Enterprise software provider Visma adopts Luminance AI tool
One of the largest enterprise software providers in Europe, with 14,000 employees, 1,135,000 private and public sector customers in the Nordics, Benelux, Central and Eastern Europe and Latin America, Visma , has adopted Luminance’s legal process automation tool as part of its proposed M&A due diligence reviews, as the Oslo-based company seeks to continue its rapid growth trajectory which has recorded net business of 1.74 billion euros in 2020.
Norway’s Visma made a record 42 acquisitions in 2021. This increased M&A activity means that the company’s in-house legal department must review large volumes of data when evaluating acquisition opportunities and the analysis of areas of risk and opportunity.
Hjalmar Florijn, Head of Legal at Visma Benelux, commented that Luminance’s quick insight will also help them keep more M&A work in-house and reduce reliance on external advice: “As Visma continues To experience rapid growth, it is essential that we can instantly understand the contractual landscape of an acquisition target. With Luminance, our in-house legal teams will be able to uncover critical findings earlier in the review process, giving us confidence that we have been assessed for all possible risks and allowing us to plan our business strategy accordingly. consequence,” Florijn said.
Eleanor Weaver, CEO of Luminance, said in response: “I am delighted that Visma has chosen to adopt Luminance. As the only language-neutral AI tool on the market, Luminance can bring value to legal teams around the world, making it a truly indispensable tool for multinational organizations dealing with multilingual datasets and needing quick answers to their most complex business questions.