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CS Disco, Inc. (symbol: LAW) is revolutionizing the legal technology landscape with its advanced software as a service (SaaS) solutions specifically designed by lawyers for lawyers. As a cloud-native platform powered by artificial intelligence, CS Disco simplifies the complexities of legal tasks such as discovery, document review, and case management for a diverse range of clients including enterprises, law firms, legal service providers, and government agencies.
More than 400 law firms, including 50 of the top AmLaw 200, have embraced Disco as their go-to solution for innovative legal technologies. These technologies not only enhance the practice of law but also help secure justice and drive successful case outcomes. The company’s core offerings include usage-based and subscription-based solutions. For usage-based contracts, customers are billed monthly based on their usage, while subscription contracts require customers to commit to a minimum data volume over a specified period.
CS Disco’s recent achievements highlight its growing influence in the legal tech sector. The company has continued to innovate, releasing updates and new features that cater to the evolving needs of legal professionals. With a strong financial position, CS Disco continues to invest in research and development, ensuring that its solutions remain at the cutting edge of legal technology.
Partnerships with leading law firms and consistent product enhancements underline CS Disco’s commitment to providing superior legal tech solutions. This has secured its place as a trusted partner in the legal industry, dedicated to automating and simplifying complex legal processes.
CS Disco (NYSE: LAW) announced its Q3 2024 financial results, reporting total revenue of $36.3 million, a 4% YoY increase. Software revenue reached $30.2 million, up 6% YoY. However, the company posted a GAAP net loss of $9.2 million compared to $1.0 million in Q3 2023 and an adjusted EBITDA of $(4.5) million, consistent with Q3 2023. CEO Eric Friedrichsen emphasized product innovation and AI-driven solutions as key differentiators. Recent initiatives include the addition of new executives and the launch of Cecilia Auto Review, a generative AI tool, in North America, the EU, and the UK. The company’s Q4 2024 outlook projects total revenue between $35.2 million and $37.2 million, with an adjusted EBITDA between $(7.6) million and $(5.6) million. For FY 2024, total revenue is expected to be in the range of $143.0 million to $145.0 million, with an adjusted EBITDA between $(22.0) million and $(20.0) million.
DISCO (NYSE: LAW) has appointed Lauren Caruso as Senior Vice President and Chief Sales Officer. Caruso, who previously served as VP of North American Sales at DISCO, returns to lead the Global Sales organization. Her focus will be on expanding relationships with leading litigation firms and corporations, driving adoption of DISCO's advanced generative AI and ediscovery solutions. CEO Eric Friedrichsen emphasized that Caruso's extensive knowledge of DISCO's products and the legal tech landscape will enhance sales team productivity and efficiency, aligning with the company's focused product strategy.
CS Disco, Inc. (NYSE: LAW), a leader in AI-enabled legal technology, has announced it will report its financial results for the third quarter ended September 30, 2024 after market close on Wednesday, November 6, 2024. The company will discuss financial results and business highlights in a conference call and webcast scheduled for 4:00 p.m. Central Time on the same day.
Interested parties can access the conference call by dialing (888) 300-4030 from the United States or +1 (646) 970-1443 internationally, using conference ID 8394292. A live webcast will be available on DISCO's investor relations website at ir.csdisco.com. A telephone replay will be accessible until November 27, 2024, and a webcast replay will be available for 12 months on the company's investor relations website.
DISCO (NYSE: LAW), an AI-enabled legal technology leader, has appointed Susan Garcia as General Counsel and Chief Compliance Officer, effective October 14, 2024. Garcia, previously General Counsel at WebMD, brings extensive experience in legal strategy, corporate governance, and risk management across various sectors.
CEO Eric Friedrichsen emphasized Garcia's forward-thinking approach and background in commercial software, positioning DISCO as a trusted partner in the evolving legal technology landscape. Garcia's experience as a DISCO platform user and her expertise in supporting legal and technology businesses are expected to contribute to DISCO's reputation for compliance, data privacy, and innovation in legal technology.
