Relativity, a global legal and compliance technology company, announced that it has acquired Heretik, a contract review company that combines machine learning technology and advanced analysis to help organizations gain immediate insight into contract data.
Moving forward, Heretik’s end-to-end contract review solution will be known as Relativity Contracts, enabling users to rapidly transform existing agreements into structured, actionable data. Relativity Contracts will be integrated into RelativityOne, and available as an add-on in mid-2023.
“Efficient contract analysis is critical in meeting regulatory requirements, realizing business value and reducing legal risk; and now RelativityOne users will be able to do so within a singular, secure platform,” said Mike Gamson, CEO of Relativity. “We’re excited to bring these capabilities to our customers, helping them expand the problems they’re able to solve and positioning legal teams to quickly identify relevant insights, risks, rights and obligations within large datasets – reducing days or weeks of work to just minutes.”
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From its inception, Heretik has prioritized workflow capabilities coupled with machine learning to enable users to take immediate action on existing contract data. The Heretik viewer provides a modern and lightning-fast review interface, tailormade for quickly locating, extracting and storing critical data points. In the future, Relativity plans to build upon and integrate some contract viewer-specific functionality into the RelativityOne viewer so it can be leveraged on other data types.
Heretik’s workflow capabilities and automation help reduce the time-consuming task of contract review. Additionally, the integration will allow for targeted AI and machine learning capabilities, such as contract classification, section segmentation and classification, data extraction to fields and imaging, and optical character recognition.