The move is part of NetDocuments’ AI Marketplace, which the company says ‘paves the way for enhanced document understanding and matter intelligence’.
This is a significant move, given the DMS company’s large client base. It also will no doubt be noted by iManage/RAVN, which is in effect a combination of a DMS platform with an AI legal doc analysis platform. However, it is understood that the strategic objective of Kira is not to repeat what RAVN did with iManage, but simply to widen the availability of its machine learning tech to a broader group of potential clients.
Kira will continue to operate just as it has, working with law firms, corporates and ALSPs, as it has done for some years. Ultimately, it’s arguable that the bigger change will happen to NetDocuments, which now can offer its clients an integrated AI capability to analyse documents for a variety of purposes.
Kira Systems’ technology integration will enable content understanding through entity and clause extraction and analysis for documents in a NetDocuments matter workspace. Leveraging NetDocuments’ APIs and workspace portal technology, Kira can provide its document classification and clause identification technology to NetDocuments clients for a variety of applications including contract analytics, audit work, and M&A due diligence.
Peter Buck, VP of Product Strategy at NetDocuments, said: ‘The announcement of NetDocuments’ AI Marketplace [and Kira’s role in this] paves the way for firms to truly understand their data in a way that will drive better decision making across the firm and client data.’
Steve Obenski, Chief Product Officer at Kira Systems, added: ‘We’re excited to be the first to announce our participation in NetDocuments’ AI Marketplace and to bring our AI technology to the document management system. We share the vision of an open ecosystem where customers can choose the best solutions for their document management and analysis needs.’
‘Second only to security is choice for our customers,’ concluded Matt Duncan, NetDocuments CEO. ‘We see the rapid rate of change in the machine learning and AI software area and question if the market can absorb the array of solutions. The AI Marketplace is our way to provide choice in the rapidly changing area of machine learning, while we continue to advance the use of machine learning across our platform and products.’