Recommind Accelerates Pace, Reports 100% Year-Over-Year Revenue Growth in 1H 2012
Predictive Coding Technology Used in Hundreds of Cases
Recommind, the leader in predictive information management and analysis software, today reported a 100% increase in 1H 2012 revenue growth over the same period in 2011.
Demand for Recommind’s software continues to rise as businesses and government agencies grapple with the problems caused by ever-cheaper storage, a myriad of new content types and increasingly stringent regulation. With the unchecked growth of digital data making critical business tasks impossible without the help of technology, Recommind has stepped in to fill the need. The company continued its string of record-breaking performance, with 2011 revenue increasing 95% over calendar year 2010 before accelerating to 100% year-over-year growth in the first half of 2012 over the same period in 2011.
Recommind introduced its CORE® machine-learning platform in 2001, at just the moment large organizations were beginning to struggle under the sheer volume of digital information they were creating every day. Recommind used CORE to build a range of popular search-based applications, including solutions for enterprise search, content governance, email management and eDiscovery, all of which share the ability to quickly find and prioritize relevant content amid vast amounts of unstructured data.
“The same computer systems that were supposed to increase our productivity are now drowning us in information.” said Bob Tennant, CEO, Recommind. “That’s where Recommind comes in. Our products help solve business problems where the amount of data involved is far outpacing the human ability to comprehend it. Only machine-learning technology can make these sorts of problems manageable, and no one knows how to apply machine learning to business better than Recommind. We are fundamentally transforming the way business is done, one solution at a time.”
One of these best-known solutions is Axcelerate eDiscovery, which features Recommind’s patented Predictive Coding technology and workflow that has been used in many hundreds of cases globally. Predictive Coding offers the first practical solution to the spiraling costs of document analysis and review, the most expensive and time-intensive phase of eDiscovery. By learning from a small “seed” set of documents, Predictive Coding can prioritize any size collection faster, more accurately and far more cost-effectively than any other review methodology. In many cases, the savings on contract attorneys alone can easily run into the millions of dollars, an important reason revenue for Recommind’s cloud-based eDiscovery solution, Axcelerate On-Demand, has skyrocketed in the past two years.
In addition to adopting Recommind’s cloud-based eDiscovery solution, enterprises are bringing Axcelerate eDiscovery in-house to manage risk and respond to legal actions and regulatory inquiries. Siemens is the latest Fortune 500 company to announce standardization on Axcelerate eDiscovery as its in-house solution for end-to-end eDiscovery. Siemens joins existing Fortune 500 in-house customers including Cisco Systems, TransCanada and many other firms in industries such as finance, high-technology, energy, entertainment and pharmaceutical.