New Technology Lowers Cost of Discovery for Financial Services Companies and the Law Firms That Support Them
WASHINGTON, D.C. – October 14, 2014 – Consilio, a Symphony Technology Group (STG) company and a global leader in eDiscovery software and services, today announced the general availability of its innovative Enhanced Bloomberg Chat experience. Consilio’s end-to-end solution now streamlines the review of Instant Bloomberg® archives not only by storing richer, augmented data for better searching and discovery workflow structuring but also by introducing a real-time, dynamic filtering experience designed to accelerate reviews, lower costs, and yield better accuracy.
Instant Bloomberg—or Bloomberg Chat, as it is commonly called—is the leading chat tool used by the global financial community, generating a massive archive of discussions. Regulatory agencies require organizations to preserve these conversations, making them subject to discovery. Because these communications are often lengthy documents filled with duplicative and irrelevant content, they dramatically slow the progress of review and speed the onset of reviewer fatigue, increasing the risk of missing key relevant material. In addition, most eDiscovery solutions convert this special archive file type to e-mail format for handling, further complicating the attorney review experience.
“Consilio’s solution solves the complexities normally associated with the review of Bloomberg Chat,” according to Todd Mansbridge, Consilio’s Vice President of Product Management. “The solution expedites clients’ review of information and thus lowers costs in two primary ways. First, it optimizes the discovery workflow by allowing users to search for potentially relevant documents in a collection using a more robust set of chat-specific fields than e-mail archives allow. Second, it isolates important conversations within the transcript by quickly and dynamically filtering out irrelevant noise, which often makes up 95 percent of the content.”
Andy Macdonald, Consilio’s Chief Executive Officer, said, “Many of Consilio’s clients are prominent banks and other global financial institutions. They rely on Bloomberg Chat to facilitate business conversations, but given the inordinate amount of irrelevant content, it becomes an expensive thorn in their side in eDiscovery.” He added, “We heard our clients’ frustration with the difficulties and costs associated with reviewing Bloomberg Chat data, so we worked with them to develop a better way to handle these challenges.”
Consilio has pre-integrated and fully deployed its Enhanced Bloomberg Chat solution in its data centers around the world. These data centers, located in the United States, United Kingdom, Germany, Japan, Bangalore and Hong Kong, have passed stringent security audits of many of the world’s largest financial services institutions.
For further information about Consilio’s Enhanced Bloomberg Chat solution, please visit http://www.consilio.com/solutions/ediscovery/bloomberg-chat/
About Andy Macdonald, Chief Executive Officer, Consilio
Andy Macdonald is the Chief Executive Officer of Consilio, where he is responsible for all strategic and operational initiatives to ensure client satisfaction and grow the business. Andy holds more than 20 years of executive management experience across many industries and functional disciplines. Macdonald was a founding member of Consilio’s predecessor, First Advantage Corporation, and served on its management team from 2003 to 2011, most recently as President and Chief Executive Officer.
About Todd Mansbridge, Vice President of Product Management, Consilio
As Consilio’s Vice President of Product Management, Todd Mansbridge is responsible for representing client interests in the company’s product roadmap. During his 10 years with the company, Mansbridge has developed a deep understanding of client needs and eDiscovery workflows by serving in a variety of functions including project management, operations analytics, and sales support. Throughout his career, Mansbridge has played an integral role in designing efficient document review workflows and managing support teams for complex and cross-border litigation and investigations.
Consilio is an international eDiscovery and managed review provider with extensive experience in litigation, antitrust, second requests, and internal and external investigations. The company supports law firms and corporations with cost-effective, end-to-end litigation services that include data collection, computer forensics, expert testimony, multilingual and onsite data processing, hosting, and document review. Safe Harbor certified, the company can deploy its services rapidly and efficiently to clients anywhere in the world from offices and data centers in North America, Europe, and Asia. For more information, please visit www.consilio.com.
About Symphony Technology Group
Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and building great technology and services companies. In addition to capital, STG provides transformation expertise to enable its companies to deliver maximum value to their clients, to drive growth through innovation, to retain and attract the best talent and to achieve best in class business performance. STG’s current portfolio consists of 21 global companies. For more information, please visit http://www.symphonytg.com/
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