- Legal tech firm’s share price up 28% on first trading day
- CEO Kiwi Camara Says Industry Begins To Shift “From Services To Software”
(Reuters) – E-discovery provider CS Disco Inc made its public debut on the New York Stock Exchange on Wednesday, with shares surging more than 28% from their opening price to close at $ 41.
The Austin-based company, which provides artificial intelligence-based software for electronic discovery, legal document review and case management to corporate legal departments and law firms, listed under the trade symbol “LAW”.
“We believe the software is coming to the legal function, this software will help automate many services that have historically been used by legal departments and law firms,” said DISCO founder and CEO Kiwi Camara in an interview as the stocks began to trade. Wednesday.
DISCO has priced the initial public offering of seven million common shares at $ 32 per share, above the expected range. Based on the company’s expectations of 56.28 million shares outstanding after the IPO, the stock’s closing price at $ 41 on Wednesday would value the company at around $ 2.3 billion.
DISCO is going public as the industry is “in the early stages of this transition from services to software,” Camara said. With the IPO under its belt, the company plans to invest and expand its go-to-market organization in the United States, Europe, Canada and possibly elsewhere, he said.
“We decided to go public because we believe there is a real opportunity to build a large independent legal technology company,” Camara said. “And we believe that being a public company makes it clear to our clients, who are general counsel of some of the largest firms in the world, as well as many law firms around the world, that DISCO can be a long-term partner. term for them, as they reflect on how technology will transform their work. “
DISCO, which was launched in 2013, was born out of Camara & Sibley, a Texas litigation boutique that Camara helped found. The company set out to “create software to automate the things we do, that wasn’t the reason we went to law school,” he said. “That’s the magic of legal technology.”
Camara said early on that there was “a reluctance to invest in legal technology because there had not really been a result in space.”
“We hope that the DISCO IPO will be a catalyst for much earlier funding and much more innovation in legal technology,” he said.
Investors have been watching the industry, with companies in a variety of legal technology and online legal services spaces, from Clio to Rocket Lawyer to Reynen Court, attracting funding over the past year. DISCO is also the latest legal technology-related company to go public in recent weeks, after online legal services firm LegalZoom Inc and Palo Alto-based software provider Intapp Inc debuted on the 1st. July. Dealmaking has also been active in e-discovery. space.
Other vendors, including Relativity ODA LLC and Exterro Inc, have also touted the promise of artificial intelligence to help transform services for legal teams, making acquisitions and revamping offerings in recent months.
Camara said what differentiates DISCO from its competitors is “how much we use technology”, stressing that DISCO is a software company rather than a service company. The benefit of using automation and AI in electronic discovery and the review of legal documents becomes increasingly important as “the volume of data involved in legal matters explodes,” he said. he declared.
DISCO, an AI-powered eDiscovery company, plans an IPO
CFO says LegalZoom will add scale, new hires after market debut
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