Robert Ambrogi Blog
At a time when corporations face increasing risk for the sensitive data they collect and control, their ability to identify and protect that data is critical. Enabling that is the focus of Text IQ, which uses AI to find and protect sensitive enterprise data for privacy, legal and compliance purposes.
Now, Text IQ has been acquired by the global e-discovery and compliance technology company Relativity, where Text IQ’s products will be integrated with Relativity’s and some of Text IQ’s core capabilities will be used to enhance existing AI and ML functionality in RelativityOne and Relativity Trace.
“Most of the industry’s legal and compliance data already live within the Relativity ecosystem, which adds to our excitement around increasing Relativity’s customers’ access to our AI models,” said Apoorv Agarwal, Text IQ’s cofounder and CEO.
“The fusion of our companies and technology will deliver on the promise of AI in a way that our industry has yet to experience all while ensuring that ethical and unbiased AI is at the core of everything that we do.”
Relativity CEO Mike Gamson said, “We’re merely scratching the surface of what the application of AI to our industry can mean. Our customers recognize that while AI offers immense possibility, it must be thoughtfully designed and applied to address use cases that yield specific business outcomes.”
This acquisition follows news in March of a significant strategic growth investment in Relativity by Silver Lake, one of the world’s largest private equity technology investors. Although the amount of the investment was not disclosed, it was reported that the deal valued the company at $3.6 billion.
Terms of this latest deal also were not disclosed.
AI for Sensitive Data
Corporations use Text IQ’s AI for purposes such as responding to DSARs and data breaches, automating document review and finding privileged documents, identifying and managing personally identifiable information, and in compliance for discovering patterns that suggest misconduct.
In addition to integrating with Relativity’s products, Text IQ will continue to sell and service its products, the companies said in a statement.
Relativity said the acquisition will also expand the legal and compliance challenges that it can address for its customers, such privilege reviews, which can consume thousands of hours and are prone to human error. Text IQ says its flagship product reduces the time and cost of conducting privilege document reviews by up to 75%, and significantly reduces the associated risk.
Relativity said its global network of partners that provide project-based support and managed services will greatly benefit from this acquisition. “Offering Text IQ to Relativity’s partner community will provide them with an even stronger AI toolset to deliver more value across the e-discovery lifecycle and solve a wider array of data challenges for their customers,” the company said in a statement.
In addition to continuing to offer its core products, Text IQ will continue to offer its unconscious bias detector, which is part of its AI for Good initiative, which deploys AI to protect privacy and detect unconscious bias.