Private equity firm Silver Lake has agreed to make a strategic growth investment in Chicago-based electronic discovery software company Relativity to help accelerate the adoption of the latter's technology offering at government and commercial organizations.
The company said Thursday it seeks to grow the service provider network and client base for the RelativityOne e-discovery product while driving sales of its artificial intelligence-powered Relativity Trace communication surveillance platform.
As part of the agreement, Silver Lake representatives will join Relativity's board of directors and Iconiq Growth will retain its investor position in the software company.
Reed Smith and Simpson Thacher & Bartlett respectively acted as legal advisers to Relativity and Silver Lake on the transaction, while Qatalyst Partners served as financial adviser to the e-discovery technology vendor.
RelativityOne achieved authorization to operate status under the Federal Risk and Authorization Management Program in late 2020 at the moderate impact level.
The cloud-based platform is designed to help users discover and organize electronic documents with unstructured content that can be used in case investigations, litigation and compliance efforts.