Exemplify Acquisition Completed by Bloomberg BNA
Albuquerque, NM — Exemplify™ today announced the completion of its acquisition by Bloomberg BNA, a leading provider of comprehensive legal research solutions through its flagship Bloomberg Law product. Exemplify was launched as the first advanced analytical tool for transactional attorneys. The motivation behind Exemplify was the tremendous inefficiency in the drafting, review, and negotiation of transactional legal documents.
Exemplify now is the patented software application that powers Bloomberg Law’s Draft Analyzer, which enables practitioners to streamline the drafting of transactional legal documents by comparing draft language against EDGAR exhibits to determine market-standard language. Exemplify’s algorithm reveals the developing consensus among drafters based on its analysis of each paragraph from virtually every agreement and organizational document filed as an EDGAR exhibit.
“The litigation side of legal technology has seen tremendous analytical advances, notably in e-discovery,” said Exemplify Co-founder Robert Anderson. “But the transactional side had not seen the development of analytical tools. Exemplify takes a big-data approach to reverse engineering contract standards by deploying advanced machine learning algorithms.”
“Exemplify is an innovative technology that applies analytics to legal datasets in a unique and powerful way,” said Joe Breda, Executive Vice President of Product at Bloomberg BNA. “The incorporation of Exemplify into Bloomberg Law reflects our commitment to providing legal practitioners with cutting-edge and powerful workflow solutions that enable them to streamline their work and leverage data in new, highly impactful ways.”
The core technology behind Exemplify was originally developed by company co-founders Professor Robert Anderson and Trent Wenzel at Pepperdine University School of Law. Bill Bice, partner in the Verge Fund, immediately saw the market opportunity from his 25+ years of experience in legal technology. Bice said, “Exemplify was a great opportunity to bring knowledge management to the transactional side of the legal profession.” Verge Fund provided the early stage investment and Bice became CEO of the company.
Exemplify’s technology is now incorporated into Draft Analyzer, available to Bloomberg Law subscribers as part of their current subscriptions. Learn more about Draft Analyzer at www.bna.com/draftanalyzer and Bloomberg Law at www.bna.com/bloomberglaw.
Learn more about the Verge Fund, an Albuquerque, New Mexico based early stage venture capital fund.