Legal data intelligence firm Relativity is planning a potential initial public offering (IPO), with the company announcing it has confidentially filed a “draft registration statement” to the US Securities and Exchange Commission (SEC).
Relativity said it had not decided how many shares to offer or what the price range for the shares would be. The IPO is subject to the SEC’s review process, as well as market and other conditions.
The move comes at a time of heightened geopolitical volatility, with the conflict in the Middle East dampening IPO activity more broadly. Relativity’s decision to file for an IPO is significant, with no legaltech company completing an offering since 2021, when software firms Intapp and DISCO and legal help provider Legal Zoom all went public.
Chicago-based Relativity provides AI-powered data intelligence services including legal hold, early case assessment and eDiscovery. Its flagship product is RelativityOne, a secure online workplace that uses machine learning to help lawyers quickly locate relevant data and documents.
In January, Relativity agreed a $920m debt refinancing, which comprised of a $200m revolving credit facility and a $720m senior secured loan to refinance existing debt and provide working capital, according to S&P Global.
It also received financial support in 2021 from venture capital firm Silver Lake in a deal that valued the company at around $3.6bn, according to PitchBook data. Reuters says that to date the firm has raised $2.35bn.
The company was founded in 2001 by Andrew Sieja, who remains a board member, having previously been executive chairman for five years between 2019 and 2024.
Sieja also established OnDean in 2020, an investment firm that focuses on legaltech as well as philanthropy and motorsports. In 2021, he founded Alta Futures, which finances social entrepreneurs through grants and investments to help with access to education and career advancement.
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