestones
Information - 94%
Insight - 92%
Relevance - 93%
Objectivity - 91%
Authority - 94%
93%
Excellent
A short percentage-based assessment of the qualitative benefit expressed as a percentage of positive reception of the recent monthly Vendor Voices update from ComplexDiscovery OÜ.
February 23, 2024, Update
eDiscovery in Focus: Vendor Voices Highlight Latest Industry Milestones
ComplexDiscovery Staff
Exterro Launches New Data Retention Solution to Enable Defensible Global Data Retention Schedules and Minimize Data Risk
Exterro, a leading data risk management software company, today announced the launch of its updated Exterro Data Retention, the world’s most trusted solution for developing defensible global data retention schedules. With Exterro Data Retention, enterprises can streamline the implementation and maintenance of retention schedules across the entire organization, providing a clear audit trail and enabling users to easily communicate the retention schedule and its requirements to both internal and external stakeholders.
HaystackID® Honored with Top Data Privacy and Cybersecurity Award at Legalweek 2024
HaystackID, a specialized data services company solving business data challenges related to legal, compliance, regulatory, and cyber events, announced today that it has won the 2024 Legalweek Leaders in Tech Law Award in the category of Data Privacy and Cybersecurity for its Protect Analytics AI™ for Relativity offering. The company also received recognition as a finalist in the E-Discovery Technology category for its HaystackID Core™ data discovery management platform during Legalweek’s fourth annual awards.
Consilio & Reveal Jointly Announce Expanded Partnership with Full Integration of Reveal’s End-to-End Platform
Reveal, the global provider of the leading AI-powered eDiscovery, review and investigations platform, announced today a landmark partnership expansion with Consilio, the global leader in legal technology solutions and enterprise legal services, enabling Consilio to expand the company’s service offerings and provide clients who leverage Reveal with an additional level of support.
FTI Consulting Reports Record Fourth Quarter and Full Year 2023 Financial Results
FTI Consulting, Inc. (NYSE: FCN) today released financial results for the full year and fourth quarter ended December 31, 2023.
For the full year 2023, revenues of $3.489 billion increased $460.3 million, or 15.2%, compared to revenues of $3.029 billion in the prior year. The increase in revenues was due to higher demand across all business segments. Net income of $274.9 million compared to $235.5 million in the prior year. The increase in net income was primarily due to higher revenues, which was partially offset by higher compensation, a 17.2% increase in selling, general and administrative (“SG&A”) expenses and higher income taxes compared to the prior year. Adjusted EBITDA of $424.8 million, or 12.2% of revenues, compared to $357.6 million, or 11.8% of revenues, in the prior year.
DISCO Announces Fourth Quarter and Fiscal Year 2023 Financial Results
CS Disco, Inc. (“DISCO”) (NYSE: LAW) today announced financial results for its fourth quarter and fiscal year ended December 31, 2023.
“We were pleased to end 2023 with a 9% increase in customer count and double-digit revenue growth in the fourth quarter,” said Scott Hill, Chief Executive Officer. “I am proud of what our team has been able to accomplish during a challenging year, including deploying key enhancements to our core platform, developing innovative AI capabilities, establishing our India operation and delivering sequential revenue growth every quarter. As we turn to 2024, we are focused on continuing to re-accelerate our revenue growth, investing to enhance our software offerings including advancing our innovative Cecilia capabilities, and strengthening our operating framework to improve our efficiency and profitability.”
Lighthouse Launches First Annual State of AI in eDiscovery Report
Lighthouse, a leader in technology-enabled eDiscovery, compliance, and information governance services, today announced the release of its first annual State of AI in eDiscovery Report. The report offers a deep dive into the current and future state of AI adoption in the legal industry and reveals gaps between individual use and organizational adoption of AI.
HaystackID’s AI Suite: Simplifying Complex Data Challenges
HaystackID’s enhancement of its Protect Analytics AI Suite represents a powerful advancement in data management for the legal and cybersecurity sectors. The integration of artificial intelligence into these tools reflects a broader trend toward technology-driven solutions in legal and corporate settings. The new features, such as Sensitive Data Identification and Entity Extraction, address the growing need for efficient and accurate analysis of vast data volumes. This development is noteworthy for professionals who need to navigate increasingly complex data landscapes while ensuring compliance and security.
Cohesity and Veritas’ Data Protection Business to Combine, Forming a New Leader in AI-Powered Data Security and Management
Cohesity, a leader in AI-powered data security and management, and Veritas, a leader in secure multicloud data resilience, today are announcing their definitive agreement under which Cohesity intends to combine with Veritas’ data protection business, which will be carved out of Veritas, to create a new leader in data security and management. Customers will benefit from the accelerated innovations unlocked by the joint company’s scaled R&D investment, its unwavering support for customer success, and one of the industry’s most extensive partner ecosystems.
