Industry’s Only Patented Predictive Coding Drives Adoption of Recommind’s Hosted Solution for Document Review
SAN FRANCISCO, CA Tuesday, August 23, 2011
Recommind, the leader in predictive information management, today announced continued rapid adoption of its Axcelerate On-Demand solution for early case assessment (ECA), review, analysis and production. Amid tightening regulatory deadlines and soaring volumes of corporate data, Axcelerate On-Demand continues to rapidly take market share from legacy offerings, experiencing 100 percent YOY revenue growth and a 250 percent increase in new cases from Q1 to Q2 2011 alone.
Axcelerate On-Demand’s robust growth accelerated during Q2 when Recommind announced it had patented Predictive Coding. As the hosted version of the groundbreaking Axcelerate Review & Analysis offering, Axcelerate On-Demand offers the same powerful features, including Recommind’s patented Predictive Coding technology and workflow, which reduces document review time and costs by 60 to 95 percent over traditional linear review. Axcelerate On-Demand also includes the industry’s only automated sampling workflow, Predictive Sampling, which optimizes quality control and delivers the industry’s most accurate, consistent and defensible review.
“Rising data volumes mean it’s no longer possible for humans to eyeball every document in a case, thus the strong need for advanced document review solutions like predictive coding,” said Katey Wood, Analyst at ESG. “As litigation and regulation increase and deadline pressures mount, we are likewise seeing a rapid move to solutions in the cloud. Recommind has positioned itself well on both fronts, as patenting predictive coding and making it available in the cloud has clearly led to rapid growth in new customers seeking Axcelerate On-Demand.”
Enterprises and law firms turn to Axcelerate On-Demand when they need the utmost in automated review technology combined with the scalability and convenience of a hosted solution. Axcelerate On-Demand is the optimal choice in multiparty litigation, multilanguage proceedings, internal investigations and matters requiring extremely tight deadlines. It also provides an entry point for new and potential customers, allowing many to quickly quantify the benefits of Recommind’s unique predictive technology before moving to an on-premises implementation.
“Many of the same trends driving Predictive Coding are also driving the move toward hosted eDiscovery services,” said Robert Tennant, CEO, Recommind. “Global law firms and Fortune 500 enterprises need to react to litigation and regulation faster than ever, while reviewing more data than ever, often in collaboration with other legal and review teams. When speed and flexibility are at a premium — as they increasingly are —a hosted solution is often the preferred option. With Axcelerate On-Demand, customers get the best of both worlds: the industry’s most advanced review technology and the convenience of offsite hosting. We’ve had an incredible response to our hosted offering, and I expect it to become the dominant review offering in the industry for years to come.”