Sorainen has adopted Luminance’s artificial intelligence technology to streamline the M&A due diligence processes. We trialled ‘Luminance Diligence’ in a live cross-border M&A transaction, testing the technology’s ability to speed up and streamline the time-pressured review. With a data room containing over 600 documents in English, Estonian, Lithuanian, Latvian and Spanish, Luminance was able to categorise the data set by document and clause type, regional activity and language, focusing the review from day one.
“Using Luminance, we were able to pinpoint areas of concern far more quickly than using manual review alone,” said Toomas Prangli, co-head of the Corporate and M&A Practice Group of Sorainen. “The technology’s easy-to-use interface immediately recognised a variety of languages present in the data room, meaning the deal team could focus their review on areas of potential interest within minutes, rather than hours. This, combined with Luminance’s inbuilt workflow tools, which allowed the team to easily assign and monitor tasks across the three offices involved in the transaction, meant our lawyers were spared the time usually spent manually annotating contracts. We’re excited to roll Luminance out across the region,” he added.
Launched in September 2016 and already in use on six continents, Luminance is an artificial intelligence platform for lawyers which uses machine learning to read and analyse contracts and other documents much like a human does, thus improving the efficiency of processes such as due diligence, compliance reviews, e-discovery, and contract management. Deploying some of the latest breakthroughs in pattern recognition and machine learning from the University of Cambridge, and trained by legal experts, Luminance understands and can highlight anomalies among large groups of documents so that lawyers can prioritise their work. The company has offices in Chicago and Singapore to meeting growing demand from AmLaw 100 firms across the globe.