Beaverton software company Exterro said Wednesday it had secured an investment of more than $100 million, funding it will use to expand its technology and incorporate artificial intelligence into its products for the legal services sector.
The money comes from Leeds Equity Partners, a New York private equity firm specializing in education, training, software and information services. Exterro, which employs 250, said it would use the funding to expand its technology and boost customer service.
Founded in 2004, Exterro said it had funded its own growth without outside investment to this point. The company declined to say just how much Leeds had invested in the business or what stake in the business the new investors acquired, but said the total dollar figure was “well into the nine figures.”
That would make Wednesday’s funding among the largest investments in an Oregon tech company in several years.
Privately held Exterro has 250 employees, including 50 in Beaverton. It makes software for e-discovery, the legal industry’s term for producing electronic communication, such as email or text messages, when those documents are needed for litigation, investigations or regulatory purposes.
Clients include Siemens, Microsoft, Lockheed, Oracle, American Express, Boeing, Michelin, State Farm and MetLife, according to Exterro. The company said its current management team would remain in place, and no organizational changes are expected.