Two months after landing an investment from Silver Lake at a $3.6 billion valuation, Chicago tech company Relativity has acquired an artificial intelligence startup that helps organizations identify sensitive data.
Relativity announced this week that it's buying Text IQ, a New York startup that uses AI to help businesses and government organizations identify sensitive information in their data and reduce risk.
Terms of the deal weren't disclosed, but Axios reported the deal was worth more than $100 million.
Text IQ, founded in 2014, raised more than $15 million in funding from backers like FirstMark, Sierra Ventures and Intel Capital.
Text IQ is the third acquisition Relativity has made to date, and the second this year. In January it acquired VerQu, a New Jersey-based company that helps companies manage data.
Relativity spokesperson Veronica Spak told Chicago Inno that it isn't ruling out additional acquisitions in the future, whether it's a product or an entire organization.
"We will continue to explore opportunities that benefit our community," Spak said.
In March, Relativity raised an undisclosed investment from California-based Silver Lake, which reportedly valued the business at $3.6 billion. Prior to that, the only funding Relativity raised was in 2015, when it landed $125 million from Iconiq Capital.
Relativity, originally founded in 2001, is a legal-tech company that helps law firms manage large volumes of data to quickly identify key issues during litigation, internal investigations and compliance operations.
It's used by 198 of the top 200 law firms in the U.S., along with the U.S. Department of Justice. It has more than 300,000 users across the globe.
