iCONECT Worldwide Inc., a privately-held leader in legal technology and eDiscovery, today announced that effective immediately, they have reached an agreement with Ayfie Group AS of Oslo, Norway to acquire a ‘gold copy’ of the highly regarded Ayfie Inspector artificial intelligence code base including all subcomponents and patent licenses in perpetuity for an undisclosed sum.
Ayfie Inspector technology uses artificial intelligence and complex algorithms to identify entities and patterns in documents and data in a way well beyond the standard regex typically found in the eDiscovery industry and document management space. The algorithms build those patterns against unstructured and structured data and then use artificial intelligence to identify and group conceptually similar content, create email conversation threads and extract people, places, things, and personally identifiable information (PII). The iCONECT platform integrates the technology into any eDiscovery workflow including analysis, review, governance, breach, DSAR and GDPR.
“Direct access to the source code enhances our ability to create innovative synergies which include artificial intelligence assisting companies to incorporate AI as a standard component of their eDiscovery workflow.” states Ian Campbell, CEO of iCONECT. “At iCONECT we are always focused on looking over the horizon and this transaction is definitely a game-changer for the industry.”
“As a publicly traded entity on the Euronext Growth Oslo, <AYFIE (NOK)> this divestiture of the Inspector business stream allows us to focus business technology resources on our Locator platform, specifically opportunities in the European market,” says Lasse Ruud, CMO/ IRO of Ayfie Group AS. “iCONECT is the perfect company to take the Inspector platform for the next level and we look forward to seeing where it goes from here.”
Since the Ayfie Inspector code is already embedded within the iCONECT v10 product, unlike other AI acquisitions in the eDiscovery marketplace, there will be no delay in releasing this integration to market.
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