Diligen Announces New Client Wins, Product Expansion and 600% Monthly Recurring Revenue Growth
As featured in GlobalNewswire.
TORONTO, May 01, 2018 (GLOBE NEWSWIRE) -- Diligen, a leading artificial intelligence (AI)-based contract assistant, today announced significant company developments fueled by continued innovation, new client adoption and product expansion. As a result, Diligen has experienced a monthly recurring revenue growth rate of 600% in the past year. This growth is driven by strong adoption of the company’s popular AI-based legal technology tool that helps lawyers provide faster, higher-quality contract review, streamlining the time-consuming process of spotting critical provisions, summarizing contracts and managing the document review process that lawyers have traditionally done manually.
Diligen also outlined key business developments and achievements, including:
- Diligen API Launch: With the launch of the new Diligen API, clients will now have the ability to leverage Diligen’s world-class platform for classifying text, reading different types of documents (e.g. contracts, meeting minutes, bylaws, etc.) and extracting meaning.
- New Platform Features: The company has developed innovative new features including a comprehensive real estate suite, expanding the Diligen system to identify more than 60 new real estate clauses for lease review.
- Client and Partner Wins: Client and partner wins including Visto, Babst Calland, BN Lawyers and Levenfeld Pearlstein, have recently selected Diligen’s AI-based contract assistant for its easy-to-use setup and user interface and the system’s ability to increase contract review speed and accuracy, shorten contract turnaround time, and increase legal teams’ capacity.
- Awards: Diligen was named by The National Law Journal as one of the AI leaders for 2018, which is a compilation of the businesses that are leading the way in artificial intelligence. The company was also identified by Analytics Insight as one of The 10 Most Promising Artificial Intelligence Companies, and finished in the top three at the AI Legal Challenge sponsored by the Ryerson Legal Innovation Zone.
- Secondment: Diligen recently seconded a lawyer from their client, Aird & Berlis, securing broad attention for the initiative.
“At Diligen, we continue to be energized by the tremendous feedback we hear from our clients, and the significant efficiencies they have gained through the use of our platform,” said Konrad Pola, Co-Founder and CEO of Diligen. “Next up for us is to explore new offerings in new markets – extending the reach of Diligen to more clients around the world – individual attorneys, law firms, in-house legal teams and beyond through the adoption of our AI-based contract review platform and our Diligen API, so that they can also realize the great efficiencies to be gained through the adoption of AI.”
To continue to accelerate growth, Diligen will be pursuing partnerships to help bring the power of an AI contract assistant to law firms and lawyers across Canada, the United States and around the world.
For law firms and legal teams, Diligen reduces the burden of painstaking contract review and allows lawyers to focus time on work that requires judgement. Diligen helps firms show their clients that they are trimming the fat on monthly billable hours by reducing time spent on due diligence and contract review. Diligen allows law firms needing to manage costs on fixed rate projects to focus on adding value to clients without writing off thousands of hours on contract review. Diligen augments manual contract review processes for faster, higher accuracy results. Diligen allows small legal teams to tackle the increased volume of contract review without adding additional resources or requiring current resources to work around the clock. Diligen enables junior associates to focus on higher billable tasks without compromising the speed or quality of critical contract review work. For more information about Diligen, please visit www.diligen.com.
Media Contact: Heidi Davidson Galvanize Worldwide for Diligen Heidi@GalvanizeWorldwide.com (914) 441-6862