USA/Canada 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 first quarter of 2014 indicative of its continued growth and the strong adoption of its Language-Based Analytics services.
In its first quarter of 2014, the company realized its largest number of new Language-Based Analytics projects in a particular quarter. Overall, new business signings were up 59 percent in Q1 2014 when compared to Q1 2013. Revenue and EBITDA also increased by more than 8 percent on a year over year basis.
“Today’s eDiscovery has become immensely more complicated due to the influx of big data, security concerns and the rise of regulatory enforcement activities in industries such as financial services. The demand for transparent and effective solutions like Language-Based Analytics will continue to grow - not just because it can significantly decrease document review costs but also for its abilities to provide counsel with far greater insight into document sets much earlier in the document review process,” said Jim Blayney, CEO of RenewData.
Launched in 2012, RenewData’s Language-Based Analytics uses a patented highlight-driven bulk tagger and patent-pending keyword development technology to dramatically increase the speed and efficiency of document review. As an effective and easily defensible alternative to artificial intelligence-powered solutions, it offers a high degree of transparency, control and time and cost savings for legal professionals during document review.
The Q1 2014 results reflect RenewData’s continuing strong performance experienced in 2013, when the company’s Language-Based Analytics revenues increased 24.4 percent compared to 2012 and its eDiscovery revenue grew by 23.8 percent when compared to 2012.
Results in 2013 speak to RenewData’s dedication to providing innovative and secure services and solutions for its clients. Highlights of the company’s 2013 announcements, include the news of the company’s ISO 27001 recertification, the launch of its 110 percent guarantee for Language-Based Analytics review and the awarding of multiple patents for its innovative eDiscovery technology and processes.
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