(LONDON – 30 May, 2017) – Global law firm Reed Smith advised iManage, the leading provider of Work Product Management solutions, on its acquisition of RAVN Systems, a leading UK-based artificial intelligence (AI) agency.
The cross-office team was led by Reed Smith corporate partners Siddesh Bale (Chicago) and James Cross (London), and required cross-practice collaboration between the Global Corporate Group, intellectual property, labour & employment and real estate.
Founded in 2010, RAVN has developed an AI platform that can organize, discover and summarize relevant information from large volumes of documents and unstructured data. In light of the acquisition, iManage will continue to develop RAVN’s cutting-edge platform and will integrate the technology into iManage Work Product Management applications, increasing efficiency for businesses still further.
The complex deal was completed on a tight timescale, and the Reed Smith team were able to work efficiently and productively across jurisdictions to provide a seamless work product for the client.
Reed Smith partner Siddesh Bale commented:
“Our team was very excited to advise on this high-profile acquisition at the cutting edge of the legal technology industry. The transaction allows iManage to further expand its portfolio of products and solutions and push farther its already cutting edge technology solutions with AI. iManage is incredible at anticipating its clients’ needs, and this acquisition will help iManage bring additional solutions to the practical business issues faced by its clients”.
Other team members included: Ravi Pattani, Rob Lowe, Tufayel Hussain, Caspar Fox, Arnie Grant, Philippa Michie, Carl De Cicco, Ed Hunter, Jess Hartley, Priyank Doshi, Sharon Lai and Will Sutton. RAVN Systems was advised by CMS.
Reed Smith successfully piloted RAVN’s AI platform, RAVN ACE (Applied Cognitive Engine), in 2016. The acquisition will allow the firm to provide an even more effective AI solution to boost efficiency for clients.
Chief knowledge officer Lucy Dillon commented:
“We have used RAVN to report on multiple leases, extracting data for real estate due diligence. RAVN vastly sped up the mundane manual process, identified several items that were missed in the manual review and returned high quality data. The iManage acquisition of RAVN will allow us to apply AI to not only contract analysis but also thousands of high-value legal documents that reside within iManage.”
About Reed Smith
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The firm’s five main industry sectors are financial services, energy and natural resources, entertainment and media, shipping and life sciences.
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