SOURCE: Recommind

Recommind

August 24, 2010 13:34 ET

Revenue for Recommind's Axcelerate On-Demand Grows 961%

Demand for Game-Changing Predictive Coding Technology Continues to Climb

SAN FRANCISCO, CA--(Marketwire - August 24, 2010) -  Recommind, the leader in predictive information management, today announced huge growth with its Axcelerate™ On-Demand solution, with revenue during the past year increasing 961% and new cases jumping by 425%. The eDiscovery industry's only on-demand solution with game-changing Predictive Coding™ and Predictive Analytics™ technology, Axcelerate On-Demand's popularity has skyrocketed as law firms and corporate clients demand cost predictability, far greater review efficiency and deep insight into matters from the outset.

Axcelerate On-Demand is the hosted version of Recommind's revolutionary AxcelerateReview & Analysis, a platform for document review, analysis and production. It combines all of the features of Axcelerate Review & Analysis on-site software, including Predictive Coding, with the security, scalability and ease-of use of an on-demand solution.

"Companies are under enormous pressure to minimize unexpected costs," said Nick Patience, analyst with The 451 Group. "In the legal sphere, that pressure manifests itself as a demand for better visibility into the cost of eDiscovery services. But to deliver such services, law firms first need a way to get up and running quickly and to make their own costs more predictable. Recommind has gone a long way toward solving that problem with Predictive Coding, a technology that changes the fundamental economics of eDiscovery, and Axcelerate On-Demand, which puts these services in a hosted environment for rapid deployment. With Axcelerate eDiscovery On-Demand, Recommind has what looks like a true differentiator in the legal industry." 

Axcelerate On-Demand provides multi-modal fulfillment for enterprises and law firms that complements rather than replaces the on-premise version. Axcelerate Review & Analysis customers often use Axcelerate On-Demand for multi-party litigation (e.g. as part of a joint defense group), as part of regulatory or internal investigations or where corporate clients require it. New and potential customers also use Axcelerate On-Demand for rapid access to Recommind's unique Predictive Coding and Predictive Analytics technology, which enables them to meet tight eDiscovery deadlines on a limited budget, no matter how large or complex the case -- and is typically a precursor to an on premises deployment.

"Our customers know that Recommind's predictive eDiscovery software can save millions of dollars per case, but they don't always have the time or the budget to replace their existing eDiscovery system when confronted with tight deadlines on matters," said Recommind CEO Robert Tennant. "That's where our hosted solution comes in. With Axcelerate On-Demand, law firms and legal departments get all the benefits of Axcelerate Review & Analysis, including Predictive Coding and Predictive Analytics, in a secure, reliable environment with no setup needed. No other vendor can offer game-changing technology any way a customer wants to use it; as a result, we expect revenue and customer growth for both Axcelerate On-Demand and Axcelerate Review & Analysis to continue their torrid pace for years to come."

About Recommind
Recommind is the leader in predictive information management, delivering search-powered business applications that transform the way enterprises, government entities and law firms conduct eDiscovery, enterprise search, and information governance. Recommind's solutions are all built on the CORE (Context Optimized Relevancy Engine) platform, which automatically accesses, organizes and analyzes large volumes of information in context from myriad sources. With greater control over and more accurate access to information, organizations can lower risk, heighten productivity, increase the value of information assets and improve competitiveness and profitability. Recommind customers include AstraZeneca, BMW, Clifford Chance, DuPont, Marathon Oil, Morgan Lewis, Nationwide Insurance, US Department of Energy (DOE), White & Case and Wilmer Hale. Recommind is headquartered in San Francisco and has offices in New York, Atlanta, Boston, Chicago, Washington, D.C., London and Bonn, Germany. For more information, e-mail info@recommind.com or go to www.recommind.com

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