We’ve felt the pain of due diligence ourselves.
The concept for the Diligence Accelerator was born around 3:00 a.m. in a corporate law firm office between bites of cold pizza washed down with flat Coke. Having conducted due diligence and managed the process as corporate attorneys in numerous mergers, acquisitions, and financings, we’ve been driven since that night to make the process more efficient, accurate, and cost effective.
Improving accuracy and efficiency.
The Diligence Accelerator allows attorneys to work through the due diligence process more quickly and accurately by extracting content from legal documents, populating due diligence summary templates, and bringing the attorneys directly to the most relevant portions of the contracts being reviewed. The software is easy to use and can analyze a batch of fifty legal documents in less than a minute. The software is not meant to replace a junior attorney but rather to act as a tool to assist an attorney in doing his or her job more accurately and efficiently.
Commercializing Columbia University technology.
The company’s software is based on cutting-edge natural language processing technology which eBrevia is commercializing from Columbia University. The software is robust because it doesn’t rely on keywords or pre-canned search criteria to find key provisions within documents. Instead, it uses an artificial intelligence technique called “machine learning” to learn what provisions and concepts look like from large numbers of examples. It then recognizes the concepts regardless of the vocabulary used to express them. This is important because the software is able to extract relevant concepts even as they wind their way through multiple places in a document, capturing scattered defined terms and other pertinent information. The software can extract the most relevant information for a given provision with an unparalleled granular focus that increases efficiency by leaving extraneous text behind. The software also always allows attorneys to easily link back to relevant portions of the source document for further background information as desired. Extracted text is highlighted within the context of the source document to assist with the review.
Maintaining the security of clients’ legal documents is a central design goal of the eBrevia system. All documents are protected in transit between clients and eBrevia’s servers using industry standard Secure Sockets Layer (SSL) 256 bit end-to-end encryption. To protect documents while stored in the cloud, eBrevia uses only top-tier service providers that have passed annual SOC 1/SSAE 16/ISAE 3402 audits. These providers maintain datacenters with extensive physical access controls, including professional security, intrusion detection, video surveillance, and two-factor authentication for all personnel. Finally, these providers also provide redundancy against natural disasters or system failure by backing up and replicating customer data in physically distant data centers. eBrevia can also offer the option for clients to host the eBrevia system in their own datacenters. This means the documents never even traverse the firewall, and are always under complete control of the firm’s or company’s IT department.
Getting smarter everyday.
One of the most exciting aspects of the software is its ability to continue to learn as attorneys work with it. This allows the software to tailor itself specifically to the needs of individual attorneys or practice groups. At the same time, eBrevia’s team is constantly enhancing and broadening the types of information and provisions the software can extract and summarize. Because the software is offered as a service through the company’s web interface, customers are always able to take advantage of the latest enhancements without having to install a new version on site.