Following a competitive bid, Luminance has been selected by top-ranked Stockholm law firm Cederquist to use its market-leading artificial intelligence technology, in another Nordic client win for the fast-growing London start-up.
Cederquist will use Luminance’s machine learning technology to improve the efficiency of its M&A due diligence. This follows several recent Scandanivan client wins for Luminance, including Roschier and BA-HR.
Cederquist selected Luminance after a pilot of the technology, which ran concurrently with trials of two other due diligence software solutions as well as a regular due diligence team. The firm expects significant time and cost saving from their use of the technology, as it allows lawyers to get a head start on the contract review process, uncovering vital issues from the outset of the project.
Luminance, founded by mathematicians from the University of Cambridge, uses machine learning technology to speed up contract review processes, such as M&A due diligence, without sacrificing accuracy. The system sorts, clusters and classifies an entire data room on day one of the transaction, presenting it in an intuitive visualisation dashboard, giving lawyers immediate insight and prioritising their review. Luminance’s unique ability to detect anomalies ensures that even subtle differences between contracts, which may pose a risk to a transaction, are highlighted to the M&A team at the very beginning of the review process.
“We chose Luminance after piloting two other well-known due diligence software vendors,” said Tone Myhre-Jensen, Managing Partner at Cederquist, “the pilot proved Luminance is easy to deploy within the firm and will quickly add value to our work. We are also impressed with the power of the machine learning, particularly when training the system to recognise new legal concepts in Swedish and other languages.”
“We welcome Cederquist as the latest Nordic law firm to deploy our market-leading artificial intelligence for due diligence. Luminance is quickly expanding its client base across Europe and further afield, demonstrating the benefits of our technology for lawyers in all jurisdictions,” said Emily Foges, CEO of Luminance.
Luminance launched in September 2016 and is currently live in 12 countries, having completed over 110 client transactions globally.
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