The company eBrevia is today launching a new product, eBrevia Bespoke, that extends its contract review and analytics technology to a much-wider range of custom applications for specific types of contracts and industries.
eBrevia’s flagship product, Diligence Accelerator, uses artificial intelligence to automate the due-diligence contract review process in mergers and acquisitions. Based on machine-learning technology developed at Columbia University, Diligence Accelerator helps lawyers quickly analyze legal documents to find critical terms and provisions governing topics such as change of control and non-competition. It then extracts that content into due-diligence summaries.
The new eBrevia Bespoke will perform a similar function, except that instead of searching contracts for standard types of terms, it will search for user-defined terms. That means that it can be adapted for virtually any kind of use.
“Many users [of Diligence Accelerator] said it would be great if they could customize it to extract the specific terms they’re looking for, maybe specific to an industry or to a deal,” cofounder Ned Gannon told me last week. “We decided it would be useful to open our training interface to the end user to let them annotate the software or work with them to let us annotate it.”
Customers will have two options for using Bespoke. They can work with eBrevia staff to train the software to recognize the customer’s custom terms. Or eBrevia will open its software training system to the customer and allow it to apply its own industry expertise to train the software and extract relevant language. Either way, eBrevia says it will work with customer to make sure the software performs accurately.
Gannon said that pricing for the new product will be determined on a case-by-case basis depending on the customer’s needs. A number of variables will affect the cost, including the number of custom provisions and the complexity of those provisions.
Earlier this year, the company released another spin-off product, Lease Abstractor, for use in the review and extraction of financial and legal data from leases. The Lease Abstractor is currently in use at some of the largest commercial real estate firms in the world, the company says.
eBrevia was founded in 2011 by Harvard Law School graduates Ned Gannon and Adam Nguyen and computer scientist Jacob Mundt. They first rolled out Diligence Accelerator in 2012.