- Combines Two Leaders in the eDiscovery and Critical Information Management Markets
- Expands Proprietary IP Portfolio of FTI's Global Technology Segment
- Accelerates Penetration of Corporate Market for in-house eDiscovery Processing
- Broadens Newly Launched 'Business Partners' Channel
- Creates the Most Powerful Research & Development Team in the eDiscovery Industry
NEW YORK, June 10 /PRNewswire-FirstCall/ -- FTI Consulting, Inc.(NYSE: FCN), the global business advisory firm dedicated to helpingorganizations protect and enhance their enterprise value, today announced thatis has signed a merger agreement to acquire Attenex Corporation, a leadingeDiscovery software provider. The total purchase price for the transaction isapproximately $88 million in cash and is expected to close in the thirdquarter of 2008 after expiration of the HSR waiting period. After amortizationof intangibles, the acquisition is expected to be neutral to FTI's earningsper share in 2008 and accretive in 2009. Attenex had revenue of approximately$25 million in 2007.
Founded in 2001 in Seattle, Washington, Attenex is a globally-recognizedleader in the eDiscovery marketplace. Its innovative enterprise class AttenexPatterns(R) eDiscovery software automates data processing and providespowerful visualization tools for quickly analyzing massive amounts ofelectronically stored information (ESI). Attenex will be integrated into theFTI Technology segment. Kathryn Hardie, JR Jesson, Mike Kinnaman and Joe Whitewill join FTI as senior managing directors in the Company's Technologysegment.
'We are very pleased to announce this important acquisition for FTI andits Technology segment. In Attenex, we add a market leader with a proven trackrecord in the development and deployment of integrated enterprise classsolutions for the eDiscovery market,' said Jack Dunn FTI's president and chiefexecutive officer. 'As with our watershed acquisition of Ringtail, thepurchase of Attenex coupled with our newly forged strategic partnership withEndeca Technologies, Inc., also announced today, underscores our commitment tobeing the market leader in this rapidly growing business. Most importantly,these two steps complete our desire to create the largest, most robusteDiscovery company -- one that has visionary R&D, proprietary state of the artsoftware, global distribution and fulfillment, and the leadership to continuerapid growth and to anticipate evolving client needs.'
'The combination of FTI and Attenex joins two of the most well respectedbrands in the industry and creates the most robust set of eDiscoverycapabilities within a single organization,' said David Remnitz, leader of theFTI Technology segment. 'This transaction extends our range of proprietarysoftware technologies, enhances our position within the rapidly growingcorporate market for eDiscovery products and services, and accelerates thegrowth and expands the contribution of our scalable software licensing andprocessing revenues.'
FTI expects that the acquisition of Attenex will bring with it a number ofstrategic advantages including:
-- Enhanced positioning in the eDiscovery marketplace: Widely recognized by corporations and law firms as leading eDiscovery software providers, both companies are well-established players with distinguished brands and proven track records. Attenex and FTI are two of the market's top five eDiscovery software vendors, according to the 2007 Socha-Gelbmann Electronic Discovery Survey.