ScribeStar and Reynen Court announce partnership on unique capital markets technologies

Global News

23
Feb
2021

Editor

ScribeStar, a digital ecosystem that improves efficiency and reduces the cost and time required for document production for capital markets transactions, today announced a partnership with Reynen Court.

ScribeStar will feature its capital markets offering in the Reynen Court Solution Store, making it available for containerized deployment to law firms and corporate legal departments through the Reynen Court platform.

“We are incredibly excited that ScribeStar, as a leading capital markets solution provider, has joined our family of vendors helping to speed the sourcing and deployment of solutions through our platform," said Christian Lang, Reynen Court’s Head of Strategy. "I have no doubt ScribeStar’s unique offering, focused specifically on generating efficiencies in capital markets documentation drafting, will be a key solution for our platform and provide significant value add to our community of legal users.”

The Reynen Court platform combines a solution store for legal technology along with a powerful control panel that makes it easy for law firms and legal departments to run cloud-based applications either on-premises or within virtual private clouds, thus enabling firms to access modern cloud-based solutions without sacrificing security or stability. The platform also enables firms to manage software subscriptions and provides usage monitoring and advanced application-specific metrics to aid better predictability of IT software and infrastructure maintenance and expenditure.  It is supported by a consortium of 20 leading global law firms co-chaired by Latham & Watkins and Clifford Chance, with Paul Weiss serving as vice-chair. 

A crucial factor in the post-Covid world for lawyers is the time taken to improve their workflow and they are seeking new technologies to help with this. The consortium of firms backing Reynen Court recognized the need for a single place to access curated and vetted solutions. ScribeStar’s selection by Reynen Court shows that it has been recognized as the best-in-class technology and vetted as a secure solution for use on capital market transactions internationally.

ScribeStar has so far had over 50 transactions on its ecosystem allowing deal teams from around the world to work together. ScribeStar’s clients have seen up to 50% reductions in the time taken to complete issuance documentation on first issues, and even more on follow on equity issues, and the company is now seeing interest in complicated bond documents such as those for high yield bonds. ScribeStar’s software allows capital markets deal-teams to work in a controlled, role based environment, where they can draft, review and approve complex documents, perform backup, circle-up and meet regulatory requirements - all the way to final printed versions, without involving any third parties. It also includes additional modules for capital markets processes allowing General Counsels to get their securities offering and regulatory documents ready quicker, faster and smarter.

Srinivas Suravarapu, CEO of ScribeStar, said: “We are really excited by the opportunity to deliver our unique technology through Reynen Court and make it accessible to their clients globally. The future of how technology is delivered to drive higher efficiencies is rapidly evolving and capabilities that enable automated compliance, smarter contract documents and data analytics are changing the way lawyers work.

Srinivas continued: “We are working closely to develop a fully functional and ‘virtual instance’ of ScribeStar for law firms. The ability to deliver the benefits of a SaaS service in the cloud, on or off premise at a low cost, combined with more control for firms and their clients of their data for capital markets transactions would be a first of its kind. There will be a significant reduction in the barriers of cost and speed of procuring technology, thereby enabling clients of law firms to move faster and raise money cheaper. The future of collaboration on capital markets transactions will be different and it will focus on the entire deal team, including regulators, where everyone works in the same ecosystem. This collaboration with Reynen Court highlights our focus and commitment to improving efficiencies for lawyers and their clients in capital markets and driving change for a digital future.”

By providing access to ScribeStar for the time of a transaction, clients are able to massively reduce the burden of capital markets document production cost for all parties. As a business we will be more agile and the assurance our partnership with Reynen Court provides to customers is of immense value. The end goal is to deliver technology that is cost effective and accessible, be it to small or large law firms, and this partnership is strategically aligned with our target market and vision.”