16 November 2023 | Luminance, the pioneer in ‘legal-grade’ AI, today announced that UK-headquartered cybersecurity company, Egress Software Technologies Ltd. (“Egress”), has adopted its next-generation technology to automate the work of its legal department.

Egress had sought an AI technology that would provide the business with instant, comprehensive insight into its contractual landscape. Previously, the legal team had used a legacy contract management tool that relied heavily on manual searches, leaving them unable to extract accurate contractual data or respond to urgent business questions at speed. As a result, Egress turned to Luminance’s next-generation AI for its ability to provide enhanced visibility into the status and workflow of contracts both pre- and post-execution.

Egress will now benefit from Luminance’s AI-powered contract repository, which delivers granular insight into any contract type by automatically extracting over 1,000 key legal concepts, such as clauses, parties, dates, governing law, geographies, and anomalies. With these insights at their fingertips, Egress’s legal team can drive internal efficiencies, respond quickly to questions from internal and external stakeholders, and proactively manage risk.

As the first AI in the world capable of automatically taking a first pass review of any incoming contract out-of-the-box, Luminance also provides Egress with the ability to expedite contract negotiations, instantly highlighting which areas of a contract are compliant or non-standard according to their internal positions. With Luminance’s AI further able to provide alternative, acceptable clause wording from previously agreed contracts, Egress’s legal team can improve visibility into internal precedents and ensure more consistent, compliant negotiations.

Looking ahead, Egress is planning to extend Luminance’s automated contract generation functionality across the business, empowering non-legal functions to independently draft contracts such as NDAs and MSAs. With all contract templates centralised within Luminance and pre-approved by Legal, Egress can ensure total compliance with internal standards whilst freeing up the legal department for higher-value work.

Ed Bodey, Group General Counsel & Company Secretary at Egress, comments: “We already have more documents in Luminance than our previous platform and have been extracting critical contract data from day one. The ability to tag key information and rapidly locate similar clause language is a real game-changer, providing us with far more control over our enterprise data. Legal is really looking forward to rolling-out Luminance across the business, so other functions can take ownership of insights from their own contracts.”

Eleanor Lightbody, CEO of Luminance, adds: “I am delighted to see how Luminance’s AI has provided instant value to Egress, allowing its legal team to regain oversight of its contractual landscape and ensure data-driven decision making across the business. In-house teams wear many hats these days, acting as business enablers, risk managers, and C-suite advisors. I’m excited that Luminance’s specialist, ‘legal-grade’ AI is helping teams at the likes of Egress to tackle this ever-expanding remit and become real value creators for their organisation.”

ENDS

About Egress Software Technologies

As advanced persistent threats continue to evolve, we recognize that people are the biggest risk to organizations’ security and are most vulnerable when using email.

Egress is the only cloud email security platform to continuously assess human risk and dynamically adapt policy controls, preparing customers to defend against advanced phishing attacks and outbound data breaches before they happen.

Trusted by the world’s biggest brands, Egress is private equity backed with offices in London, Sheffield, Cheltenham, New York, Boston, and Toronto.

About Luminance
Luminance is the Contract Intelligence platform that turns the language that defines a business into the intelligence it runs on. Born out of the University of Cambridge and purpose-built by AI, legal and technology experts, Luminance understands the history and context of every contract. It acts on that intelligence, proactively surfacing risk, flagging obligations, accelerating negotiations and driving action across Legal, Finance, Procurement, Sales and the wider business. It enables enterprises to learn from their contracts, while contracts learn from the enterprise, helping businesses make better decisions and move forward with confidence.