Bangalore, Oct 23 (ANI/Business Wire India): Stratify Software India Private limited, a subsidiary of Stratify Inc, one of the largest providers of eDiscovery services for the legal and compliance markets, headquartered in California, today announced that Iron Mountain Incorporated, the global leader in information protection and storage services, has completed its acquisition of Stratify.
The deal is valued at approximately 158 million dollars in cash. Stratify a leader in advanced electronic discovery services for the legal market, offers in-depth discovery and data investigation solutions for AmLaw 200 law firms and leading Fortune 500 corporations. With this acquisition, Iron Mountain augmented its suite of eDiscovery services.
Iron Mountain now has a complete, end-to-end Discovery Services solution that efficiently manages paper and digital information for discovery and data investigations, compliance and associated records management, and litigation matters. Stratify Software India Pvt. Ltd, the Indian arm of Stratify, Inc., is now poised to play an increasingly crucial role in the legal technology domain.
As the risks and volume of litigation and regulatory investigations continue to grow, so do the complexities associated with managing the exponential growth of information. With Stratify's acquisition Iron Mountain will expand its core data protection and management capabilities by integrating Stratify's advanced service offerings that address discovery issues for both paper and digital records.
The integration of Stratify suite with it's current services will enable Iron Mountain to directly help businesses minimize the risks of eDiscovery by simplifying the electronic discovery process to facilitate a secure chain of custody, increasing the accuracy and consistency of review, and enabling attorneys to easily identify and protect privileged documents during review.
"Forrester estimates eDiscovery technology spending to touch .8 billion by 2011. 90% of this spending would be on data processing, the review platform and document production. Stratify Software India has, over the years, developed substantial competence in delivering these capabilities." said Parveen Mittal, General Manager, Stratify Software India Pvt. Ltd. "Stratify India team has made significant contributions in application development and client services at Stratify. The team continues to be an integral part of the company's scaling-up plans".
As a division of Iron Mountain Digital, Stratify continues to provide its market-leading electronic discovery services and software to AmLaw 200, Fortune 500 and other firms for investigative, regulatory and litigation matters, augmented by Iron Mountain's scale and distribution. In addition, Iron Mountain customers will now be able to maximize their investment in Iron Mountain Digital's storage and data protection solutions by leveraging the capabilities of Stratify's solution integrated as a value-added service.
The Stratify Legal DiscoveryT service enables organizations to drive down the Total Cost of Review by providing in-house and outside counsel with a comprehensive, easy-to-use, high-productivity review and analysis solution. Stratify has consistently pioneered new electronic discovery capabilities including concept-based review, near-duplicate detection and visual email analytics that enable customers to achieve review rates that are significantly higher than in-house systems and other online review systems.
The Stratify Legal Discovery service provides attorneys a single review platform for scanned paper and native electronic documents, securely managing documents through the entire discovery lifecycle. Stratify's complete feature support for European and complex, multi-byte languages such as Chinese, Japanese and Korean removes all barriers to in-depth eDiscovery for corporations active in today's expanding global economy.
"Joining the Iron Mountain Digital family represents the next evolutionary development for Stratify's electronic discovery and information management solutions and business," said Ramana Venkata, CEO and founder of Stratify.
"Integrating our advanced electronic discovery and data investigation capabilities with the industry leading data protection and records management provider is critically important to cater to the critical needs of customers who face increasing regulatory and legal discovery obligations and rapidly rising costs. With Stratify, Iron Mountain is now the only company that can collect, protect and store an organization's information, consolidate matter-specific information from external parties, and deliver high-productivity results through people, process and unique underlying technology to handle investigations and discovery requirements quickly and cost-effectively," Venkata added.