Nuix lands data-driven $3.7 million ASIC contract
- 08 August, 2017 05:00
Nuix will continue to provide its digital investigation and analytics software to the Australian Securities and Investments Commission (ASIC) after being awarded a $3.7 million contract.
The partnership, which started in 2012, has recently been extended with a new three-year contract that has been in effect since March.
ASIC announced the partnership had been extended following a competitive tender process.
"If you look back to an ASIC report in 2016 they outlined data volume as a massive issue for them hence the chairman’s push for analytics and being able to find intelligence sooner in their data," Nuix vice president of eDiscovery Angela Bunting told ARN.
In February 2012, Nuix Australia was awarded a $2 million contract for the provision of its eDiscovery and digital investigation software for three years - the contract was extended twice, which took its total value to $3.4 million.
The new contract is part of ASIC’s expansion of analytics and eDiscovery platforms.
Collectively, ASIC is investing around $60 million on data analytics, IT systems as well as its surveillance and enforcement capabilities to be a more data-driven, intelligence-led law enforcement agency.
"A critical part of detecting, understanding and responding to issues is our ability to process large volumes of data and to extract intelligence from the diverse data sources now in use, including phones, tablets, corporate email servers and the cloud,” ASIC chief data officer John Wallace added.
“The investments we are making are enabling us to more effectively perform in-depth analysis of data, identify relationships between persons and entities, and create chronologies revealed by metadata.”
With the data available, the intelligence from it will lead to next decisions faster, Bunting told ARN.
“People can get through that data fast and understand what they are looking for then they are able to bring about to the next step to that investigation much faster," Bunting added.
"We are extremely proud to be chosen again as the supporting platform for ASIC, we extremely thrilled to be part of shaping how ASIC is creating a safe market for everyone."
Australia-headquartered Nuix has provided its software to corporate regulators such as United States Securities and Exchange Commission, Japan's Securities and Exchange Surveillance Commission and the Financial Services Authority in the United Kingdom.
Former Nuix CEO Eddie Sheehy said at the time of the first contract that the vendor's software offers scalability and thoroughness needed to addressing large volumes of data.
ASIC also uses Nuix's optical character recognition capabilities for faxes and paper documents to improve turnaround times in its investigations.
The company was instrumental in the ICIJ Panama Papers investigation by supplying document processing and investigation technology used to process, index, and analyse the 2.6 terabytes of data.