Pivotal Acquisition and KLDiscovery signed a $800m merger agreement.

Pivotal Acquisition, a public investment vehicle, and KLDiscovery, a global provider of electronic discovery and information governance services to Fortune 500 companies and top law firms, have entered into a definitive agreement in which KLD and Pivotal will merge. As a result of the transaction, valued at approximately $800m in enterprise value, KLD will become a publicly listed company. Under the terms of the proposed transaction, KLD will become a subsidiary of Pivotal. KLD provides software and services that help protect corporations from a range of information governance, compliance and data issues. “Pivotal’s capital and public stock currency enables us to have an optimized balance sheet and the ability to capitalize on the consolidation of a fragmented industry valued at $21bn in annual revenue by IDC. In partnership with Pivotal, we have the opportunity to combine our organic growth platform with our ongoing competency in completing strategic acquisitions of scale, as well as smaller, highly accretive ‘tuck-in’ transactions.” Chris Weiler, KLD President and CEO.