Epiq Systems To Buy Iris Data Services In $134 Mln Deal - Quick Facts

(RTTNews) - Epiq Systems, Inc. (EPIQ), a provider of integrated technology solutions for the legal profession, said it signed a definitive agreement to acquire privately-held, Kansas City-based Iris Data Services, a provider of managed services for electronic discovery, for a total consideration of $134 million.

The total consideration is subject to certain post-closing adjustments and would be funded with existing cash and borrowings from the company's credit facility.

The acquisition is expected to close by April 30, and is estimated to be modestly accretive to Epiq's 2015 results and provide a post-closing tax benefit of about $23 million.

Epiq said the acquisition significantly accelerates its strategic plan to offer managed services solutions to its existing global client base, while bringing its expansive eDiscovery and document review resources to a new client base. Iris President and co-founder Major Baisden will join Epiq as managing director and will continue leading Iris's operations.