Daily News: August 4, 2016

CIT Provides $23MM Financing to Lighthouse eDiscovery

CIT Communications and Technology Finance closed a $23 million senior secured credit facility for Lighthouse eDiscovery, a provider of technology-enabled ediscovery services.

Lighthouse is a portfolio company of New York-based private equity firm Spire Capital. The financing will support a recapitalization of the company and the growth of Lighthouse’s UK operations. Financing was provided by CIT Bank, the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.

Brian McManus, CEO of Lighthouse eDiscovery, said, “Ediscovery is the process by which electronic data is collected, secured and searched prior to being submitted as evidence in litigation or by governmental request. We assist clients in their ediscovery process by minimizing the amount of digital files required to be reviewed prior to evidence submission. This financing will help advance our financial objectives and facilitate the growth of our UK office.”

Tom Westdyk, group head and managing director of CIT Communications and Technology Finance, said, “Lighthouse is a leader in enterprise-focused, technology-enabled ediscovery and competes favorably against larger, less flexible organizations and small, regional providers. We are glad that we were able to work with Lighthouse for the first time, and again with Spire Capital, to bring our financial expertise to bear on this growing sector of the technology market.”

Founded in 2000, Spire Capital focuses on lead and control investments in companies within the business services, information services, media, education and communications sectors.