During analysis of large collections of text documents in a collaborative environment, analysts divide their work to save time and reduce duplication of effort. Based on their reading and analysis, each analyst forms multiple hypotheses. For any given hypotheses, the analysts present arguments and counterarguments to accept or reject it. Managing these hypotheses and associated discussion can be challenging. In this paper, we present a tool that helps analysts by integrating hypotheses management into the analysis process. The tool we present is designed to support asynchronous collaboration.