Deals

PSS Systems gets another $18M for legal document software

PSS Systems, which dubs itself as “the standard for legal hold and management software” (basically document policy software), has closed a fourth round of funding

The plan is to use the money to expand PSS Systems’ legal governance product portfolio and its presence in the US and European markets. The company is not yet profitable, but expects to be this year.

PSS Systems’ retention and prevention software packages are used by several large corporations including Citigroup, Merrill Lynch, Halliburton, Pfizer and Sprint to name a few.

This $18 million round was led by FTVentures and was participated in by existing investors, including Lightspeed Venture Partners, Azure Capital, Granite Ventures and Cipio Partners.

The Mountain View, Calif-based company raised $5 million around this time last year.