Luminance, the artificial intelligence platform for data analysis, and Ansarada, one of the leading data room providers, joined their forces to simplify the workflow for lawyers that are involved in a Mergers and Acquisition process.
Luminance offers an efficient and exclusive mix of supervised and unsupervised machine learning that allows this AI to read and understand any document. Once Luminance analyses the content, it highlights the key data such as a type of contract, the names of participants, dates, clauses, and so on. With this information flagged, a lawyer can quickly scan documents without reading the full content. Additionally, Luminance tags any anomalies it finds to let a lawyer determine the risks and prioritize them before diving into further review.
The experience of lawyers with Luminance shows that on average, they save around 50% of the time when working with this tool for the first time. Obviously, as they become more familiarized with it, efficiency improves even more. This service based on artificial intelligence is not a new instrument. Luminance is trusted by more than 250 law firms and companies around the world so far. The array of its customers includes one-fifth of the Global 100 Law firms, and all the Big Four accounting firms are among Luminance’s customers.
Ansarada already had AI-based features in its data room — they help users to predict outcomes of Mergers and Acquisition deals and organize documents. Also, there is a function that supplies entrepreneurs with better reports. So the technology Luminance offers became a good addition to this array of AI-based tools. Now Ansarada is completely tailored for Mergers and Acquisitions — it simplifies the preparation process, speeds up the deal itself, and allows entrepreneurs to analyze their performance after the deal to improve the approach in the future.