Advanced technology development firm Spencer Trask & Co. announced the merger of Fastcase with vLex in a transaction funded by private equity firms Bain Capital and Oakley Capital. The new venture provides a combined 3.8 million users in over 100 countries with smart access to the most extensive collection of legal and regulatory information in the world.
Read More about AiThority Interview: AiThority Interview with Jon Zimmerman, Chief Executive Officer at Holon Solutions
Spencer Trask & Co. was the first institutional investor in Fastcase and its largest shareholder.
“We are really proud to see Fastcase take its mission to the global stage,” said Spencer Trask & Co. Chairman, Kevin Kimberlin.
The flagship Fastcase service extracts value from the entire corpus of U.S. law – from all 50 states, all Federal and appellate courts, the U.S. Code, the Federal Register from inception, and the Congressional Record volumes in their entirety. The firm provides highly accurate methods for researching these millions of pages of legal documents with predictive analytics and AI-enhanced smart tools. This provides analysis unavailable elsewhere such as case-prediction indicators on judges, venues, adversaries, and attorneys, and measures of gender diversity at law firms.
AiThority Interview Insights: AiThority Interview with Kyle Wong, Chief Strategy Officer at Emplifi
Revenues in the global legal services industry reached $900 billion in 2022 and yet the legal field has been slow to adopt technologies that are standard fare for financial, retail, and information service providers.
“Artificial intelligence and data analytics technology, used routinely elsewhere, will be demanded by discerning legal clients in the future,” said Ed Walters, Fastcase co-founder and CEO. “So Fastcase combined these must-have analytics with the largest law library in the world.”
For its technology backbone, Fastcase acquired legal search firm Judicata, funded by Khosla Ventures and Peter Thiel, and run by Blake Masters, now COO of Thiel Ventures. The Judicata senior team remained with Fastcase.
“From the beginning, Spencer Trask supported our mission to democratize the law in the United States. vLex is the perfect partner to scale this mission globally,” concluded Walters.
Latest AiThority Interview Insights : AiThority Interview with Malcolm Koh, Director, CX Practice at Zendesk
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.