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Conversation: What Does The Recommind Acquisition Mean For eDiscovery And Legal Tech?

Big news in the legal tech space.

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RecommindYesterday’s big news about Cravath moving first year salaries to $180K has overshadowed some pretty significant legal tech news: OpenText’s announcement that it has signed a deal to acquire eDiscovery provider Recommind for $163 million. Many lawyers, particularly litigators, might be familiar with Recommind, but may not have heard of OpenText (OTEX) a multi billion dollar Canadian software company who will now, apparently, be a player in the eDiscovery space.

The announcement was light on details, leaving quite a few questions to the imagination, most notably, why did Recommind sell for just $163 million (we should all be so fortunate!) when it has annual revenues of between $70-80 million? To help me speculate wildly put this deal in some context and figure out what it means for the for the market, I’ve invited on two experts: lawyer and legal tech blogger Bob Ambrogi (who just posted his first legal tech column on ATL yesterday) and Joshua Fireman, a strategic consultant for law firms and the president of Fireman and Company. Follow along as our conversation unfolds.

Zach Abramowitz is a former Biglaw associate and currently CEO and co-founder of ReplyAll. You can follow Zach on Twitter (@zachabramowitz) or reach him by email at zach@replyall.me.

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