Exterro’s Generative AI Tool Promises Up to 75% Productivity Boost in eDiscovery
The announcement of Exterro Assist marks an important development in the eDiscovery sector, introducing an AI-powered assistant designed to meet the industry’s evolving demands. With expectations of enhancing productivity by up to 75% and its LLM-agnostic architecture, Exterro Assist is tailored to the intricate needs of professionals in eDiscovery, cybersecurity, and information governance. This tool stands out for its emphasis on customer data privacy, ensuring that client data is not used for training its language models, reflecting a responsible and ethical approach to AI technology.
Cellebrite Announces Fourth-Quarter 2023 Results
Cellebrite (NASDAQ: CLBT), a global leader in premier Digital Investigative solutions for the public and private sectors, today announced financial results for the three and twelve months ending December 31, 2023.
“Cellebrite capped an outstanding 2023 performance with excellent fourth-quarter results marked by strong top-line growth, notable improvement in our profitability and solid cash flow from operations.” said Yossi Carmil, Cellebrite’s CEO. “We exceeded the ambitious targets we set for ourselves at the start of the year, surpassing ‘Rule of 45’ status with 27% ARR growth and an adjusted EBITDA margin of 19%. Throughout the year, our team accomplished important strategic objectives, including delivering impactful, high-value innovation, expanding key customer relationships around the world and adding key talent to our organization. Cellebrite moves into 2024 well positioned to execute on its strategic priorities with an expanded Case-to-Closure platform that enables us to address the end-to-end digital investigative needs of our public and private sector customers. Our financial targets for 2024 demonstrate the durability of our growth as we plan to deliver another year of strong ARR and revenue expansion with good potential for incremental improvement in our operating profitability.”
Optimism Amidst Challenges: Key Takeaways from the Winter 2024 eDiscovery Business Confidence Survey
This concise analysis delves into the Winter 2024 eDiscovery Business Confidence Survey, offering an invaluable glimpse into the current state and future trajectory of the eDiscovery industry. Drawing from the perspectives of 100 industry professionals, the report highlights the optimism, challenges, and strategic innovations shaping this dynamic field. As we navigate through technological advancements and evolving market demands, this piece serves as a relevant resource for legal and technology professionals alike, offering insights that promise to influence strategic decisions and operational efficiencies in the eDiscovery landscape.
Forecasting the Next Wave in eDiscovery: APT’s Salary Insights for 2024
The release of APT’s 2024 Salary Guide marks a significant milestone in the landscape of eDiscovery, legal tech, cybersecurity, and privacy sectors. Founded in 2012 by Amit Pandit, APT Search has established itself as the United Kingdom’s premier recruitment specialist in these data-driven markets. This year’s salary guide, drawing from a wealth of global industry data, provides an unparalleled lens through which professionals and employers alike can gauge the current state and future trends within these rapidly evolving fields.
Legalweek 2024: A Reasoned and Rational GenAI Revolution in the Legal Industry
Legalweek 2024 in New York City marked a defining moment for the legal industry, presenting a clear junction between traditional practices and the burgeoning era of generative artificial intelligence (GenAI). This seminal event highlighted how GenAI is reshaping legal operations, from legal research and document drafting to confronting the economic realities smaller firms and legal departments face. As the industry grapples with integrating this technology, the excitement of innovation is tempered by cautionary tales and the need for regulatory oversight to ensure professional integrity remains intact. For professionals in cybersecurity, information governance, and eDiscovery, this evolution represents a significant leap towards efficiency and democratization of legal services, yet it also demands vigilance to mitigate risks associated with such rapid technological adoption. Legalweek 2024 thus charted a critical path for the legal community, tasked with navigating the complexities of adopting GenAI while safeguarding ethical standards and professional practices at this pivotal crossroads.
New AI for Litigators
In this succinct exploration, Rob Feigenbaum and Patrick Oot wade into the expanding intersection of artificial intelligence (AI) and legal practice, particularly focusing on litigators’ application of AI tools to enhance their work’s efficiency and effectiveness. As AI’s footprint within the legal arena grows, its potential to transform traditional litigation workflows and methodologies becomes increasingly evident. This article surveys the capabilities and implications of AI tools such as Casetext CoCounsel and Prevail, highlighting how these innovations can streamline legal processes, from case research to court reporting and testimony management.
Beagle’s Ambitious AI eDiscovery Project Secures $3M Funding
Beagle’s recent $3 million seed funding round is an example of the growing interest in AI for transforming the eDiscovery landscape. As legal professionals face increasing pressures to efficiently manage document analysis and exchange in disputes, Beagle’s platform, powered by advanced machine learning and AI, offers a promising solution. This investment not only spotlights the potential for technological innovation to improve legal processes but also highlights the crucial role of skilled engineers and AI experts in driving these advancements. For professionals in cybersecurity, information governance, and eDiscovery, Beagle’s funding represents another data point for the AI-enabled promise of a smarter and more efficient approach to legal document analysis.
