Akron- based private investment firm Signet LLC has sold the majority ownership of their award-winning eDiscovery managed services company, eTERA, which grew from start-up to industry-leader since its inception in 2004.
Signet LLC sells majority ownership of data management services company
By Crain’s Cleveland Business
January 25, 2019
Signet LLC just did something it’s not very accustomed to doing: It sold a company.
The Akron investment and development company is much more accustomed to buying companies to add to its portfolio. But on Thursday, Jan. 24, Signet announced the majority ownership sale of eTERA Consulting, which provides data management services, to HaystackID.
Read the rest of this article on Crain’s Cleveland Business here.
Signet LLC Announces Sale of eTERA Consulting to HaystackID
AKRON, OHIO (PRWEB) JANUARY 23, 2019
Private investment firm Signet LLC’s executive leadership have announced the majority ownership sale of their industry-leading eDiscovery managed services company, eTERA Consulting, to HaystackID. Signet LLC Principals have disclosed that as a part of the transaction they have received a minority interest in the acquiring entity, HaystackID. The transaction was facilitated by Signet LLC’s wholly-owned sell-side advisory firm, Signet Capital Advisors.
eTERA has been in Signet LLC’s portfolio since 2004, when it was created as a start-up company offering document management services to law firms and corporations. The award-winning firm, headquartered in Washington DC, expanded and enhanced its service offerings to include managing complex, big data projects in the areas of information governance, investigations, litigation, regulatory compliance, and security breach response.
HaystackID is a specialized eDiscovery services firm that helps corporations and law firms find, listen, and learn from data when facing complex, data-intensive investigations and litigation through its managed services platform. Operating several offices in the US and internationally, HaystackID’s market approach and position is highly complementary with eTERA, providing a natural transition for the eTERA senior management team and many of the employees who will be staying on after the transition.
Anthony (Tony) Manna, Chairman of Signet LLC, is excited about the acquisition, which showcases Signet’s investment philosophy to grow and nurture both acquired and startup companies, adding value and resources to each business through consistent executive oversight and strategy, accounting, operations management, marketing and legal services.
“eTERA was started from scratch and realized significant growth over time through innovation, acquisition and hard work. The entire management team is to be credited with developing the very meaningful market position that it operates from now,” says Manna. “We are honored to have been a part of its growth and to have had the ability to nurture it over the years, bringing it to this point today. We greatly look forward to remaining a part of its ownership under HaystackID, and watching it achieve even greater heights and better market positioning as it continues to grow and evolve with HaystackID.”
Mark Corr, President and COO of Signet LLC, provided direct oversight to eTERA since its start in 2004. Corr always saw dramatic growth potential for the company, and is excited for them to take the next step in growth and maturity as an organization. Corr explains why the fit was perfect for eTERA to now take that next step with HaystackID.
“For eTERA to achieve the full potential we as ownership envisioned for it, we needed to find the right partner, one who is grounded and successful in the space, and who would both be able to understand the unique value proposition and leverage the strengths of eTERA,” says Corr. “We are overjoyed in finding that partner (in HaystackID) and agreeing to terms for them to take over majority management and direct oversight.”
Corr adds, “eTERA is truly a Signet success story. We are very pleased for our operating partners, management team and eTERA’s employees, many of whom have been with us on this journey since its inception.”
Scott Holec, former President and Founder of eTERA, has been promoted and named Chief Operating Officer of HaystackID. Holec added, “HaystackID is a dynamic organization, highly complementary to our service portfolio and immediately additive to our ability to serve our global customer base. More importantly, both companies have an unwavering client-service focus which promotes the right cultural fit across our respective employee and customer bases. We are delighted to join forces with Haystack ID, an organization poised to support our continued and future endeavors in this space.”
About Signet LLC
Signet brings an innovative, unconventional approach to global investment that embodies creativity and forward thinking to achieve long-term success. With leadership and expertise in the areas of project structuring, capital formation, operational investment and management, we tailor strategy and resources to meet each unique opportunity. Boundless in ideas and tactics, Signet has spent 20+ years crafting collaborative partnerships that advance initiatives in real estate, diversified manufacturing, health and wellness, emerging technologies, investment banking and finance. Visit SignetLLC.com.
About eTERA Consulting
eTERA Consulting is an international, award-winning organization selected by clients to help solve the challenges of complex, big data projects in the areas of information governance, investigations, litigation, regulatory compliance, and security breach response. eTERA provides customized data management solutions and services to Fortune 500 companies and the Am Law 100 at the intersection where legal, data analytics, security, and information technology meet. Visit eTERA.consulting.com.
HaystackID is a specialized eDiscovery services firm that helps corporations and law firms find, listen, and learn from data when they face complex, data-intensive investigations and litigation. With an earned reputation for mobilizing industry-leading computer forensics, eDiscovery, and attorney document review experts, HaystackID’s Forensics First, Early Case Insight, and ReviewRight services accelerate and deliver quality outcomes at a fair and predictable price. Learn more at HaystackID.com.
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