London, 7 September 2020 – 10BE5, a legal tech company, today launches N2N (Numbers to Narrative), its first product. N2N reads and swiftly and accurately converts financial data into narrative discussion suitable for inclusion in a prospectus or periodic report. Financial results analysis is a key component of disclosure documents currently drafted manually by capital markets lawyers and/or in-house disclosure teams.
With N2N, through just a few clicks, users can turn raw financial statements into an advanced financial results section with a detailed description of financial trends:
- In an average securities offering, initial manual drafting of a financial analysis section takes up to 35 hours or more to complete.
- A significant number of companies worldwide regularly submit filings with the regulators or publish their reports to investors. A listed company’s in-house team would need to carry out this drafting exercise annually or, depending on the listing venue, more frequently (semi-annually or even quarterly).
N2N allows for that exercise to be less tedious. N2N also reduces possible calculation mistakes and standardises work products in drafting financial disclosure. Further, the tool flags unusual or unexplained financial trends that merit specific disclosure.
As N2N is deployed wholly within a customer’s own internal IT environment, the product avoids any security risks associated with the external transfer of data.
N2N was developed in close collaboration with Cleary Gottlieb Steen & Hamilton LLP. As part of the collaboration, Cleary’s lawyers tested and piloted N2N and provided valuable input to ensure that the product reflects up-to-date capital markets practices and the ultimate clients’ needs.
John Kwan, 10BE5’s Co-Founder, said:
“10BE5 is on a mission to reduce to a few clicks core legal workstreams in capital markets transactions that are susceptible to automation. This requires us to draw heavily on actual work practices through speaking to lawyers, have access to a large bank of templates and precedents, as well as a sound understanding of the substantive law. Cleary has been instrumental in enabling us to create a product that truly serves lawyers’ and their clients’ needs, as reflected by the enthusiastic reception by our customers.”
Mohamed Taha, 10BE5’s Co-Founder, said:
“As a capital markets lawyer, I understand the pain of lawyers having to spend long hours sometimes to perform mechanical tasks, distracting them from the more interesting analytical work. 10BE5 can maximize efficiencies in capital markets transactions for happier lawyers and clients. The launch of N2N is a very exciting first step in that journey.”
Polina Lyadnova, Cleary’s partner and a member of the Global Innovation Committee, said:
“We are proud to support 10BE5 in their journey and are very happy to see the first product of our collaboration to be launched. 10BE5’s products are unique in an over-saturated legal tech market and have great potential beyond simply saving time and client’s costs in capital markets transactions and we hope to help and develop that potential in our collaboration with 10BE5.”
About 10BE5:
10BE5 is a London-based legal tech company that seeks to automate capital markets-related workstreams. Its products, designed with input from legal practitioners, aim to automate drafting and diligence processes using a range of technologies, including state-of-the-art machine learning algorithms. As its name suggests, 10BE5 seeks to cut the time and cost lawyers and in-house teams spend to achieve the required disclosure standards (10 becoming 5 or less). Learn more about 10BE5 at: www.10be5.com.
About Cleary Gottlieb Steen & Hamilton LLP:
Cleary Gottlieb has been committed to legal excellence for more than 70 years. With 1,300 lawyers in 16 offices in major global financial centers, we assemble the right teams, across practice areas and jurisdictions, to bring pragmatic, innovative solutions to complex business challenges. Learn more about Cleary Gottlieb at: www.clearygottlieb.com.
For further information contact:
John Kwan, Co-Founder at 10BE5: +44 (0)73 086 19055 | john.kwan@10be5.com
