Relativity, a legal and compliance technology company, announced that it has acquired Heretik, a contract review company that combines machine learning technology and advanced analysis to help organisations gain immediate insight into contract data.
Heretik’s end-to-end contract review solution will be known as Relativity Contracts, enabling users to transform existing agreements into structured, actionable data rapidly. Relativity Contracts will be integrated into RelativityOne, and available as an add-on in mid-2023.
“Efficient contract analysis is critical in meeting regulatory requirements, realising the business value and reducing legal risk; and now RelativityOne users will be able to do so within a singular, secure platform,” said Mike Gamson, CEO of Relativity. “We’re excited to bring these capabilities to our customers, helping them expand the problems they’re able to solve and positioning legal teams to quickly identify relevant insights, risks, rights and obligations within large datasets – reducing days or weeks of work to just minutes.”
From its inception, Heretik has prioritised workflow capabilities coupled with machine learning to enable users to take immediate action on existing contract data. The Heretik viewer provides a modern and lightning-fast review interface, tailormade for quickly locating, extracting and storing critical data points. In the future, Relativity plans to build upon and integrate some contract viewer-specific functionality into the RelativityOne viewer so it can be leveraged on other data types.
Heretik’s workflow capabilities and automation help reduce the time-consuming task of contract review. Additionally, the integration will allow for targeted AI and machine learning capabilities, such as contract classification, section segmentation and classification, data extraction to fields and imaging, and optical character recognition.
“Over the last six years, Heretik has gone from solving personal frustrations experienced during a diligence review to analysing and reviewing millions of documents,” said Charlie Connor, Heretik’s CEO and Co-Founder. “Heretik is used on some of today’s largest deals and complex regulatory challenges. Our growth has been immense, but we believe our potential is much greater. Joining forces with Relativity will provide the resources and support to help Heretik reach its full potential.”
Heretik was created for Relativity customers by former Relativians. Half of Heretik’s employees, including Heretik’s CEO and co-founder, are former Relativity team members.
“We chose to build on Relativity because of its best-in-class security, scalability and review capabilities, but most importantly, we believe deeply in Relativity’s products and people,” said Connor. “We’re thrilled to be part of the talented team at Relativity and looking forward to further improving upon and tailoring the solution to meet the unique needs of our users.”
