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Legal tech firm Disco becomes latest Austin firm to go public




Austin-based legal tech firm Disco became the last Austin company to go public on Wednesday and saw its shares rise from its first day on Wall Street.

Shares of Disco debuted at $ 32 per share on the New York Stock Exchange, under the symbol “LAW”. The stock price rose rapidly and ended its first day of trading up $ 9.67, or 30.2%, closing at $ 41.67.

The legal technology company’s initial public offering provided for the sale of 7 million shares at $ 32, with the underwriters of the offering having the option to purchase an additional 500,000 shares. If all options are exercises, the IPO could be worth over $ 240 million.

Austin-based legal technology firm Disco became the latest Central Texas firm to go public on Wednesday.

Disco creates an artificial intelligence-based platform to help law firms and corporate legal teams. CEO Kiwi Camara founded Disco in Houston in 2013 and moved its headquarters to Austin in 2018.

Camara said Disco strives to position itself as a general advisor to tech companies when they need technology to impact and streamline their work.

It’s an eight-year journey and where we are today is really a testament to the incredible work of the team, said Camara.

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Disco CEO Kiwi Camara chats with employees at the company's Austin offices in this 2019 file photo. Disco debuted on Wall Street on Wednesday.

The company has twice revised its expected share price before the opening. Last week he estimated the stock price would be between $ 26 and $ 29 per share, and earlier this week the company estimated it would be between $ 30 and $ 31.

Disco’s flagship e-discovery software helps lawyers gather evidence without the need for third-party technologies or services. It also has software designed to help with case management, compliance, legal document review, litigation, investigations, and data collection, all for legal teams and government agencies.




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