A Current Look at eDiscovery Review: Task, Spend, and Cost Data Points
Originally published in June 2019 and updated annually, this report on eDiscovery review task, spending, and cost information contains new data points based on recent refreshes of industry research from ComplexDiscovery OÜ. This update includes information from the 2023-2028 eDiscovery Market Size Mashup for Worldwide Software and Services and the most recent eDiscovery pricing survey conducted in November 2023. This update may be beneficial for legal, business, and IT professionals considering the business of eDiscovery and, specifically, the economics of eDiscovery review.
Array Enhances Technology Service Offerings with eDiscovery AI
Array, a leading nationwide litigation support firm, has introduced cutting-edge AI predictive coding tool, eDiscovery AI, to enhance its technology service offerings. This addition aims to revolutionize the traditional manual review process by leveraging high-speed, generative AI technology to produce accurate results and eliminate human error.
TCDI Partners with Altumatim to Elevate AI-Powered Document Review and Data Intelligence
In an innovative leap forward for legal technology and eDiscovery services, Technology Concepts & Design, Inc. (TCDI), a leader in litigation management, eDiscovery, and document review services, is excited to announce a new partnership with Altumatim, an emerging technology company providing advanced artificial intelligence (AI) solutions for discovery, investigation and document review. This collaboration is set to incorporate Altumatim’s Autonomous Review™, as well as generative AI into TCDI’s eDiscovery, review, and investigation workflows through the power of customized Large Language Models (LLMs).
Level Legal’s Seeber Wins Vistage 2024 Leadership Award
Joey Seeber – co-founder and CEO of the Dallas-based forensics, eDiscovery, managed review, and consulting company Level Legal – won the 2024 Leadership Award from Vistage Worldwide, Inc.
Vistage is the world’s largest CEO coaching and peer advisory organization for small and midsize businesses. Its Leadership Award celebrates a member’s enduring excellence, recognizing the impact that person has had on the business, Vistage group, and community. Leadership Award winners have made significant changes in their businesses that lay the groundwork for a strong future.
BlueStar Case Solutions Innovates eDiscovery with AI and Human Intelligence Integration
BlueStar Case Solutions, a prominent figure in eDiscovery and data solutions, has announced the launch of its Next-Gen Solutions, marking a significant leap in the integration of Artificial Intelligence (AI) and Human Intelligence (HI) to revolutionize the review of electronic evidence. This innovative approach, unveiled on January 24, 2024, aims to significantly enhance the efficiency and accuracy of legal teams in handling Electronic Stored Information (ESI).
Dataparser Supports Delivery To AWS
17a-4’s DataParser , the leading independent connector solution to bring third party data into archives and eDiscovery systems, has added support for AWS . Amazon S3 Object storage is built to organize and manage data in ways that support specific use cases, enable cost efficiencies, enforce security, and meet compliance requirements. Clients can now send any DataParser supported data source into AWS.
Consilio Launches Comprehensive Complete AI Suite to Streamline eDiscovery
Consilio, the global leader in legal technology solutions and enterprise legal services, today announced the launch of Complete AI, an AI-enabled platform of solutions for efficient, high-quality legal workflows solving key legal and compliance use cases, including investigations, document summaries and review, sensitive data analysis, and risk assessment. Built leveraging Consilio’s responsible approach to AI leadership, Complete AI increases the speed-to-insights over traditional eDiscovery processes while helping clients control costs.
DISCO Unveils Cecilia Deposition Summaries, an Advanced Tool That Gives Lawyers Fast Analysis of Witness Testimony
DISCO (NYSE: LAW), a leader in AI-enabled legal technology, announced today the launch of Cecilia Deposition Summaries (“Depo Summaries”), which will be made available for select customers in private access. Depo Summaries is a generative AI-driven solution that is designed to let legal professionals automatically create deposition summaries, easily navigate to key points, and reduce the need for multiple team members to review numerous lengthy deposition transcripts.
Nuix Announces 1H24 Results and Nuix Neo Update
Global software company Nuix (‘the Company’, ASX: NXL) announces its results for the half year ended 31 December 2023 in line with the recent trading update. Nuix also today updates the market on the progress of the early stages of the rollout of Nuix Neo.
KLDiscovery’s eDiscovery Franchise Program Is Now Available in All 50 US States
KLDiscovery Inc. (“KLDiscovery” or the “Company”) announced today that the KLDiscovery® eDiscovery Franchise Program is now available in all 50 US states. As a leading global provider of data management, information governance, eDiscovery, and data advisory services solutions, the KLDiscovery Franchise Program leverages the Company’s proven eDiscovery business model, global footprint, around-the-clock client support, and full technology stack to create a point-of-entry for legal technology entrepreneurs and adjacent businesses across the country to establish an eDiscovery business.
