Growth Driven By E-Discovery Initiatives Focused on Processing, Analysis and Review, Which Deliver Rapid Payback and Highest ROI
MOUNTAIN VIEW, Calif. — April 30, 2009 — Clearwell Systems
, Inc., a leader in intelligent e-discovery, today announced that it achieved profitability during the first fiscal quarter of 2009 due to record bookings and revenues. Revenues in Q1 2009 increased by more than 250 percent over the corresponding fiscal period last year. Bookings, defined as the value of new orders received, increased by 73 percent in the quarter when compared to the fourth quarter of 2008.
Demand for the Clearwell E-Discovery Platform
reached an all-time high as more enterprises are bringing e-discovery in-house to significantly reduce costs. According to Gartner, "Electronic discovery will be close to the top of many organizations’ IT project agendas in 2009, and will remain important for years to come, regardless of the state of the economy."(1) In particular, companies are prioritizing efforts to streamline the most expensive phases of e-discovery — namely, the processing, analysis and review of electronically stored information. Using the Clearwell E-Discovery Platform, customers have reduced processing and downstream attorney review costs by up to 80 percent and achieved a full return on investment within 3-6 months. This rapid payback has enabled many companies to use Clearwell as the way to meet their corporate mandates of lowering overall legal expenses.
Clearwell’s bookings and revenue growth have been driven by widespread adoption of the Clearwell E-Discovery Platform across all key industry verticals. Sample customers include:
- High Technology: HP, Microsoft Corporation
- Manufacturing: The Boeing Company, The Dow Chemical Company, Toyota Motor Sales U.S.A, Inc.
- Financial Services: Experian, Fannie Mae, J.P. Morgan
- Pharma/Healthcare: Blue Cross Blue Shield of South Carolina, Johnson & Johnson, Medical Mutual of Ohio
- Energy: BP, Dominion, Valero Energy Corporation
- Media & Entertainment: NBC Universal, Marvel Entertainment, Inc., Viacom
- Consumer/Services: The Coca-Cola Company, FedEx, Wal-Mart Stores, Inc.
- Federal Government: Canada Competition Bureau, U.S. Department of Agriculture, U.S. Department of Health and Human Services
- State/Local Government: City of Dallas, Nassau County, Office of the New York State Attorney General
“In the current economic climate, there is greater urgency around reducing every unnecessary expense. E-discovery costs are clearly an area where companies can achieve massive cost savings, primarily by reducing the amount they spend on processing and downstream review,” said Aaref Hilaly, president and CEO of Clearwell Systems. “This has led to an unprecedented demand for enterprise-class e-discovery software like Clearwell, which has been proven to make the biggest and most immediate impact on lowering costs.”
About Clearwell Systems
Clearwell Systems is transforming the way enterprises perform electronic discovery in response to litigation, regulatory inquiries, and corporate investigations. By automating the processing, analysis and review of electronically stored information, Clearwell enables enterprises to accelerate early case assessments, lower processing costs, reduce review workload, and gain control of electronic discovery. Clearwell was ranked a Top 5 E-Discovery Software Provider Overall in the 2008 Socha-Gelbmann Electronic Discovery Survey. For more information, visit www.clearwellsystems.com or read the E-discovery 2.0 blog at: http://www.clearwellsystems.com/e-discovery-blog/.
(1) “Reduce The Cost and Risk of E-Discovery in 2009,” by Gartner, Inc., Debra Logan and John Bace. January 9, 2009.