K1 and Vista sell electronic discovery software firm Zapproved

K1 will roll a portion of its proceeds and retain a minority stake in the combined business while Vista will also retain a small minority stake.

  • A portfolio company of Leeds Equity Partners, Exterro is a legal governance, risk and compliance software provider
  • Zapproved was founded in 2008 by Monica Enand
  • K1 partnered with Zapproved in 2014 while Vista acquired a majority stake in 2017  

K1 Investment Management and Vista Equity Partners have sold Portland, Oregon-based Zapproved, an electronic discovery software provider, to Exterro. No financial terms were disclosed.

K1 will roll a portion of its proceeds and retain a minority stake in the combined business. Vista will also retain a small minority stake in the business.

K1 partnered with Zapproved in 2014 while Vista acquired a majority stake in the company in 2017.

A portfolio company of Leeds Equity Partners, Exterro is a legal governance, risk and compliance software provider.

Zapproved was founded in 2008 by Monica Enand.

Manhattan Beach, California-based K1 invests in enterprise software companies.

Vista has more than $95 billion in assets under management as of September 30, 2022.