Workplace management software company iManage buys AI company RAVN
Workplace management software company iManage has acquired U.K.-based artificial intelligence company RAVN Systems.
The companies announced the deal last month. Terms of the deal were not disclosed. According to the press release (PDF), iManage plans on integrating RAVN’s artificially intelligent platform, which is capable of combing through massive amounts of data to organize, find and summarize important information, into its own software so that its clients can find and extract data from emails and files more effectively.
“There are certain technologies that can fundamentally impact the trajectory of industries, such as industrial robots in manufacturing or self-driving cars in transportation,” said Neil Araujo, CEO of iManage, in the press release. “We are constantly looking for opportunities to drive significant productivity gains for our customers and have looked closely at AI technology. RAVN has bridged the gap between the potential of AI and its application to real-world business problems. Together we will accelerate the adoption of practical AI solutions across the legal and corporate markets.”
According to the press release, RAVN’s technology is utilized by businesses to analyze contracts, identify privileged information and automate classification of documents. In that vein, iManage intends to use those capabilities to allow clients to automatically classify documents, pull out important information from documents, locate documents subject to compliance regulations and locate key terms and clauses within a document that can be re-used in the future.
“Joining iManage will make it easier to adopt our technology and grant us access to additional resources, new channels to market and direct access to over 3000 iManage organizations worldwide,” said Peter Wallqvist, co-founder of RAVN Systems, in the press release. “Our existing customers, many of whom also use iManage, will benefit from improved capabilities, iManage global support and accelerated investment to deliver new, high-value content aware solutions.”
