Rajah & Tann Asia has adopted Luminance’s artificial intelligence technology to enhance its due diligence processes for M&A transactions following a competitive selection process. This marks another major win in Asia for the fast-growing AI platform.
Rajah & Tann Asia, one of the largest legal networks in the region with over 600 lawyers in 10 countries, selected Luminance after recently completing a successful pilot of the technology, which allowed its corporate teams to review large numbers of contracts in an M&A transaction more efficiently than had been possible with manual review alone. The network selected Luminance due to its ability to quickly understand and prioritise a data room by pinpointing key areas of potential interest, enhancing its ability to deliver higher-quality results to its international client base. Luminance’s reporting capabilities and built-in project management tools helped streamline the overall review process.
“Following months of investigation into legal AI solutions, we are delighted to have found a technology that is transforming the way in which lawyers conduct transactional work, particularly in the time-pressured field of M&A due diligence and initial public offerings,” said Lee Eng Beng, Senior Counsel, Chairman of Rajah & Tann Asia. “We are excited to work with a company which is revolutionising how due diligence and document review is conducted.
Luminance applies the latest advances in machine learning technology developed from Ph.D. research at Cambridge University to read and understand legal documents in a similar way to humans, coping with volumes and working at speeds that no human can match. Luminance automatically sorts, clusters and classifies a data room using a unique combination of supervised and unsupervised machine learning, highlighting the subtlest of differences between documents so that key issues can be identified as early as possible in a transaction. The company launched in September 2016 and has customers on five continents, having completed more than 150 transactions to date.
“Rajah & Tann Asia believes in the importance of artificial intelligence to an international M&A practice. We’re excited to have been selected by a firm with such an innovative outlook that truly understands how machine learning technology can enhance the quality of its lawyers’ work.” said Emily Foges, CEO of Luminance.
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