Panoram, a GenAI software specialist, announces its appointment by Peak Energy, an Asia Pacific focused renewable energy platform backed by Stonepeak, to enhance its merger and acquisition (M&A) due diligence.
Peak Energy are engaged in a high number of acquisitions per year, including joint ventures and single asset M&A transactions as well as portfolio acquisitions. This involves reviewing multiple contracts and documentation such as land, licence, permits, purchase price allocations (PPAs) and general corporate documents ranging from smaller early-stage projects (50 documents) to larger portfolio transactions (up to 1,000 documents).
Peak Energy sought a ‘Pre-bid' solution that would provide a fast and efficient, initial document review, allowing them to make early assessment of key documents and aid in determining a bid price without the cost and time of engaging outside counsel at an early stage. Key success factors were speed, improving the accuracy of human review, analysis to inform the value of Peak's bid process and delivering information in an easy to use and easy to manipulate dashboard for analysis.
PanoramAI, GenAI document review and data analysis platform enabled Peak Energy to speed up their bid process supporting their growth strategy and reducing the cost per bid and time taken to submit bids - without the requirement to engage outside counsel unless the bid is successful. What would have taken over 2 weeks with human review took as little as two days using PanoramAI, providing important inputs for bid valuation, maximising internal legal capacity and generating significant cost savings in comparison to a conventional document review
Carl Dunton, General Counsel, Peak Energy said: "
"Many of the transactions we are involved in are competitive situations. We need to able to provide bids in short turn round times. PanoramAI allows us to make a bid much more quickly and at a fraction of the cost. This means we can now manage fast turnaround times and retain the capacity to deal with multiple transactions in a controlled way. We view this as the start and are actively looking at other opportunities to partner with PanoramAI in other areas of the deal cycle."
Greg Wildisen, Founder, Panoram said: "PanoramAI is delivering immediate impact, disrupting the way document review and data analysis has been delivered traditionally. At Panoram we believe that PanoramAI ushers in a new standard of document review signaling the end of many human-led tasks."
