Thank you for Subscribing to CIO Applications Weekly Brief
Relativity Completes Acquicision Of Contract Review Company Heretik
RelativityOne will be able to offer deeply integrated, purpose-built contract review and intelligence capabilities as a result of the acquisition.
Fremont, CA: Relativity develops software that assists people in organizing data, discovering the truth, and acting on it. RelativityOne, a SaaS tool, manages enormous amounts of data and swiftly identifies key concerns during litigation & internal investigations. Relativity Trace, an AI-powered communication monitoring software, proactively detects regulatory wrongdoing such as insider trading, collaboration, and other non-compliant activities.
Relativity takeover Heretik, a contract review firm that blends machine learning technology and sophisticated analysis to assist enterprises in gaining quick insight into contract data. Heretik is a lightweight contract review program that works with current contract management software. Its technology helps teams convert existing agreements into organized, actionable data that can easily manage all sorts of business transactions and regulatory response use cases, boosting best practices while causing minimum interruption.
Relativity Contracts will be Heretik's end-to-end contract review solution in the future, allowing customers to turn current agreements into organized, usable data quickly. Relativity Contracts will get included in RelativityOne and be accessible as an add-on in mid-2023.
"Efficient contract analysis is critical in meeting regulatory requirements, realizing business value and reducing legal risk; and now RelativityOne users will be able to do so within a singular, secure platform," said Mike Gamson, CEO of Relativity. "We're excited to bring these capabilities to our customers, helping them expand the problems they're able to solve and positioning legal teams to quickly identify relevant insights, risks, rights and obligations within large datasets – reducing days or weeks of work to just minutes."
Heretik has prioritized workflow features combined with machine learning since its beginnings to enable customers to take quick action on existing contract data. The Heretik viewer offers a contemporary and lightning-fast review interface designed to discover, retrieve, and save essential data points swiftly. Relativity intends to expand and integrate additional contract viewer-specific capabilities into the RelativityOne viewer in the future so that it may be helpful with other data types.
The workflow features and automation of Heretik reduce the time-consuming job of contract evaluation. Furthermore, the connection will provide focused AI and machine learning capabilities, including contract categorization, section classification and segmentation data extraction to fields and images, and optical character recognition. Former Relativians established Heretik for Relativity clients. Half of Heretik's workers are former Relativity team members, including the CEO and co-founder.
"We chose to build on Relativity because of its best-in-class security, scalability and review capabilities, but most importantly, we believe deeply in Relativity's products and people," said Connor. "We're thrilled to be part of the talented team at Relativity and looking forward to further improving upon and tailoring the solution to meet the unique needs of our users."