HighQ and RAVN Systems have announced a strategic partnership that will see them offer integrated products to the legal and financial sectors.
HighQ’s Collaborate transaction management platform provides tools to help law firms, banks and other professional services organisations work efficiently on large deals, transactions and projects using their advanced file sharing, task management and workflow features.
With the integration of RAVN’s Applied Cognitive Engine (ACE), mutual customers can now take advantage of RAVN’s artificial intelligence solution to improve transactional efficiency by automatically reading, interpreting and summarising key information from documents and unstructured data.
The integration of the two products allows RAVN ACE to pull unstructured data from HighQ Collaborate, analyse it and then push the extracted data and summary information back into Collaborate’s iSheets module. This allows customers to automate key aspects of traditionally very time-consuming and inefficient processes, such as due diligence projects, property lease reviews and governance of the contracts which control OTC derivative trading.
HighQ and RAVN will be demonstrating this new capability tomorrow, 2 February, at Legal Tech New York.
“We see many areas where our combined technology can have a dramatic effect on the profitability and efficiency of law firms, banks and other highly transactional businesses,” said Stuart Barr, chief strategy officer at HighQ.
“In many ways, HighQ and RAVN have been approaching the same problems from opposites ends of the technology and process spectrum and I’m excited that we’re meeting in the middle where the combined effect of our technologies will be far greater than the sum of their parts.”
Peter Wallqvist, CEO at RAVN Systems added: “RAVN is the missing link for driving efficiencies and accuracies for organizations which process large volumes of unstructured data, which when combined with HighQ’s workflow, collaboration and document production capabilities, delivers a cutting edge product offering.”
As revealed by Legal IT Insider on 27 January, HighQ has received $50m in private equity investment from One Peak Partners, Morgan Stanley Expansion Capital and Goldman Sachs Private Capital. Its first-ever external funding round, this substantial investment will help HighQ to accelerate its product development and global expansion, particularly in the U.S, where it has hired Norton Rose Fulbright’s legal technology innovation architect Ryan McClead.