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Press Release Archive Applied Discovery Announces Record Revenues in First Half of 2002 Company’s Successes Recognized With Top Industry Honors Aug. 7, 2002, Seattle, WA — Strong growth in legal practitioner demand for Applied Discovery’s industry-leading electronic data discovery service fueled a 189 percent increase in the company’s revenue for the first half of 2002 compared with the same fiscal period last year. Applied Discovery also recorded a 59 percent increase in the number of new clients, as well as significant repeat business from existing clients. These dramatic gains, coupled with the company’s recently opened Houston, Texas, office and the introduction of enhanced service offerings, continue to result in sustained profitability and industry accolades for Applied Discovery. Nearly half of the top 100 law firms, as well as a growing number of corporations and government entities, now work with Applied Discovery to manage legal document review processes. Notable 2002 client additions include Enron Corp., Gibson, Dunn & Crutcher L.L.P., Latham & Watkins and O’Melveny & Myers L.L.P. “Applied Discovery was conceived to help attorneys more easily and cost-effectively review the hundreds of thousands — if not millions — of documents produced during the legal discovery process,” said Michael Weaver, co-founder and chief executive officer of Applied Discovery. “Our rapidly growing client roster, industry awards and consistent track record of profitability further underscore Applied Discovery’s success in providing high-quality technology and outstanding support for a broad array of companies.” Applied Discovery has bolstered its success this year with continual updates to its Web-based services, including enhanced online redaction capabilities and the addition of an annotations feature that enables users to make customized notations with varying levels of importance on documents. The annotations feature is particularly useful when attorneys in multiple geographic locations are collaborating on the same case. “With packaged software products, updates can be costly and disruptive,” said Weaver. “Our Web-based service for legal document review delivers new features and upgrades to our clients without interrupting their workflow on current projects. Thus, they benefit from state-of-the-art technology while reducing the costs and burdens associated with maintaining databases within their own information infrastructure.” In 2002, Applied Discovery also earned industry honors as a leading emerging growth company and technology service provider. Richard Corbett, the company’s co-founder, vice president and general counsel, and Michael Weaver were named finalists in the 2002 Ernst & Young Entrepreneur of the Year (EOY) Awards program for the Pacific Northwest in the Emerging Entrepreneur category. In addition, Applied Discovery was selected as a Service Provider of the Year finalist in the 2001 WSA (formerly Washington Software Alliance) Industry Achievement Awards, which honor Washington state-based companies that demonstrate the most exemplary service within the information technology industry. Applied Discovery has also continued expansion of its nationwide infrastructure by adding an office in Houston, Texas. Opened in June 2002, the Houston office will serve Applied Discovery’s clients in five southern states. About Applied Discovery Founded and managed by a team of highly experienced legal and technical professionals, Applied Discovery was formed in January 1999 to develop electronic discovery solutions for the legal industry. Its patent-pending service displays virtually any electronic document in a fully searchable and secure Web-based file without compromising the integrity of the original file format. Applied Discovery is based in Bellevue, Wash., with East Coast headquarters in New York City. More information can be found at http://www.lexisnexis.com/applieddiscovery. |
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