Global News
RenewData, a legal consulting and technology company with solutions that address the full spectrum of the Electronic Discovery Reference Model (EDRM), today announced financial results for the second quarter of 2014 that demonstrate strong growth and adoption of its Language-Based AnalyticsSM services.
In the second quarter of 2014, revenue from Language-Based Analytics services increased by 55 percent when compared to Q1. Year-to-date Language-Based Analytics revenue grew by 22 percent over 2013 year-to-date. As reported by 451 Research, the percentage of RenewData’s clients using LBA is significant, with 13 percent of midsized-to-large engagements using Language-Based Analytics in 2012 and 2013 jumping to 28 percent in 2014.
Overall, year-to-date signings for RenewData have increased by 33 percent over 2013 year-to-date.
“The conversation for in-house counsel has evolved from ‘How do I review documents quickly?’ to ‘How do I understand the contents of the documents very early into the process in order to make valuable strategic decisions?’” said Jim Blayney, CEO of RenewData. “Language-Based Analytics enables legal professionals to accomplish this in an effective, defensible and logical manner.”
Language-Based Analytics are RenewData’s defensible services that accelerate document review and reveal greater insight and transparency into data very early in the eDiscovery process. These services leverage the actual words in the collection and humans’ unique understanding of language and its nuances rather than rely on machine algorithms. Based on Language-Based Analytics’ combination of expert consultation and patented technology, in-house counsel can quickly and cost-effectively analyze a document collection, understand what each document is about and make important strategic decisions based on this understanding.
RenewData offers a 110 percent guarantee on its Language-Based Analytics services, demonstrating the company’s confidence in the service as well as introducing a measure of certainty into the eDiscovery document review acceleration process.
The company’s focus on innovation has supported the proliferation of Language-Based Analytics. It recently announced that it has attained its fourth patent in less than a year pertaining to eDiscovery technology. In all, RenewData holds 17 patents or patent applications.
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