Content Assessment: Bordering on Heresy? Relativity Acquires Contract Review Company Heretik

Information - 92%
Insight - 91%
Relevance - 94%
Objectivity - 89%
Authority - 90%

91%

Excellent

A short percentage-based assessment of the qualitative benefit of the recent Relativity press announcement on its acquisition of contract review company, Heretik.

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Press Announcement (August 29, 2022)

Relativity Acquires Contract Review Company Heretik

The acquisition will allow RelativityOne to offer deeply integrated, purpose-built contract review and intelligence capabilities

Relativity, a global legal and compliance technology company, today announced that it has acquired Heretik, a contract review company that combines machine learning technology and advanced analysis to help organizations gain immediate insight into contract data.

Moving forward, Heretik’s end-to-end contract review solution will be known as Relativity Contracts, enabling users to rapidly transform existing agreements into structured, actionable data. Relativity Contracts will be integrated into RelativityOne, and available 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.”

From its inception, Heretik has prioritized workflow capabilities coupled with machine learning to enable users to take immediate action on existing contract data. The Heretik viewer provides a modern and lightning-fast review interface, tailormade for quickly locating, extracting and storing critical data points. In the future, Relativity plans to build upon and integrate some contract viewer-specific functionality into the RelativityOne viewer so it can be leveraged on other data types.  

Heretik’s workflow capabilities and automation help reduce the time-consuming task of contract review. Additionally, the integration will allow for targeted AI and machine learning capabilities, such as contract classification, section segmentation and classification, data extraction to fields and imaging, and optical character recognition.

“Over the last six years, Heretik has gone from solving personal frustrations experienced during a diligence review, to analyzing and reviewing millions of documents,” said Charlie Connor, Heretik’s CEO and Co-Founder. Heretik is used on some of today’s largest deals and most complex regulatory challenges. Our growth has been immense, but we believe our potential is much greater. Joining forces with Relativity will provide the resources and support to help Heretik reach its full potential.”

Heretik was created for Relativity customers by former Relativians. Half of Heretik’s employees, including Heretik’s CEO and co-founder, are former Relativity team members.

“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.”

About Relativity

Relativity makes software to help users organize data, discover the truth and act on it. Its SaaS product RelativityOne manages large volumes of data and quickly identifies key issues during litigation and internal investigations. The AI-powered communication surveillance product, Relativity Trace proactively detects regulatory misconduct like insider trading, collusion and other non-compliant behavior. Relativity has more than 300,000 users in approximately 40 countries serving thousands of organizations globally primarily in legal, financial services and government sectors, including the U.S. Department of Justice and 198 of the Am Law 200. Relativity has been named one of Chicago’s Top Workplaces by the Chicago Tribune for 10 consecutive years. Please contact Relativity at sales@relativity.com or visit http://www.relativity.com for more information.

About Heretik

Heretik is a lightweight contract review application that seamlessly integrates into existing contract management tools. Our solution enables teams to transform existing agreements into structured, actionable data to efficiently handle all types of corporate transaction and regulatory response use cases, enhancing best practices with minimal disruption.

From inception, we’ve prioritized cutting-edge machine learning technology along with workflow capabilities to allow everyone within an organization to take immediate action on existing contract data. Whether managing massive corporate transactions, extracting critical data in global lease agreements, or comparing messy bespoke contracts, our solution reduces days or weeks of work to minutes. The results? More accurate bids, better win rates, larger capacity to manage contracts, and expanded footprints within key accounts.

To learn more or schedule a demo, visit www.heretik.com.

Read the complete original release. 


Additional Reading

Source: ComplexDiscovery

 

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