Recommind, the leader in predictive information management software, today announced its strong 2010 revenue and customer growth capped by being named to the JMP Securities Hot 100 list of the best privately held software companies. Recommind’s revenue grew strongly, with 2010 overall year-over-year revenue rising over 60%, and revenue for the hosted Axcelerate On-Demand business jumping 500%. In addition to the increase in revenue, Recommind experienced strong growth in hiring, with a 43% increase in staff in 2010.
The JMP Securities Hot 100 recognition was based on Recommind’s most successful year to date, as enterprises and AmLaw 100 law firms rapidly adopted its industry-leading Predictive Coding™ technology for eDiscovery. Most recently, Cisco Systems announced it has implemented Recommind’s Axcelerate™ eDiscovery software, including Predictive Coding, as its next-generation approach to eDiscovery and regulatory compliance. Other Axcelerate eDiscovery™ customers include US government agencies, leading global law firms and Fortune 500 companies in the energy, financial services, banking, technology and pharmaceutical industries.
Also in 2010, Recommind announced new customers for its Decisiv™ information management software, including Staples Advantage, the US Department of Energy’s Office of Energy Efficiency and Renewable Energy (EERE) and many of the world’s largest and most influential law firms.
While demand for Recommind’s products remained high across the board, the company saw a special surge of interest in Predictive Coding™, the most powerful and cost-effective review technology on the market. Predictive Coding’s unique workflow allows clients to review only a fraction of a document collection in a fully defensible fashion, with superior quality and better consistency than traditional linear review. The result is the fastest and most cost-effective review available, with built-in quality-control capabilities unequaled in the industry.
“With every disruptive technology, there comes a critical moment when it crosses into the mainstream,” said Recommind CEO Robert Tennant. “With Predictive Coding, that moment came in 2010. After the 2008 financial crisis, litigation increased, federal regulators clamped down and many large enterprises found themselves saddled with outdated approaches that couldn’t handle the tight deadlines and enormous volumes of data involved in modern eDiscovery. Meanwhile federal agencies were handed an expanded new mandate that required them to review more documents with the same number of staff.”
“In both instances, the only feasible solution was the highly automated Predictive Coding technology in Axcelerate eDiscovery. Predictive Coding typically saves 60%-90% on document review time and costs, which easily translates to millions of dollars per case. Given those kinds of numbers, the economic and legal arguments for Predictive Coding become almost impossible to resist. We fully expect Predictive Coding to continue revolutionizing eDiscovery – and driving strong growth – through 2011 and beyond.”
By Guest Blogger: Recommind Inc.
