Donnelley Financial Solutions announced that it has entered into a definitive agreement to acquire eBrevia, a leading provider of artificial intelligence-based data extraction and contract analytics software solutions.
The acquisition aligns with DFIN’s commitment to providing clients with best-in-class secure data aggregation, due diligence, compliance and risk management solutions.
“DFIN has a rich history of innovation to meet the evolving needs of clients, while also leading the industry in providing insightful technology-enabled solutions, industry expertise and data insights at every stage of the business and investment lifecycle,” said Daniel N. Leib, chief executive officer of DFIN. “Together with eBrevia, we are excited to provide superior artificial intelligence-based solutions to our global clients. This acquisition enhances our suite of industry-leading software solutions and provides highly relevant, recurring services for current and prospective clients.”
DFIN’s current and prospective clients will benefit from:
“DFIN has always been known for providing innovative technology solutions at critical times with a superior level of service,” said Ned Gannon, eBrevia co-founder and CEO. “We’re excited to join forces with DFIN. eBrevia’s diverse client base including accounting, consulting, law firms and corporates will benefit significantly as we continue to rapidly advance our leading AI products.”
“We have been at the forefront of delivering artificial intelligence-based data solutions to our clients since our partnership with eBrevia began in 2015,” said Craig Clay, president of Global Capital Markets at DFIN. “The eBrevia team under co-founders Ned Gannon, Adam Nguyen and Jake Mundt have developed groundbreaking solutions that not only efficiently manage, analyze and extract data, but do so with next-generation artificial intelligence that has exciting additional applications for our broader business,” concluded Clay.
DFIN and eBrevia are committed to transform the way companies extract and analyze data with efficient, savvy solutions and exceptional service. In addition to the comprehensive regulatory and compliance suite of products DFIN already offers, clients will now have access to best-in-class artificial intelligence-based platforms, substantial global resources and a continued commitment to technological innovation.
Given DFIN’s existing ownership of eBrevia, the net purchase price to DFIN at closing is approximately $19.5 million in cash. The sellers also may earn additional cash consideration of up to $4 million if certain performance targets are achieved post-closing. The acquisition, which is expected to close within the next 30 days, is expected to be cash flow positive in 2020 and is consistent with the Company’s disciplined approach to capital allocation.
Copyright © 2019 Legal IT Professionals. All Rights Reserved.