eDiscovery company DISCO goes public

CS Disco Inc., the Texas-based provider of legal document review and eDiscovery services, went public today on the New York Stock Exchange (NYSE) and will be traded under the “LAW” symbol.

Disco, an Austin-based legal technology went public today and saw its shares surge on its first day on Wall Street. The newly listed company's stock debuted at $32 per share on the New York Stock Exchange, trading under the ticker "LAW". The share price finished its first day of trading at $41.67, up $9.67 or 30.2%.

DISCO provides a cloud-native, artificial intelligence-powered legal solution that simplifies eDiscovery, legal document review and case management for enterprises, law firms, legal services providers and governments.

The company's S1-filing provides interesting insight into the trajectory of the company and the legal technology industry at large. Here are 10 notable highlights:

Founded in 2013, the company acquired its first AmLaw 200 customer in 2014.
The company generated $48,5M in annual revenue in 2019 and $68.4M in 2020.
Revenues for Q1 2021 (January - March) are at $21,1M.
Q1 2021 cost of revenue was $5.8M, with $15.3M gross profit.
During that same period, the company spent $7.8M on Marketing & Sales (36% of revenue).
Disco notes the broad applicability if its solution in the S1, estimating its total market size at $42B total TAM
In 2020, the company surpassed 800 customers; 140+ customers spent over $100,000
At this point in time, Disco has 900+ customers, with 150+ customers spending over $100,000
The company raised $161M in capital before going public.
Net promotor score was 63 as of December 31, 2020.

The press release for the company's public offering can be found here, and the full S1 is available on the website of the SEC.

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