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Litera Announces that Kira has been named an Advanced Solution in the Hyperion Research Contract Lifecycle Management MarketView™ Report

Tue 17 Oct 2023

CHICAGO, October 17 - Litera, a global leader in legal technology solutions, today announced that Kira, its industry renowned artificial intelligence (AI)-powered contract review and analysis software, has been named an Advanced Solution in the Hyperion Research Contract Lifecycle Management MarketView™ Report for its pioneering work in contract analytics, extensively trained models, short implementation timeline, 24/7 customer support, and innovative UX.

Kira has specifically received the following recognitions under the VendorView™ Special Recognitions category:

  • "Market Leader" in pre-trained models: Kira's 1400+ out-of-the box smart fields extensively cover common use cases, fully meeting most law firms' needs and the ability to share models with other customers using differential privacy is a novel way to continue to expand availability.
  • "Market Leader" in implementation and training: New customers benefit from Kira subject matter experts, robust implementation, and a hands-on approach that allows customers to set time-to-value and ensure return on investment.
  • "Highly Innovative" graphic display of extractions: After uploading documents to Kira, the solution offers an Analysis Chart showing a tabular view of smart fields found in each document, allowing customers to easily see concepts across multiple contracts.

Hyperion's MarketView™ program serves as the definitive analyst-based resource for legal solutions market research and advisory solutions. With more than 1,000 hours of analyst research, benchmarking, client interviews, and vendor briefings, this 2023 MarketView™ report provides an invaluable resource for corporate law departments to understand the leading trends in CLM and CA software, including the value propositions of these technologies and practical guidance on preparing for the contract technology journey. "We are honored that Kira is receiving recognition as an Advanced Solution, and specifically the coveted Hyperion Research 'Market Leader' and 'Highly Innovative' recognitions," said Joey Benedek, Vice President of Product Management at Litera. "We are committed to, and take great pride in, providing a contract review and analysis solution that is innovative, accurate, and secure, while also empowering legal teams to enhance their productivity and collaborate more effectively."

"Kira has a distinguished record of market leadership and innovation in the Contract Analytics market," said Eyal Iffergan, Managing Director of Hyperion Research. "With Kira, Litera raises the competitive bar by delivering capabilities that enable organizations to evolve beyond analytics to deliver effective and actionable contracts intelligence."

Kira uses machine learning and generative AI to automatically extract and summarize provisions and data points of interest in contracts and other documents that are reviewed in connection with M&A and other corporate transactions. Trusted on billions of dollars in corporate transactions, and over 85,000 projects, the review of 13 million contracts to date, Kira enables the world's largest professional service firms and corporations to quickly uncover relevant information from their contracts and documents and contextualize this information to support data-driven decision-making.

The Hyperion Research MarketView™ Reports provide law departments, law firms and other legal service organizations with independently researched resources for understanding the trends, leading practices, and solution options available to them. The Contract Lifecycle Management Report identified 24 current solutions for contract management, with sixteen products, including Kira, identified as Advanced Solutions that are considered highly credible solutions for integrated contract lifecycle management. For additional information or to order the report, visit www.hgpresearch.com.

About Litera

Litera has been at the forefront of legal technology innovation for over 25 years, crafting legal software to amplify impact and maximize efficiency. Developed by the best legal minds in the industry, Litera's comprehensive suite of tools is both powerful and user-friendly and simplifies the way modern firms manage core legal workflows, secure collaboration, and organize firm knowledge and experience. Every day, Litera helps more than 2.3 million legal professionals focus on their craft.

Litera: Less busy work, more of your life's work. For more information, visit www.litera.com.

About Hyperion Research

Hyperion Research, an Epiq company, is the industry's leading source for Legal Solutions Market Intelligence. Hyperion provides unparalleled insight into the leading trends in legal strategy, operations, and technology. Hyperion Research maintains full editorial independence over all research reports, findings and other analyst work product. Its coverage of vendors is based on their significance in the market and Hyperion does not accept any remuneration in exchange for participation in the MarketView™ Research program and reports


 


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