RAVN Systems has been acquired by US-based document management solutions provider iManage, whose clients include more than 2000 law firms and 500 corporate legal departments.
London-based RAVN Systems was founded in 2010 and offers cognitive computing solutions allowing clients to find, interpret and extract information from documents.
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Their client roster includes legal firm Berwin Leighton Paisner (BLP), communications giant BT and UK governmental department the Serious Fraud Office. The latter recently used RAVN to help a team of investigators sift through 30 million documents with RAVN processing 600,000 documents per day.
iManage CEO Neil Araujo was effusive in his praise of iManage’s newly-acquired company, even drawing parallels between RAVN Systems’ impact on the Artificial Intelligence (AI) sector with the expected impact on the transportation industry of driverless cars. He said:
There are certain technologies that can fundamentally impact the trajectory of industries, such as industrial robots in manufacturing or self-driving cars in transportation.
RAVN has bridged the gap between the potential of AI and its application to real-world business problems. Together we will accelerate the adoption of practical AI solutions across the legal and corporate markets.”
In a press release announcing the deal, iManage stated their intention to integrate RAVN’s technology into its own Work Product Management applications, helping organisations to:
- Auto-classify documents so they may be used or protected based on their content
- Extract key information from content, including dates, obligations, and amounts
- Identify documents they are holding which are subject to compliance requirements
- Find terms and clauses within content for more effective information re-use and enhanced knowledge management
Legal Geek Founder Jimmy Vestbirk, said:
Since I started Legal Geek, a couple of years ago, RAVN has always had a big presence. They have contributed to the startup community, paying for drinks at our founders drinks, attending and speaking at our events. In 2016 I am sure the pinacle of their career was being shortlisted for the Legal Geek Startup Awards which may have just been topped 🙂 So pleased for the team and a good sign for #LawTech generally!”
RAVN Systems Co-Founder Peter Wallqvist, said:
From our inception, the entire RAVN team has been motivated to bring the power of AI to practical problems at scale. Joining iManage will make it easier to adopt our technology and grant us access to additional resources, new channels to market and direct access to over 3000 iManage organisations worldwide.”
iManage is the leading provider of Work Product Management solutions for legal, accounting and financial services firms and the corporate departments they serve worldwide. Over one million professionals at over 3,000 organisations around the world use iManage. Headquartered in Chicago, iManage is a management-owned company.
About RAVN Systems
RAVN Systems offer revolutionary cognitive computing solutions for any information intensive vertical and are leading experts in the Natural Language Processing and Machine Learning branches of Artificial Intelligence (AI). Learn more on their startup map profile.