-[02 June 2020]- Luminance, the artificial intelligence platform for legal professionals, has announced that it is integrating with leading SaaS information governance platform and AI-powered virtual data room provider, Ansarada, to ensure the most seamless and efficient due diligence process for lawyers.
Ansarada’s global platform helps thousands of businesses and their dealmakers every day and is used by some of the world’s leading organisations including Goldman Sachs, Credit Suisse and Deloitte. Now, by integrating with Luminance, clients will be able to perform due diligence with greater speed and with more insight than ever before.
The integration of Ansarada with Luminance, and the subsequent enabling of rapid transfer of documents, comes at a pivotal time for the legal industry, as lawyers cope with the challenges of undertaking M&A reviews whilst working remotely. Many home broadband networks do not have sufficient bandwidth to cope with the sizable manual downloads and uploads of datasets that come with modern transactions. However, most importantly, this integration will allow for automatic synchronisation of documents from the virtual data room into Luminance. Whilst this is critical in any due diligence exercise as documents are commonly added in tranches, this is all the more important when teams are working remotely and documents can more easily be missed.
By enabling the automatic transfer of documents from Ansarada to Luminance, all contracts can be read and analysed by Luminance’s machine learning technology, which quickly flags anomalous documents and areas that require urgent attention. Lawyers can therefore prioritise documents within their review, ensuring any problems get raised early on in the due diligence process and allowing the contractual aspects of the transaction to be dealt with expeditiously.
Luminance’s powerful AI tech is an exciting new addition to Ansarada’s existing suite of AI deal tools, complementing tools like SmartSort document organisation and the Bidder Engagement Score, an algorithm that can predict the winner bidder with up to 97% accuracy by day 7 of a transaction.
Luminance’s acting CEO, Jason Brennan, commented: “Ansarada’s platform is highly flexible and user-friendly, and by integrating with Luminance’s AI technology we are providing lawyers with a seamless M&A experience. Indeed, this is all the more important in light of the Coronavirus pandemic, with the majority of our client base now working remotely and looking for collaborative ways to continue with their due diligence work.”
“We are delighted to partner with Luminance and announce our integration,” Natasha Davidson, Chief Legal and Commercial Officer at Ansarada adds. “At Ansarada, we are committed to raising and protecting the potential of our customers. Legal due diligence has adapted in response to COVID19, presenting both challenges and opportunities for the legal profession. Our partnership with Luminance delivers a truly intuitive platform for analysis, review and decision making. We consider this integration will be invaluable, supporting optimal and intelligent utilisation of data, for the legal profession and their professional clients.”
Developed at the University of Cambridge, Luminance’s core technology, ‘LITE’ (Legal Inference Transformation Engine), blends pattern-recognition techniques together with supervised and supervised machine learning to read and form an understanding of legal data at an unparalleled speed. With no pre-training required, Luminance instantly analyses all documents within a data room, surfacing all potential areas of risk or importance, including deviations and anomalies, for lawyers to investigate. The platform is used by over 220 law firms and organisations across 50 countries globally, including over one-fifth of the Global ‘Top 100’ law firms.
Luminance and Ansarada will be hosting a joint webinar in the upcoming months to look at the impact of the changing landscape on legal due diligence and to demonstrate how dealmakers can benefit from the new integration. Register your interest here
Ansarada is a SaaS information governance platform for audits, compliance, data protection and reporting as well as being a provider of AI-powered virtual data rooms for business transactions and material events such as mergers and acquisitions, fundraising, tenders and IPOs. Ansarada has offices in Sydney, London, New York and Chicago, as well as employees working from Asia, Africa and continental Europe.
Luminance is the leading artificial intelligence platform for the legal profession. Founded by mathematicians from the University of Cambridge, Luminance has developed the Legal Inference Transformation Engine (LITE), the first true application of machine learning to the legal industry, combining pattern-recognition technology with supervised and unsupervised machine learning to read and understand human language. Luminance is used by law firms and in-house teams in 50 countries around the world to improve processes such as due diligence, contract negotiation, regulatory compliance reviews, property portfolio analysis and eDiscovery. The company has offices in London, Cambridge, New York and Singapore.
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