Momentum fueled by the growing demand for new ediscovery approaches for collaboration application content, as courts affirm the discoverability and proportionality of Slack data.
Hanzo, a pioneer in dynamic web content preservation from enterprise collaboration applications and complex websites, is pleased to announce continued momentum with impressive year-over-year revenue growth, strong adoption, and usage, and customer success with Hanzo Hold, its solution for empowering organizations to apply legal holds to collaboration data and meet the duty to preserve data for litigation, compliance and HR purposes.
2020 was the year that accelerated digital transformation initiatives. As of Q1 2021, Hanzo Hold's annual recurring revenue (ARR) has tripled year over year. Hanzo also saw two trends over that time. Not only has the user base increased by over fourfold (4X), usage by customers increased significantly (over 10X when compared to a year ago) as Slack data becomes increasingly relevant to investigations and discovery obligations.
"Channel-based communications and collaboration apps that support remote work have transformed the way enterprises communicate. But, unfortunately, they've also presented new challenges for corporate ediscovery," said Keith Laska, CEO, Hanzo. "There has been a dramatic shift away from email to messaging. When you combine that with recent case law (e.g., Benebone LLC v. Pet Qwerks, Inc.,) affirming that Slack data is responsive for discovery, then it's not surprising to see an uptick in legal technology investment to meet discovery obligations."
Hanzo Hold empowers corporate legal teams to quickly and defensibly collect, preserve, and investigate data for ediscovery from collaboration applications. Customers are using the Hanzo Hold to reduce risk and effectively manage ediscovery volumes to limit downstream costs.
"Customers are telling us they realize the benefits of an easy-to-use solution to conduct early case assessment with Slack content. As an example described in a recent case study featuring Postmates, the company’s head of IT shared that Hanzo Hold is empowering everyone from legal to HR, to investigate their Slack data quickly without relying on IT, saving significant time," commented Laska. "Successfully helping customers gain rapid data insights, save time, and save money, is like hitting the trifecta on race day."
Hanzo brings context and a greater understanding of enterprise data to corporate legal and compliance teams by providing in-house control over dynamic and collaborative data sources. This control allows organizations to reduce billions of dollars in risk, litigation, and compliance costs and elevate their corporate legal and regulatory compliance responses. Hanzo’s software empowers defensible preservation, targeted collection, and efficient review of dynamic content from enterprise collaboration applications and complex websites. Hanzo is SOC 2® Type 2 certified, demonstrating its commitment to data security and serves large corporations worldwide. Learn more at hanzo.co and follow updates on Twitter: @gethanzo or on LinkedIn.
Director of Communications