synergenceSyngence LLC Acquired by Investment Group
DALLAS and SEATTLE, May 31 /PRNewswire/ -- A group of private investors led by a team including former executives from Microsoft and Adobe announced today that they have acquired the assets of Syngence LLC, an emerging leader in search and navigation technology.
Syngence provides an integrated suite of powerful electronic search and related document management tools that allow law firms, enterprise legal staff and their litigation support teams to navigate very large and complex document collections more efficiently, with greater precision and reduced potential for costly omission and error.
According to Johan Liedgren, incoming chairman of the board of the renamed Syngence Corporation, the company's immediate opportunity is to accelerate growth in the electronic discovery market. The organization's products are highly valued by many of the nation's top law firms and their corporate clients.
Liedgren, a technology industry veteran, led worldwide distribution for Microsoft's physical products and launched the company's corporate licensing. He is an active investor in several technology and media companies, and a strategist and consultant for companies including Microsoft, Exstream, Starbucks, Viacom, Ford, Nike, Budweiser and Coca-Cola. Liedgren has served as director on several boards, most recently at Loudeye, a publicly traded company acquired by Nokia.
"Synthetix® technology offers significant improvements in performance, ease of use, consistency and cost of ownership over both traditional 'key word' search engines and concept search," said Liedgren. "When attorneys and their review teams experience the power and versatility of Synthetix, they immediately understand these advantages and want to use it."
With Syngence technology, attorneys or other users can highlight and search on a passage of any length; or, they can create their own hypothetical 'smoking gun' text to find records. Synthetix will quickly search and return a ranked list that includes exact matches and near matches. Queries are more thorough because they are more immune to misspellings, OCR errors and other variances. Syngence technology delivers relevant results that other search technologies miss. Synthetix search results are consistent and repeatable; and, they can help find critical information during litigation.
"We formed Syngence Corporation to make this acquisition because we saw enormous potential in both the technology and the team," said Liedgren.
All of Syngence LLC's employees, including chief executive officer George Noga and the executive management team, have accepted positions with the new company.
"In addition to securing the assets of Syngence LLC, Syngence Corporation has acquired the patents and intellectual property which Syngence LLC had used previously under license," Liedgren stated. "This substantially increases the scope of the market opportunity available to the company. We believe that Synthetix has the potential for very broad application."
According to Noga, the acquisition, which included an infusion of new capital, has recapitalized the business, dramatically improving its balance sheet and placing it on a firm financial footing. "We believe that Syngence is now in a position to access the talent and growth capital to fully realize its potential and better serve existing and new customers," said Noga.
Syngence recently began licensing auto coding and search query applications as the first elements of a software product suite. It will soon include near duplicate capabilities and related applications that are currently in development.
Noga stated, "We have been very pleased with our early success in the marketplace. A key part of our strategy is to partner with leading document processing service providers in order to make our products more widely available to customers, while providing the highest quality service and support. We have new licensing agreements with several industry leading customers; and, we are looking forward to announcing additional relationships in the upcoming weeks."
"We also recently began providing advance access to SynthetixND™, our near duplicate application, on a service basis for our launch customers and partners," Noga stated. "Early demand for the product has exceeded our expectations and customer satisfaction is high. We're looking forward to launching the product and are currently targeting the third quarter."
About Syngence Corporation
Syngence provides powerful, scalable search solutions that help leading law firms and corporate legal departments to quickly extract and analyze critical data in the documents and electronic files that they manage. Syngence headquarters are located in Dallas, TX. For more information, visit: http://www.syngence.com.
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SOURCE Syngence LLC