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About Lexion
Industries
Enterprise Software
AI & Machine Learning
Legal
Company Size
51-200
Company Stage
Acquired
Total Funding
$34.2M
Headquarters
Seattle, Washington
Founded
2018
Overview
Lexion provides a contract management system that helps various teams, such as sales, legal, and finance, to manage contracts more efficiently. The platform uses artificial intelligence, specifically GPT-3, to automate tasks like extracting important details from contracts, generating clause language, and suggesting edits. This automation allows legal teams to save time on repetitive tasks and focus on more strategic work. Lexion stands out from competitors by offering a user-friendly interface that enhances collaboration between sales and legal teams, ultimately speeding up the sales process. The company's goal is to improve productivity and operational efficiency for businesses by streamlining their contract management processes.
Simplify's Take
What believers are saying
- DocuSign's acquisition provides Lexion with resources for further AI development and innovation.
- Integration with DocuSign's platform could increase customer adoption and satisfaction.
- Lexion's founders in senior roles at DocuSign ensure strategic alignment and successful integration.
What critics are saying
- Integration challenges with DocuSign's systems may delay realizing Lexion's full potential.
- Lexion's reliance on GPT-3 could be risky if OpenAI changes licensing terms.
- Intensifying competition in AI contract management could impact Lexion's market share.
What makes Lexion unique
- Lexion uses GPT-3 to automate contract management, enhancing efficiency and accuracy.
- The platform integrates seamlessly with business, storage, and signature systems for unified management.
- Lexion's AI extracts key contract details, reducing manual work for legal teams.
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Funding
Total Funding
$34.2M
Below
Industry Average
Funded Over
4 Rounds
Company News
DocuSign will stay a public company, according to the electronic signature platform’s CEO. Allan Thygesen made that pronouncement in an interview with CNBC published Wednesday (May 23), following reports that private equity firms had considered a takeover. “We’re focused on building a great, independent public company,” Thygesen said during a partner event the company hosted in London. “I joined DocuSign as a public company, it’s a very exciting time right now, so that’s our plan.”
DocuSign, a leader in e-signature technology, has acquired CLM startup Lexion for $165 million. This move follows previous acquisitions including SpringCM in 2018 and Seal in 2020, as part of DocuSign's expansion into contract lifecycle management (CLM). The integration of Lexion will enhance DocuSign's Intelligent Agreement Management platform, launched in April.
Docusign announced an agreement to acquire Lexion for $165 million, signaling plans to integrate the Seattle-based company's AI-powered contract management technology into its Intelligent Agreement Management Platform.
Docusign plans to acquire Seattle-based AI contract management company Lexion for $165 million. Lexion, founded in 2018 by Gaurav Oberoi, Emad Elwany, and James Baird, raised about $36 million since its inception. The acquisition will integrate Lexion's technology into Docusign's platform, enhancing their agreement management capabilities. Lexion's team, including its founders, will join Docusign in senior roles. The deal is expected to close following customary adjustments.
Docusign Inc. has acquired Lexion, also known as DocuSmart Inc., for $165 million in cash. Lexion, founded in 2019, enhances contract management with AI, transforming contract text into structured, searchable data. This acquisition supports Docusign's new Intelligent Agreement Management platform, aiming to streamline agreement processes and enhance productivity with AI-driven tools.
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About Lexion
Industries
Enterprise Software
AI & Machine Learning
Legal
Company Size
51-200
Company Stage
Acquired
Total Funding
$34.2M
Headquarters
Seattle, Washington
Founded
2018
There are no jobs for Lexion right now.
Find jobs on Simplify and start your career today