CHICAGO--(BUSINESS WIRE)--Donnelley Financial Solutions (NYSE: DFIN) announced today that it has entered into a definitive agreement to acquire eBrevia, a leading provider of artificial intelligence-based data extraction and contract analytics software solutions. The acquisition aligns with DFIN’s commitment to providing clients with best-in-class secure data aggregation, due diligence, compliance and risk management solutions.
“DFIN has a rich history of innovation to meet the evolving needs of clients, while also leading the industry in providing insightful technology-enabled solutions, industry expertise and data insights at every stage of the business and investment lifecycle,” said Daniel N. Leib, chief executive officer of DFIN. “Together with eBrevia, we are excited to provide superior artificial intelligence-based solutions to our global clients. This acquisition enhances our suite of industry-leading software solutions and provides highly relevant, recurring services for current and prospective clients.”
DFIN’s current and prospective clients will benefit from:
- Tech-forward data extraction: eBrevia provides a platform that uses artificial intelligence – machine learning and natural language processing – to extract and analyze data.
- Accurate productivity: The platform helps attorneys review up to 90 percent faster and more accurately.
- Seamless integration with Venue: eBrevia’s platform seamlessly integrates with DFIN’s Venue Data Room solution providing intelligence on end-to-end deal solutions.
- Secure and Actionable: within DFIN’s Venue Data Room, your data is protected with bank-grade security, powerful encryption, and eBrevia’s output delivers actionable intelligence in easy to read summaries.
“DFIN has always been known for providing innovative technology solutions at critical times with a superior level of service,” said Ned Gannon, eBrevia co-founder and CEO. “We’re excited to join forces with DFIN. eBrevia’s diverse client base including accounting, consulting, law firms and corporates will benefit significantly as we continue to rapidly advance our leading AI products.”
“We have been at the forefront of delivering artificial intelligence-based data solutions to our clients since our partnership with eBrevia began in 2015,” said Craig Clay, president of Global Capital Markets at DFIN. “The eBrevia team under co-founders Ned Gannon, Adam Nguyen and Jake Mundt have developed groundbreaking solutions that not only efficiently manage, analyze and extract data, but do so with next-generation artificial intelligence that has exciting additional applications for our broader business,” concluded Clay.
DFIN and eBrevia are committed to transform the way companies extract and analyze data with efficient, savvy solutions and exceptional service. In addition to the comprehensive regulatory and compliance suite of products DFIN already offers, clients will now have access to best-in-class artificial intelligence-based platforms, substantial global resources and a continued commitment to technological innovation.
Given DFIN’s existing ownership of eBrevia, the net purchase price to DFIN at closing is approximately $19.5 million in cash. The sellers also may earn additional cash consideration of up to $4 million if certain performance targets are achieved post-closing. The acquisition, which is expected to close within the next 30 days, is expected to be cash flow positive in 2020 and is consistent with the Company’s disciplined approach to capital allocation.
About Donnelley Financial Solutions (DFIN)
DFIN is a leading global risk and compliance solutions company. We provide domain expertise, software and data analytics for every stage of our clients’ business and investment lifecycles. Markets fluctuate, regulations evolve, technology advances, and through it all, DFIN delivers confidence with the right solutions in moments that matter. Learn about DFIN’s end-to-end risk and compliance solutions at DFINsolutions.com or follow us on Twitter @DFINSolutions or on LinkedIn.
Use of Forward-Looking Statements
This news release may contain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements contained in Donnelley Financial Solutions’ (DFIN) filings with the SEC. Donnelley Financial Solutions (DFIN) disclaims any obligation to update or revise any forward-looking statements.