Notable news on the AI front today: the document management company iManage has acquired RAVN Systems, a UK company specializing in artificial intelligence. iManage says the acquisition “will revolutionize the way companies find, extract and act on key information from documents and emails.”
RAVN has an AI platform that can organize, discover and summarize relevant information from large volumes of documents and unstructured data. Businesses use it to analyze legal documents such contracts and leases, identify information which is privileged or subject to compliance and automate document classification for easier search and governance.
iManage says that, in addition to continuing to develop RAVN’s AI platform and contract analysis technology, it will integrate RAVN’s technology into iManage Work Product Management applications enabling organizations to:
- Auto-classify documents so they may be used or protected based on their content.
- Extract key information from content, including dates, obligations, amounts and more.
- Identify what documents they are holding that are subject to compliance requirements (such as sensitive data for GDPR) to improve risk management.
- Find terms and clauses within content for more effective information re-use and enhanced knowledge management.
For more information, here is the full announcement.