Epiq Systems Inc. (Nasdaq: EPIQ) is buying Iris Data Services for $134 million.
Kansas City-based Iris Data Services provides e-discovery services to lawyers.
Epiq, headquartered in Kansas City, Kansas, provides technology services to legal professionals. The company provides electronic discovery, bankruptcy and class action and mass tort administration. Epiq says the acquisition will help it reach a new client base.
The company announced it is exploring strategic alternatives, including acquisitions, divestitures and going private in September. Epiq says that it has received several unsolicited letters expressing interest in buying the company in its annual filing with the U.S. Securities and Exchange Commission on March 2. Credit Suisse Securities is the company's financial adviser and Kirkland & Ellis LLP is legal counsel for that process.
In March, PE-backed Inventus Solutions Inc. agreed to buy discovery-assistance business Unified OS Ltd.
KeyBanc Capital Markets and Sidley Austin LLP advised Epiq on the deal.