Luminance notches up another Nordic client with Cederquist win
Luminance has secured another Nordic client win, with its machine learning-based due diligence tool having been selected by top-ranked Stockholm law firm Cederquist following a competitive pitch.
Cederquist, which follows in the footsteps of leading Nordic firms Roschier and BA-HR, ran a pilot of Luminance’s technology alongside two other due diligence software solutions and its regular due diligence team.
Luminance, founded by mathematicians from the University of Cambridge, uses machine learning technology to speed up the contract review process, such as M&A due diligence, without sacrificing accuracy. The system sorts, clusters and classifies an entire data room on day one of the transaction, presenting it in an intuitive visualisation dashboard, giving lawyers immediate insight and prioritising their review. Luminance’s ability to detect anomalies ensures that even subtle differences between contracts, which may pose a risk to a transaction, are highlighted to the M&A team at the very beginning of the review process.
“We chose Luminance after piloting two other well-known due diligence software vendors,” said Tone Myhre-Jensen, managing partner at Cederquist. “The pilot proved Luminance is easy to deploy within the firm and will quickly add value to our work. We are also impressed with the power of the machine learning, particularly when training the system to recognise new legal concepts in Swedish and other languages.”
Luminance launched in September 2016 and is currently live in 12 countries, having completed over 110 client transactions globally.