DISCO (NYSE: LAW) has officially launched its Cecilia AI Platform in the European Union and the United Kingdom. This platform offers generative AI-driven features to help legal professionals streamline the ediscovery process and handle large volumes of legal data more efficiently. Key features include Cecilia Q&A, Cecilia single doc Q&A, and Cecilia document summaries.
Cecilia AI aims to simplify fact-finding and accelerate document review, allowing attorneys to focus on high-value strategic work. Unlike general-purpose models, Cecilia Q&A answers questions based solely on the information within a customer's specific database. DISCO plans to introduce additional Cecilia AI tools and capabilities to the European market in 2025.
Illuma Labs, a leader in voice authentication technology for banking contact centers, has secured $9 million in Series A funding led by LiveOak Ventures, with participation from several other investors. This investment will accelerate the development of Illuma's voice verification solutions, addressing threats like fraud, voice cloning, and deep fakes.
The funding will also help expand Illuma's reach to more credit unions and banks nationwide. Early adopters TDECU and Connexus Credit Unions have reported significant benefits, including shortened call times by one minute on average and improved member service experience. Illuma has been recognized for its innovations in fraud prevention and AI technology, winning the CreditUnions.com award and being listed in Dallas Innovates' AI 75.
DISCO (NYSE: LAW), a leading AI-enabled legal technology company, has announced the appointment of Joe Jacobson as Senior Vice President of Operations. Jacobson, a veteran operations leader, will be responsible for business operations, revenue operations, and Go-To-Market enablement. With over 20 years of experience in business transformation and sales enablement in the tech and SaaS sectors, Jacobson joins DISCO from Brex, where he served as VP of Revenue Strategy, Operations & Transformation.
CEO Eric Friedrichsen expressed enthusiasm about Jacobson's addition to the team, citing his proven record of operational excellence and ability to position global organizations for success. Jacobson's role will be important as DISCO focuses on customer experience, operational effectiveness, and revenue acceleration while expanding its portfolio of legal tech solutions.
DISCO (NYSE: LAW) announced its Q2 2024 financial results. Total revenue rose by 5% year-over-year to $36.0 million, with software revenue increasing by 8% to $29.3 million.
GAAP net loss improved, shrinking to $10.8 million from $14.9 million in Q2 2023, while Adjusted EBITDA was $(4.7) million compared to $(7.4) million last year.
Key business developments include the appointment of Richard Crum as the new Chief Product Officer starting July 15, 2024, and the launch of new features like mass redactions and Cecilia Doc Summaries.
Guidance for the third quarter of 2024 includes software revenue between $29.5 million - $30.5 million and total revenue between $35.3 million - $37.3 million. For the fiscal year 2024, software revenue is forecasted between $118.5 million - $120.5 million, with total revenue projected between $143.0 million - $147.0 million.
DISCO (NYSE: LAW) has launched Cecilia Auto Review, a generative AI tool for high-quality document review in legal technology. This solution, part of the Cecilia AI suite, provides accurate and consistent tags for documents, enabling faster access to relevant information in litigations and investigations. Testing showed review speeds of 3,800 documents per hour, equivalent to a 140-person team working an 8-hour day, with 10-20% higher precision and recall than typical human reviewers. The tool addresses challenges in first-pass document review, including high costs and inconsistencies. After successful pilots with top Am Law firms, Cecilia Auto Review is now generally available, supported by DISCO's in-house expertise to optimize customer experience.
DISCO (NYSE: LAW), an AI-enabled legal technology leader, has been chosen by Watson Farley & Williams (WFW), a Global 200 law firm, as its strategic partner for ediscovery technology and services. This partnership aims to support WFW's growing international disputes practice and client base. WFW, with 700+ lawyers in 19 offices worldwide, selected DISCO after an extensive evaluation process, including live pilot projects.
The partnership was influenced by positive feedback from WFW's Bangkok disputes team, who successfully used DISCO in a complex dispute involving over three million documents. DISCO's AI-enabled features, including DISCO AI, proved important in meeting tight timelines and budget constraints. The collaboration provides WFW with access to DISCO's suite of litigation applications and the opportunity to pilot DISCO's Cecilia Generative AI solutions.
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