Relativity Acquires Contract Review Company Heretik
The acquisition will allow RelativityOne to offer deeply integrated, purpose-built contract review and intelligence capabilities
CHICAGO, Aug. 29, 2022 /PRNewswire/ — 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.
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.
Merger & acquisition activity has been down lately and there haven’t been as many transactions recently, so it’s notable when we see one like this one where Relativity acquires Heretik. Will M&A transactions pick up again? We’ll see.
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