We have big news!
We are excited to announce that Text IQ has been acquired by Relativity, a global legal and compliance technology company, which the Wall Street Journal recently valued at $3.6 billion.
Relativity, which has over 300,000 users in 49 countries, saw an opportunity to introduce best-in-class AI technology into its platform to help organizations organize their unstructured data. Likewise, we had been receiving a lot of inbound interest from investors for a Series B to fuel our next stage of growth and double down on our mission: unlocking the power of our pioneering AI technology so that the world’s largest companies and organizations could accurately and scalably identify sensitive information hidden in their unstructured data.
As you can gather, the stars just seemed to align; after a series of discussions with the team at Relativity, we realized that Relativity’s products, mission, and culture dovetail perfectly with our own; furthermore, its significant market penetration, ubiquitous presence, and large base of customers would give us the necessary scale, market and, ultimately, the best possible path to realize our mission.
We’ve known the Relativity leadership team for several years and share several mutual customers. But the more we talked to the team at Relativity, the more we realized that there are obvious synergies here. Becoming part of a company that has the leading legal and compliance platform seemed like the quickest way to get to the scale and the market access we need to help organizations from around the world take control of their unstructured data. Indeed, this new chapter gives us the unique opportunity to bring our pioneering AI/ML technology to both Relativity and non-Relativity customers at an unprecedented scale.
As Arjun Chopra, partner at Floodgate and early investor in Text IQ put it, “Today is a momentous day for the entire Text IQ family (founders, team members, customers and investors). The outcome is life-changing for the team and rewards them for the tireless effort that they have put in over the years. We are honored to have been along for the journey from a pre-product company to one that was growing profitably with strong product-market fit and immense customer traction.”
We’ll be sharing more details in the coming weeks, but we wanted to pre-empt some questions you might have:
Will the Text IQ brand still exist?
Of course! The Text IQ brand will continue to live on. We are extremely proud of the brand that we have built over the years, the unique place that we have carved out in the market and our commitment to applying AI to unstructured data in a thoughtful and ethical way. The acquisition only helps us accelerate our goal of helping the world’s largest companies take control of their unstructured data.
Will Text IQ continue supporting its existing products?
Absolutely! Text IQ for Legal, Text IQ for Privacy, Text IQ for Compliance, and the recently launched Unconscious Bias Detector will continue to serve existing and new customers.
Will Text IQ’s products still be available to non-Relativity customers?
Yes. Text IQ’s products will continue to be available to all customers, regardless of whether they are Relativity customers or not.
Will this mean Text IQ will have better integration with Relativity?
Yes, we are already working with Relativity to build a tighter integration. This integration will benefit Text IQ’s customers with faster speed to insights, and a more seamless user experience.
Does pricing for Text IQ customers change?
No; this deal doesn’t affect our pricing.
What does this mean for Text IQ as a company?
Text IQ will now operate as a fully-owned subsidiary of Relativity. Over the next few months, Text IQ will continue hiring world-class talent in AI and ML.
To read more about the acquisition, check out this article on Reuters.