William Blair has a mixed view of Epiq Systems' acquisition of Iris Data Services. It says that while Iris has been growing quickly, Epiq paid a "very high" purchase price and the deal is "not a great sign" for the outcome of the company’s review of strategic alternatives. William Blair finds it unlikely that Epiq would pay 20% of its market capitalization on a highly valued acquisition if it were close to being sold. The firm believes the company's review of strategic alternatives has been supporting the stock, so the acquisition can be viewed as "somewhat of a negative." The firm keeps a Market Perform rating on Epiq.