I am pleased to announce the acquisition of Recommind, Inc., a leading provider of eDiscovery and information analytics solutions that deliver insight from unstructured data to help people make better, faster business decisions. Adding Recommind solutions to our portfolio establishes OpenText as a leader in the eDiscovery space and creates significant opportunities for growth in cognitive, content analytics, and cloud-based solutions.
The eDiscovery market is currently going through its biggest transition ever. Organizations are looking to take greater control of their eDiscovery processes, the selection of eDiscovery vendors, the services they buy, and how they buy them. In organizations that are frequently involved in litigation, eDiscovery is often considered a cost of doing business. But where there is risk, there is also reward. eDiscovery represents a significant opportunity from an optimization, cost, and efficiency perspective. At OpenText, we are dedicated to maintaining and growing Recommind’s position as an eDiscovery leader based on the best analytics and the best user experience for review in the market. This acquisition also highlights our commitment to the Legal vertical with a one-stop shop for enterprise search and document management requirements.
We are shaping the future of the enterprise market, and analytics figure prominently in this strategy. Recommind solutions will help us do this by delivering new insights that can, as an example, help to optimize profits or mitigate risks in an area that has been a big blind spot for business managers, their unstructured content. The Cloud is also an important part of our future vision. Recommind has made the transition from being an on-premises, license- and maintenance-driven organization to being a cloud-first, SaaS and on-demand driven organization and we will provide a center of excellence as enterprises continue to transition to the Cloud.
Customers already rely on OpenText to help them manage and leverage their information flows—from Engagement to Insight. Combining our leading Enterprise Information management (EIM) solutions and expertise in the Cloud with Recommind’s technology and talent will enable customers to solve problems at a scale not previously feasible without machine learning. Our customers will benefit by being able to identify and understand the facts that matter for litigation, compliance, and governance; connect finance professionals to more accurate data to make better decisions, optimize profit and mitigate risk; and find the documents, expertise, and projects they need from all sources and locations.
Please join me in welcoming Recommind customers, partners, and employees to OpenText.
For more information, read the press release.