19 April 2023 | One of the world’s largest retail companies has adopted Luminance to supercharge their in-house legal team and enhance contract negotiation processes across the organisation.

The Fortune 500 company, which has over 75,000 employees worldwide, needed a next-generation technology to assist with the negotiation of high-volume, third-party contracts, such as Master Service Agreements and Vendor Agreements. The multinational organisation chose Luminance for its advanced AI which can visually highlight which clauses are acceptable or in need of further review and negotiation, allowing lawyers to quickly focus on the areas of contracts that need their attention.

Critical to the business’s adoption of Luminance is the technology’s ability to centralise and utilise essential legal knowledge. With Luminance’s sophisticated supervised machine learning allowing the technology to actively learn from the lawyers’ expertise and apply this knowledge to future negotiations, the business can ensure better adherence to both internal standards and external regulations company-wide, whilst also facilitating knowledge-sharing across the wider legal team.

Eleanor Lightbody, CEO of Luminance, commented: “I’m delighted to see yet another Fortune 500 business turn to Luminance’s revolutionary AI to strengthen their legal team and facilitate best business practices. With Luminance’s AI easing the burden of labour-intensive tasks, lawyers can focus on more high-value work like strategic and creative thinking. I am excited to see how our AI will deliver operational efficiency for such a renowned global company.”

This latest signing comes as Luminance continues its path of rapid growth following a tenfold increase in adoption of its flagship product, Luminance Corporate, and a 140% increase in the number of US-headquartered Corporate customers in 2022 including Koch Industries and Liberty Mutual.

ENDS

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.