Cs Disco Inc - LAW STOCK NEWS

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.

CS Disco (NYSE: LAW), an AI-enabled legal technology leader, has announced its plans to release second quarter 2024 financial results on August 8, 2024, after market close. The company will host a conference call and webcast at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on the same day to discuss the financial results and business highlights.

Investors can access the conference call by dialing (888) 300-4030 from the US or +1 (646) 970-1443 internationally, using conference ID 8394292. A live webcast will be available on DISCO's investor relations website. A telephone replay will be accessible until August 29, 2024, and a webcast replay will be available for 12 months on the company's investor relations site.

CS Disco, a leader in AI-enabled technology, has appointed Richard Crum as Executive Vice President and Chief Product Officer. Crum, who will officially join on July 15, 2024, will oversee DISCO's global product vision and transformation. He brings extensive experience from his previous roles at Emburse, Capital One, and Mastercard, where he led significant product innovations and developments. DISCO CEO Eric Friedrichsen expressed enthusiasm about Crum's appointment, highlighting his track record in driving product vision and innovation. Crum looks forward to contributing to DISCO's next stage of growth in transforming the legal industry.

DISCO reported total revenue of $35.6 million in the first quarter of 2024, marking a 7% increase year over year. The company also appointed a new CEO, Eric Friedrichsen, and introduced Cecilia AI features. Despite a GAAP net loss of $10.6 million, DISCO's software revenue grew by 9% to $29.9 million. The company aims for software revenue of $120.0 - $124.0 million for fiscal year 2024.