The legal data intelligence company Relativity says it has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common stock.

The filing is not yet available to the public, and the number of shares to be offered and the price range for the proposed offering have not yet been determined.

No legal technology company has completed an IPO since 2021. That year, three legal tech companies held IPOs: e-discovery company DISCO on July 21, business software company Intapp on June 30, and legal help provider LegalZoom also on June 30.

Since then, legal tech has seen heavy late‑stage funding, such as Clio’s $500M Series G last year, and active M&As, rather than IPO exits.

On March 9, Relativity announced a new brand identity that expanded from its roots as an e-discovery company to what it now calls a legal data intelligence company.

“With non-litigation matters now accounting for more than 55 percent of the data coming into RelativityOne,” the company said, “this category more accurately reflects how Relativity’s community is using the platform beyond traditional e-discovery.”

In 2021, a strategic growth investment from Silver Lake, one of the world’s largest private equity technology investors, valued Relativity at $3.5 billion. 

The proposed IPO is subject to the completion of the SEC review process, as well as market and other conditions, Relativity said.

Photo of Bob Ambrogi Bob Ambrogi

Bob is a lawyer, veteran legal journalist, and award-winning blogger and podcaster. In 2011, he was named to the inaugural Fastcase 50, honoring “the law’s smartest, most courageous innovators, techies, visionaries and leaders.” Earlier in his career, he was editor-in-chief of several legal publications, including The National Law Journal, and editorial director of ALM’s Litigation Services Division.