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Stephens Group Moves Disco to the Trading FloorLock Icon

1 min read

The Stephens Group LLC of Little Rock — that’s the private investment firm powered by siblings Witt Stephens Jr. and Elizabeth Stephens Campbell — announced that one of its portfolio companies, CS Disco Inc. of Austin, Texas, has completed its initial public offering and began trading on the New York Stock Exchange on July 21.

Never heard of Disco? Well, it sells cloud-based “artificial intelligence-powered” applications that claim to simplify discovery, legal document review and case management for law firms, legal services providers and the like.

Naturally, its NYSE ticker symbol is LAW.

Founded in 2013, Disco attracted investment from The Stephens Group in 2016. Aaron Clark, a managing director at The Stephens Group, is on Disco’s board of directors.

Now let’s look at some numbers:

Disco reported revenue of $68.4 million and a loss of $22.9 million in 2020, after a loss of $29.8 million on revenue of $48.6 million in 2019. For the first quarter of 2021, revenue was $21.1 million, a 35% improvement over the first quarter of 2020, and the quarterly net loss declined to $2.9 million from $11.2 million.

Disco stock opened at $45.26 and closed at $41 on its first day of trading. On Thursday, after seven days of trading, it closed at $42.69. That means The Stephens Groups’ 10,555,914 shares are worth $450.6 million.

The Stephens Group describes itself as a private investment firm “with nearly $2 billion of private equity assets under management.”

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