London-based legal AI due diligence company, Luminance, has bagged a second European law firm as a client in the shape of Norway’s BA-HR.
The move follows an earlier deal with leading Dutch law firm, Houthoff Buruma, which became a full time client of Luminance’s pioneering due diligence system in January. Earlier last year Luminance launched after piloting with one of the UK’s top corporate firms, Slaughter and May.
The AI company now has three publicly named clients, with it is understood several others currently trialling the due diligence system.
Since November 2016, BA-HR has used Luminance to analyse four live M&A data rooms containing thousands of documents in several languages.
Luminance said that the firm spent considerably less time reviewing the data sets than they estimated would have been needed. The BA-HR team was able to use Luminance’s in-built clause training capability to tag clauses in Norwegian as they reviewed documents. This learning was then retained and rolled out across different due diligence projects.
Svein Gerhard Simonnæs, a partner at BA-HR, said: ‘Luminance has already proved its worth as part of the toolkit we wish to have at hand for significant M&A and capital markets projects, where due diligence is part of our scope of work.’
‘At the moment it is most useful for English language documents, but even improves the work on documents in other languages. We look forward to the day when we can have Luminance do the same for Scandinavian languages as it does for English now,’ he added.
Emily Foges, CEO of Luminance, also added in a statement: ‘BA-HR’s confidence in our AI technology has enabled them to work more efficiently and effectively than before.’
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