Portland, US headquartered software provider for legal governance, risk, and compliance (GRC) Exterro has announced raising an undisclosed amount of equity capital as part of a continuation vehicle transaction, taking its valuation to over $1 billion.
The company will utilise the capital to grow its GRC portfolio through mergers and acquisitions and product development. It will also develop new initiatives for law firms and service providers and grow its product for digital forensics, and target global expansion.
In the current round, Exterro completed a strategic recapitalisation and raised additional capital from a group of institutional investors co-led by Coller Capital and Glendower Capital.
Bobby Balachandran, Founder and CEO of Exterro, said, “We are targeting a 2023 IPO. It has been some time since we crossed the $100 million Annual Recurring Revenue (ARR). We have quadrupled our revenues after partnering with Leeds Equity in 2018.” He said the company also planned on closing four to five meaningful acquisitions ahead of its public listing to expand its suite of products in cybersecurity compliance and to add geographical expertise.
Exterro claims to work with nearly 3,000 customers globally offering GRC platform to businesses including the likes of Boeing, United Healthcare, American Express, Aflac, and Oracle. The company works on a Software-as-a-Service (SaaS) model and offers a platform to automate interconnections of privacy, legal operations, digital investigations, cybersecurity response, compliance, and information governance.
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