Synch spins-off legal tech business through the creation of Maigon
Synch has decided to spin-off parts of its legal tech development, which to date has been conducted within SynchLab. A separate new entity has been formed and has taken over and will offer the following solutions; Maigon DPA, Maigon PPC and Maigon Automation.
Synch has several times been noted for and also been nominated by the Financial Times as one of Europe’s most innovative law firms. Since its inception in 2014, innovation has been close to Synch’s heart and been conducted within the SynchLab. As the first law firm in the Nordics Synch also offered young entrepreneurs and legal tech companies to be part of its SynchSandbox, the first stage of an incubator business.
Within SynchLab new technical solutions as well as working methodologies has been developed. To start with the development was concentrated on its WeSynch service, a platform-based solution for e.g. knowhow sharing, automation and contract management. Approximately three years ago the first software developers were hired by Synch and a new era begun as Synch started to create its own AI solutions for the legal market. First came PrivacyPolicyCheck.ai which uses AI to analyse privacy policies. This service is free-to-use and has to date analysed more than 3700 privacy policies from more than 70 countries and on all continents of the world. The success that came with the first AI project confirmed Synch’s belief that AI would form a natural part of the future of legal services. The next project, which was partly funded by Vinnova (Sweden’s innovation agency), aimed at developing a service to review and analyse so called Data Processing Agreements and its compliance with GDPR. The project went on for more than a year and Synch used a customer panel of large corporations from different sectors to make sure that the final solution would be customer friendly.
In parallel with the AI development, Synch acquired a document automation software which it has further developed and licensed to customers.
The AI and automation solutions has now been transferred to Maigon. Magnus Sundqvist has been selected as CEO of Maigon and will lead the new venture together with Maigon’s CTO Sergii Shcherbak.
Synch’s CEO Jim Runsten comments: “This is an exciting spin-off and we wish Maigon all the best in its task to conquer the world and we also look forward to continue our innovation in SynchLab to foster new viable concepts and ideas.”