Cloud documentation management software company DocuSign has agreed to acquire Lexion, rolling the latter’s AI capabilities into its DocuSign Intelligent Agreement Management (IAM) platform.
Allan Thygesen, chief executive officer at DocuSign, said the companies both sought to develop “smarter” management of agreements across organisations.
“Our joint AI-powered innovation will deliver increased value, productivity, and simplicity to our combined customers,” he promised in the announcement.
“This strategic acquisition underscores our commitment to providing our customers with IAM solutions that will transform agreement data into insights, accelerate contract reviews, and boost productivity.”
The Lexion acquisition was expected to accelerate progress towards those goals for DocuSign. The deal is for $165 million (£130m) in cash, subject to the usual adjustments, the vendor said.
Lexion’s AI-based agreement technology aims at simplifying and centralising the contract process, enabling accelerated drafting, negotiation, and review of agreements. Its software is about automating workflows and the ability to extract information from contracts, it said.
Gaurav Oberoi, chief executive officer of Lexion, said that the combined, broader organisation would have a “deep understanding” of the agreement management space.
Oberoi and other Lexion co-founders CTO Emad Elwany and principal architect James Baird are expected to take senior product and engineering roles at DocuSign. The trio met at the Allen Institute for AI, according to DocuSign.
“Lexion also brings a team of world-class AI engineers with backgrounds at Amazon, Google, Meta, and Microsoft,” the announcement said. “Lexion has won recognition for being quick and easy to implement, learn, and use.”
Integration with DocuSign would help customers garner more insights in their agreements for everyday operations, answer business questions and identify risks.
With Lexion AI Contract Assist, a Word plug-in is tipped to accelerate contract review and negotiation, including delivering revision suggestions, the vendor added.
( Photo by Towfiqu barbhuiya on Unsplash )
