Matrix-backed Digital Reef acquired by TransPerfect

By Kyle Alspach

Boston Business Journal - October 4, 2012

Boxborough-based Digital Reef Inc., an eDiscovery software-as-a-service firm popular in the legal industry, has been acquired by New York-based TransPerfect Legal Solutions, the companies announced Thursday.

The company, founded in 2006, had raised at least $20 million in venture funding from Matrix Partners and Pilot House Ventures. Terms of the acquisition weren't disclosed.

TransPerfect, a privately-held provider of legal support services, said it acquired Digital Reef for its "unique big data processing power" and for its reputation of "being the industry's fastest, most scalable eDiscovery software solution."

Digital Reef's technology was founded on a "similarity engine" developed by founder Steve Akers, former CTO and founder of Spring Tide Networks Inc., acquired by Lucent in 2000 for $1.3 billion.