FTI Consulting, Inc. (FCN - Free Report) yesterday announced a collaboration with Kira Systems — an AI-driven contract analytics software vendor.
The partnership will allow FTI Consulting’s Contract Intelligence practice to use Kira System’s software — Kira — for automating the extraction of business-critical information from both structured and unstructured contracts using machine learning.
So far this year, shares of FTI consulting have gained a massive 68.9%, significantly outperforming the 18% rally of the industry it belongs to.
FTI Consulting Eyes Client Services Enhancement
Using Kira the company will focus on enhancement of client services through streamlining the due diligence of contracts process, forensic analysis of deals, compliance with lease accounting standards, and other complex review projects.
Ryan Drimalla, a managing director in FTI Technology’s Contract Intelligence practice, stated that Kira’s usability and scalability combined with FTI Consulting’s existing suite of technologies, will be able to provide clients with more powerful and complete contract discovery and analysis solutions.
Rich Hermann, director of Corporate Markets at Kira Systems said, “FTI Consulting is truly a global leader in business advisory innovation, and its Contract Intelligence practice is a perfect fit for our software’s capabilities.”
Technology Segment to Benefit From Tie-Up
The partnership is expected to boost FTI Consulting’s Technology segment. Performance of this segment was decent in the last reported quarter with revenues increasing 1.9% year over year to $46.4 million and accounting for 9.1% of total revenues.
FTI Consulting, Inc. Revenue (TTM)
Zacks Rank & Other Stocks to Consider
Currently, FTI Consulting is a Zacks Rank #1 (Strong Buy) stock. Some other top-ranked stocks in the broader Business Services sector include CRA International (CRAI - Free Report) , FTI Consulting (FCN - Free Report) and NV5 Global (NVEE - Free Report) . While CRA International and FTI Consulting sport a Zacks Rank #1, NV5 Global carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CRA International, FTI Consulting and NV5 Global have an impressive earnings surprise history, with an average four-quarter surprise of 38.6%, 58.3% and 12.7%, respectively.
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