ZyLAB, a leading provider of eDiscovery and Intelligent Information Governance solutions, today announced that Wolters Kluwer Legal & Regulatory’s Effacts legal management software will now leverage ZyLAB’s advanced technology for contract discovery and analytics. As a result, Effacts will provide new benefits and productivity gains to users as it will automatically analyze and classify the content of contractual documents to provide immediate insight in contract type, contractual obligations, risks and opportunities.
Effacts, a market leader in the Netherlands, is relied upon by corporate legal departments in Europe and North America to help manage, share and audit a company’s legal information in one secure place. Wolters Kluwer Legal & Regulatory is a leading global provider of information services and software solutions for legal and compliance professionals.
By using ZyLAB’s technology, Effacts will enhance its value to new and existing clients, with batch intake of contracts and other legal documents that is faster, better, and more cost effective. In addition, Effacts will use ZyLAB’s technology for contract discovery from mailboxes, file shares, and MS-SharePoint by automatically processing all data and shift and filter agreements from non-agreements. The ZyLAB technology will be used for various legal fact finding applications such as the preparation of data rooms and the analysis of complex legal files in case of litigation or arbitration.
Harm Bavinck, Effacts founder and business leader: “We are truly excited about this new partnership, bringing together the best of two market leaders to benefit professionals globally. The partnership will allow our clients to process relevant documents much faster, with better quality and more cost effectively, into the Effacts systems. We also will be able to use ZyLAB’s technology for a much wider range of legal in-house applications, which require advanced legal search, content analytics and legal fact finding.”
The combination of ZyLAB’s advanced search, content analytics and machine learning technology in combination with support for specific legal workflows such as documents in-take, M&A transactions, complex legal problems, arbitration, litigation and data protections issues, will allow Effacts users to deal more effectively with the ever growing data volumes and increasingly complex legal and compliance questions and obligations, resulting in an even higher-performance platform for legal fact-finding missions.
Johannes Scholtes, Chief Strategy Officer of ZyLAB: “Collecting or identifying contracts for a contract management system or relevant documents for M&A investigations, due diligence or review for corporate transactional work is a time consuming and challenging process with lots of risks when done manually. ZyLAB solutions automatically locate relevant contracts and analyzes their content. Users can prepare themselves much faster and more efficient, and enable their organization to close deals, make deadlines, save money, reduce risk, meet compliance mandates and grow revenues.”
ZyLAB’s technology originates from the highly demanding fields of eDiscovery and litigation but is also used for contract discovery and contract analytics. The powerful software of ZyLAB uses advanced search, text-mining, natural language processing (NLP) and machine learning techniques from the field of Artificial Intelligence (AI) to define, search, find and index relevant documentation. Further, it identifies and extracts particular information such as pricing and payment terms, expiration or renewal dates, countries and locations, products and quantity, confidentiality and liability provisions, change of control clauses and customized specific clauses.