ABS, CIBC complete $30m RenewData funding

IT management company RenewData has announced that it has completed $30m of Series C funding via the private equity firms ABS Capital and CIBC Capital.

Baltimore-based private equity firm ABS Capital Partners led the just-completed Series C funding for Austin, Texas-based data and e-mail management company RenewData. One of RenewData’s existing investors, Toronto private equity firm CIBC Capital Partners, also participated in the financing.

RenewData, which is privately held, was formed in 2001 by combining two existing companies, DSTX and Progressive Data Recovery. The company offers forensic investigation services, electronic data extraction, litigation production services, evidence preservation archiving services and litigation response planning, among other services. Its revenue has grown more than 700 percent in the last two years, from $4.5 million (€3.5 million) in 2003 to $30.5 million in 2005.

ABS, which has $1.5 billion (€1.2 billion) under management, invests in business service and technology companies, as well as the healthcare, communications and media sectors. Its portfolio companies include New York internet advertising company DoubleClick and Springfield, Pennsylvania-based Continuum Health Care. In July, it sold its portfolio company Print to Pitney Bowes in a $47 million (€36.6 million) deal.