Casepoint Launches End-to-End FOIA Management Solution
Casepoint — the industry leader in legal discovery technology for litigation, investigations, FOIA, and compliance — today announced the launch of Casepoint FOIA, designed to transform the handling of Freedom of Information Act (FOIA) requests for federal agencies. With the release of Casepoint FOIA, Casepoint combines FOIA workflow tracking and management, a client portal, and payment integration with the power of its AI-powered eDiscovery platform — eliminating the need for either a limited-capability legacy FOIA solution or multiple solutions. Casepoint FOIA is built on Casepoint’s FedRAMP-Authorized cloud platform.
Harbor Acquires Pinnacle, Expanding Presence in UK, Europe and Asia Pacific
Harbor today announced its acquisition of Pinnacle, a leading legal technology and managed services provider in the UK, Europe, North America, and Asia Pacific. This expansion enables Harbor to offer its full portfolio of expert services across strategy, legal technology, operations, and intelligence to law firms and corporate law departments internationally.
AI Tools for Judges
In a cogent reflection on the evolution of the judicial system, “AI Tools for Judges” explores the transformative impact artificial intelligence (AI) is poised to have on litigation processes. Authored by Rob Feigenbaum and Giel Stein, the article illuminates the insightful remarks made by Chief Justice Roberts in his 2023 Year-End Report on the Federal Judiciary, particularly highlighting the potential of AI to streamline the resolution of cases in a manner that is just, speedy, and inexpensive. Through a concise exploration of emerging technology platforms designed to augment the efficiency of judges, Feigenbaum and Stein shed light on how these innovations can significantly reduce the time judges spend on case preparation by enabling more effective access and analysis of deposition and hearing testimonies.
The Pulse of M&A Activity: January 2024 HSR Transactions and Economic Analysis
The beginning of 2024 witnessed a slight uptick in Hart-Scott-Rodino (HSR) premerger notifications, with January reporting 170 transactions. This increment comes after a December count of 160, indicating a gradual increase in merger and acquisition (M&A) activities. The broader economic context, as outlined by the U.S. Bureau of Economic Analysis (BEA) and insights from EY, suggests a cautiously optimistic outlook for deal-making in 2024, underpinned by a gradual rebound in the deal market and renewed CEO enthusiasm for M&A activities.
Stay Ahead in 2024: A Concise List of eDiscovery Events (Running Update)
The workplace and workspace environments have evolved significantly in recent years, leading to a decrease in traditional office meeting opportunities. This shift has necessitated the need for legal, business, and information technology professionals in cybersecurity, information governance, and legal discovery to seek alternative avenues for education, awareness, and demand-generation opportunities. This update provides a non-exhaustive list of eDiscovery-related events, conferences, and meetings that are scheduled to take place in 2024. This list serves as a valuable starting point for individuals and organizations looking to stay informed and engaged in the eDiscovery space.
ComplexDiscovery is a distinguished digital publication that delivers journalistic insights into cybersecurity, information governance, and eDiscovery developments and technologies. Learn more today at ComplexDiscovery.com.
Assisted by GAI and LLM Technologies
Previous Vendor Voice Updates
- Vendor Voices in eDiscovery: From Mobile Collections and MEDAL to Announcements and Acquisitions (January 25, 2024)
- Vendor Voices in eDiscovery: From No-Poach Prosecution and Industry Hires to AI Ethics and eDiscovery Pricing (complexdiscovery.com) (December 15, 2023)
- Vendor Voices in eDiscovery: From AI Benefits and International Tax to Industry Acquisitions and Provider Earnings (complexdiscovery.com) (November 15, 2023)
- Vendor Voices in eDiscovery: From EDRM and LLM to M&A and FTK (complexdiscovery.com) (October 18, 2023)
- Vendor Voices in eDiscovery: Arrivals, Departures, and Overestimations (complexdiscovery.com) (September 20, 2023.
- Vendor Voices in eDiscovery: Artificial Intelligence, Acquisitions, and ILTACON Announcements (complexdiscovery.com) (August 22, 2023)
- Vendor Voices in eDiscovery: From AI-Enabled Discovery to Industry Announcements and Investments (complexdiscovery.com) (July 25, 2023)
- Vendor Voices in eDiscovery: From Remote Collection and New Business Models to Pricing, Partnerships, and Promotions (complexdiscovery.com) (June 16, 2023)
- Vendor Voices in eDiscovery: From New Zealand and London to AI and Investigations (complexdiscovery.com) (May 18, 2023)
Additional Reading
- eDisclosure Systems Buyers Guide – Online Knowledge Base
- A Running List: Top 100+ eDiscovery Providers
Source: ComplexDiscovery OÜ
