June 16, 2020
Move extends Litera’s use of artificial intelligence, adding ability to deliver content recommendations during the document drafting process
Chicago, IL – Litera today announced its acquisition of Bestpractix, in a move which deepens its expertise in contextual, predictive content delivery as part of the drafting lifecycle. Litera already serves over 90% of the Global 100 and will now look to offer additional value to lawyers at the 15,000 organizations worldwide that rely on the company to support their drafting workflows.
Bestpractix provides law firms and legal departments with an AI-powered contract drafting platform which allows them to accelerate the creation of legal documents. Using proprietary Natural Language Processing (NLP) and Machine Learning (ML) methods to transform unstructured data into actionable insights, the Bestpractix platform helps lawyers leverage and utilize organizational knowledge with a few clicks in real-time. By analyzing previously negotiated agreements, the platform is able to accelerate precedent research and provide lawyers with smart, tailored, and contextual drafting recommendations throughout the contract drafting process.
“The concept of ‘smart’ documents is one which we’ve been focused on for some time, and the acquisition of Bestpractix accelerates our plans for delivering a smarter drafting workflow, where technology is complementing the way lawyers work. We’re very excited about the ways in which we see the Bestpractix technology working with existing and future products”, said Avaneesh Marwaha, CEO of Litera.
“The opportunity which this deal presents us is incredible. Litera’s portfolio is clearly a natural fit from a product perspective, but what really convinced us was their vision for a seamless, integrated drafting experience, and we’re excited to be joining the Litera family”, said Omer Hayun, co-founder and CEO of Bestpractix. “We are thankful for the support we received from our investors at Spinach Angels, our Am Law 100 clients and design partners, as well as our employees, consultants, and advisors, who were there for us along the way. We look forward to further develop our platform and client base under the Litera umbrella and continue to provide lawyers with tools that help them deliver better legal services to their clients”.
As part of the acquisition, Omer Hayun, co-founder and CEO of Bestpractix, and Elad Hayun, CTO of Bestpractix, will be joining the Litera team and will continue to develop AI-powered products for the Litera portfolio.
Litera is the leading provider of software for law firms and document-intensive organizations across the globe, helping them satisfy the demands of clients. Our document drafting products empower users to create, proofread, compare, clean, and distribute high-quality content quickly and securely, from any device, while our transaction management platform converts the manual, tedious process of managing transactions by creating a secure, collaborative workspace and automating the entire signature process. For more information about Litera visit www.litera.com or follow us on LinkedIn.
Bestpractix has developed a contract review, negotiation and drafting platform that streamlines contract work by providing customized insights and smart drafting recommendations based on organizational data. Founded in 2017 by Omer Hayun, a former corporate lawyer, business consultant and NLP expert, and backed by Spinach Angels, an early stage angels group based in Israel, Bestpractix serves top Am Law 100 law firms across the US. For more information about Bestpractix visit www.bestpractix.com.