VerticalScope Holdings has invested approximately $6.1 million in AltaML, a Canadian applied artificial intelligence company. The investment takes the form of an 18-month secured promissory note, with VerticalScope also receiving a five-year warrant for preferred shares in AltaML. The deal builds on an existing relationship where VerticalScope engaged AltaML as an enterprise client to deploy AI across its platform. AltaML, founded in 2018, delivers AI solutions to governments and enterprise clients across sectors including energy, legal, technology and financial services. AltaML will use the proceeds to refinance existing convertible notes and for working capital, including continued investment in its proprietary AltaForge agentic-AI platform. The investment deepens VerticalScope's AI strategy as the technology company operates online enthusiast communities serving approximately 90 million monthly active users.

SOVRA acquires Edilex, marking key milestone in next-generation ai-powered public sector CLM platform. Acquisition accelerates SOVRA's vision to deliver an end-to-end, AI-powered Contract Lifecycle Management platform purpose-built for government procurement LONGUEUIL, QC, March 12, 2026 /PRNewswire/ - SOVRA, North America's leading public sector procurement platform, today announced the acquisition of Edilex, a Quebec-based provider of contract authoring automation solutions purpose-built for public sector procurement teams. The acquisition marks a significant step in SOVRA's broader initiative to launch a next-generation, AI-powered Contract Lifecycle Management (CLM) platform purpose-built for the public sector - a product the company believes will fundamentally change how government agencies manage procurement from source to signature and beyond. Edilex enables procurement and legal teams to efficiently create and manage compliant contracts using pre-approved templates, drag-and-drop clauses, and cascading logic. Its flagship product, Edilexpert, is uniquely tailored to Quebec public sector procurement regulations. Through customer demand, Edilex also developed Legalflo, a next-generation contract authoring platform that delivers greater flexibility and supports broader departmental use beyond procurement. The Edilex technology suite will serve as a foundational component of SOVRA's new CLM platform, contributing critical contract authoring intelligence and automation capabilities that will be further enhanced through AI. The acquisition fits squarely within SOVRA's strategic roadmap to deliver an end-to-end CLM solution unlike anything currently available in the public sector market. Public sector customers often rely on highly manual contract drafting processes, creating version control challenges and friction between procurement and legal teams. Edilex directly addresses these challenges with structured, automated contract authoring. The SOVRA platform is designed to eliminate these inefficiencies at scale, combining Edilex's contract authoring technology with AI-driven automation and public sector compliance into a single, unified experience. "This acquisition is about more than adding a great product to our portfolio - it's about assembling the right capabilities to build something transformational," said Tom Spengler, CEO of SOVRA. "We've been laser-focused on building a Contract Lifecycle Management platform that will set a new standard for public procurement, and we're excited to share that we'll be unveiling it later this year. Edilex is a critical piece of that vision." Edilex has established a strong position in the Quebec public sector, with products purpose-built for the regulatory requirements of that market. The core functionality powering Edilex and Legalflo will be incorporated into a unified CLM platform designed to serve both the Canadian and United States public sector markets. SOVRA will leverage its existing distribution channels and customer relationships across North America to accelerate adoption. "We built Edilex to solve real contract authoring challenges in the public sector, and now we have the opportunity to take that work further than we ever could have on our own," said Gabriel Morency, CEO of Edilex. "Being a core part of SOVRA's next-generation, AI-powered CLM platform is exactly the kind of impact we set out to make." The addition of Edilex to the SOVRA product portfolio further differentiates SOVRA's end-to-end procurement offering, expected to be introduced to the market later this year. About SOVRA SOVRA (formerly mdf commerce inc.) brings together over two decades of expertise, uniting the strengths of trusted brands like Bidnet Direct, Periscope, Ontopical, and MERX under one platform. Today, SOVRA connects more than one million suppliers with over 7,000 public sector agencies across North America, creating the largest, most dynamic procurement network on the continent. Focused on transparency, efficiency, and impact, SOVRA delivers modern public procurement solutions that help agencies optimize budgets and help suppliers grow. Learn more at www.SOVRA.com. About Edilex Edilex is a Quebec-based legal technology company that develops contract authoring automation software designed to simplify and modernize the creation of legal documents for public sector procurement teams and legal departments. Its solutions centralize contract templates, clauses, and drafting projects within a secure, collaborative environment, enabling non-technical users to assemble compliant contracts efficiently using pre-approved content and automated logic. Edilex's product portfolio includes Edilexpert, tailored to Quebec's public procurement regulations, and Legalflo, a next-generation platform that provides enhanced document flexibility and broader applicability across departments. The company's software is trusted by thousands of procurement and legal professionals and is built to meet high security standards, with ISO 27001 certification and SOC 2-compliant hosting. Learn more at www.edilex.com. SOURCE SOVRA

SOVRA, North America's leading public sector procurement platform, has acquired Edilex, a Quebec-based provider of contract authoring automation solutions. The acquisition will support SOVRA's development of an AI-powered Contract Lifecycle Management platform designed specifically for government procurement, set to launch later this year. Edilex's flagship products, Edilexpert and Legalflo, enable procurement and legal teams to create compliant contracts using pre-approved templates and automated logic. The technology will be integrated into SOVRA's unified CLM platform serving Canadian and US public sector markets. SOVRA connects over one million suppliers with more than 7,000 public sector agencies across North America. The company aims to address inefficiencies in manual contract drafting processes that create version control challenges for government agencies.