Deal of the Month: Tech Enabled eDiscovery and Computer Forensics Business ($5.1m EBITDA)

Project Paragon is an eDiscovery and computer forensics services business focused on law firms and legal departments globally. 

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Deal Snapshot

Project Paragon is a business unit of a large international corporation being considered for sale given its non-core nature. Paragon serves both corporate clients and law firm clients in North America and internationally. The Company has built a strong book of tech-enabled litigation support revenue and a core team of highly experienced personnel. 

• Revenue: $20.5 million
• EBITDA: $5.1 million – Margin
• Industry: Professional Services
• Services: eDiscovery processing, data hosting, consulting, computer forensics
• Mandate: Carve-out the business unit to create an autonomous business with an eye toward continued organic growth and expansion through add-ons
• Notes: Strong preference for a sponsor with industry knowledge; management in place with a deep bench of “riverguides” to add to the executive team

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Deal Highlights

• Industry and Company Growth: LegalTech has seen an aggressive pursuit of investment capital and M&A over the last few years. The global eDiscovery market is projected to be worth $18.7 billion in 2025 and reach $39.3 billion by 2032, exhibiting a CAGR of 11.1% driven by exponential litigation document and data growth. 

• Management: Paragon is currently led by a team of leaders who have significant industry experience and poised to grow the business. Paragon expects to continue its growth as lawyers increasingly rely on service providers and technology. Once broken off, Paragon can propel high organic growth along with an opportunity to be acquisitive.

• Financials: The business unit is very well run and highly profitable. The TTM carve-out shows approximately $20.5M of revenue with an EBITDA of approximately $5.1M. 

• Strong Customer Base: The revenue is well distributed amongst both Corporate clients and law firm clients in North America and internationally. There is tremendous upside through organic growth as well as add-on opportunities (some of which have been identified by the banker).

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Next Steps

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