Relativity, a leading legal and compliance technology company, recently acquired a contract review solution provider, Heretik.
Heretik uses advanced analysis and machine learning technology to give businesses quick access to contract data. Following this acquisition, Heretik’s end-to-end contract review solution, Relativity Contracts, will allow customers to quickly convert current contracts into organized, usable data. It will be integrated into RelativityOne and will be available as an add-on from mid-2023.
Mike Gamson, CEO of Relativity, said, “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. 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.”
Heretik has consistently prioritized workflow capabilities combined with machine learning to allow users to act immediately on current contract data. The Heretik viewer offers a cutting-edge, super-fast review interface that is created specifically for finding, extracting, and storing important data points. Following the acquisition, Relativity intends to expand upon and include some contract viewer-specific functionality into the RelativityOne viewer in the future so that it can be used with other types of data.
Heretik’s workflow features and automation will aid in reducing the time-consuming task of contract evaluation. Furthermore, the connection will provide focused AI and machine learning capabilities including contract categorization, section segmentation and classification, data extraction to fields and images, and optical character recognition.
“Over the last six years, Heretik has gone from solving personal frustrations experienced during a diligence review, to analyzing and reviewing millions of documents. Heretik is used on some of today’s largest deals and most complex regulatory challenges. Our growth has been immense, but we believe our potential is much greater. Joining forces with Relativity will provide the resources and support to help Heretik reach its full potential”, said Charlie Connor, CEO and Co-Founder, Heretik.