Docusign announced it has agreed to buy Lexion for $165 million in cash, subject to customary conditions. Lexion’s simple agreement workflow platform has helped companies streamline and centralize the contracting process using AI. Lexion customers include in-house legal teams and users across sales, procurement, finance, marketing, HR, etc.
Lexion was founded by CEO Gaurav Oberoi, CTO Emad Elwany, and Principal Architect James Baird. They met at the Allen Institute for AI, a leading research lab created by the late Microsoft co-founder Paul Allen. The Lexion co-founders will join Docusign within the product and engineering organizations: Oberoi will be a vice president of Product Management, Elwany will be a vice president of Engineering, and Baird will be a Principal Engineer.
Lexion offers targeted AI capabilities and experiences to help Docusign accelerate our Intelligent Agreement Management vision. And this includes bringing advanced document understanding capabilities, including contract reviews, negotiation, a Q&A experience, and more:
Docusign will be able to unlock customer insights for more critical information in their agreements to support day-to-day operations, answer relevant questions, and identify risks. And Lexion’s technology will accelerate the pace of customers gaining a more granular understanding of their agreement structure, data, and attributes for a wider variety of contracts with better precision.
Lexion AI Contract Assist is a Word plugin that will substantially accelerate and intelligently assist in contract review and negotiation. The teams can automatically review contracts for deviations and potential risk areas from first and third parties.
Lexion’s technology will enable users to find information in their agreements more seamlessly via the Q&A experience. For example, users could simply ask whether a contract includes an indemnification or warranty clause and have their questions answered instantly without scrolling through the whole document.
Last month, Docusign launched a new category called Intelligent Agreement Management and Docusign IAM (an AI-powered intelligent agreement management platform and new line-of-business applications to lead that category). And Lexion’s AI and legal workflow expertise, along with world-class Docusign AI team and scalable agreement platform will be instrumental in realizing this goal and driving rapid innovation on an even larger scale going forward.
