Acquisition would accelerate the company's
move to Intelligent Agreement Management
SAN
FRANCISCO, May 6, 2024 /PRNewswire/ -- Docusign,
(NASDAQ: DOCU) today announced its agreement to acquire Lexion, a
leading provider of AI-powered agreement management software, for
$165 million in cash, subject to
customary adjustments. The acquisition will bolster Docusign's
position in Intelligent Agreement Management (IAM), a growing SaaS
category, and will add more powerful AI capabilities to the
Docusign IAM platform.
Lexion's innovative AI-based agreement technology simplifies and
centralizes the contract process, enabling accelerated drafting,
negotiation, and review of agreements. With a suite of solutions
designed for creating automated workflows and extracting vital
information from contracts, Lexion has established itself as a
proven leader in streamlining agreement management.
"We are thrilled to welcome Lexion to Docusign," said
Allan Thygesen, Chief Executive
Officer at Docusign. "We share a vision of smarter agreement
management and our joint AI-powered innovation will deliver
increased value, productivity, and simplicity to our combined
customers. This strategic acquisition underscores our commitment to
providing our customers with Intelligent Agreement Management
solutions that will transform agreement data into insights,
accelerate contract reviews, and boost productivity to ultimately
grow revenue faster."
The co-founders of Lexion — CEO Gaurav
Oberoi, CTO Emad Elwany, and
Principal Architect James Baird —
will join Docusign in senior roles within product and engineering:
Oberoi will be a VP of Product Management, Elwany will be a VP of
Engineering, and Baird will be a Principal Engineer. The
co-founders, who met at the Allen Institute for AI, have extensive
expertise in AI and contract management. Lexion also brings to
Docusign a team of world-class AI engineers with backgrounds at
Amazon, Google, Meta, and Microsoft along with a broader
organization that has a deep understanding of the agreement
management space.
"Our shared vision with Docusign revolves around revolutionizing
how agreements are created, managed, and analyzed for organizations
around the world," said Gaurav
Oberoi, Chief Executive Officer at Lexion. "We will drive
innovation, deliver greater value to both Docusign and Lexion
customers, along with a broader organization that has a deep
understanding of the agreement management space."
Lexion has won recognition for being quick and easy to
implement, learn, and use. The company has a strong track record of
listening to customer needs and delivering the solutions they
need.
"From a business perspective, it's about speed and not just
about saving legal professionals time, so when we get information
into the hands of stakeholders and attorneys on the front lines,
deals get closed faster," said David
Wang, Chief Innovation Officer at Wilson Sonsini Goodrich
& Rosati. "The potential for meaningful efficiencies and clear
operational advantages was central to what Wilson Sonsini first saw in Lexion in its
formative stages."
Lexion technology integration
The integration of Lexion's advanced AI capabilities into the
Docusign IAM platform will enable organizations to access richer
insights and analysis from their agreements, expedite contract
reviews and negotiations, seamlessly locate insights within
documents, and drive process automation. This includes bringing
advanced document understanding capabilities to Docusign, including
contract reviews, negotiation, a Q&A experience, and more:
Richer insights and analysis: Docusign will be able to
help customers unlock insights to more critical information in
their agreements to support day-to-day operations, answer business
relevant questions, and identify risks. Lexion technology will
enable Docusign to accelerate the pace of customers having granular
understanding of their agreement structure, data, and attributes
for a wider variety of contracts with better precision.
Lexion AI Contract Assist: A Word plug-in will
substantially accelerate and intelligently assist in the contract
review and negotiation process. Customers will be able to
automatically review contracts from first and third parties for
potential risks and deviations from approved playbooks. Where
agreements don't align to company standards or customized
playbooks, the feature provides suggested revisions with
AI-generated recommendations.
Answer agreement questions, effortlessly: Lastly, Lexion
technology will enable users to more seamlessly find information in
their agreements, via the Q&A experience. Imagine being able to
simply ask whether a contract includes an indemnification or
warranty clause and have your question answered instantly, without
scrolling through the whole document.
Seamlessly manage intake: Lexion's technology allows
users to initiate tasks, provide approvals, and add comments simply
via email, Microsoft Teams, or Slack. This seamless integration
results in high adoption by the business, and a robust picture of
agreement-related tasks in one place.
Lexion's AI and legal workflow expertise, along with our
world-class Docusign AI team and scalable agreement platform, will
drive innovation and value at a larger scale, enabling Lexion and
Docusign to serve more customers across more industries and use
cases sooner. Combining forces will benefit Docusign and
Lexion customers. Docusign will leverage Lexion's AI models for
faster contract creation, enhanced negotiations, and strategic
insights. Lexion customers will gain from integrations with
Docusign solutions while Lexion products will continue to be
offered and improved for their hundreds of enterprise
customers.
About Docusign
Docusign brings agreements to life.
Over 1.5 million customers and more than a billion people in over
180 countries use Docusign solutions to accelerate the process of
doing business and simplify people's lives. With intelligent
agreement management, Docusign unleashes business critical data
that is trapped inside of documents. Until now, these were
disconnected from business systems of record, costing businesses
time, money, and opportunity. Using Docusign IAM, companies can
create, commit, and manage agreements with solutions created by the
#1 company in e-signature and contract lifecycle management (CLM).
Learn more at www.docusign.com.
About Lexion
Founded in 2019, Lexion is a powerfully
simple agreement workflow platform that helps every team do more
faster, by streamlining and centralizing the contracting process in
a system that integrates seamlessly with how teams work. Its
products include a repository for storing agreements with
AI-powered tools for creating automated workflows and extracting
valuable information that enables businesses to move faster, gain
greater insights, and make better decisions.
Media Relations
media@docusign.com
Investor Relations
investors@docusign.com
Forward-Looking Statements
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contains forward-looking statements within the meaning of Section
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the Securities Exchange Act of 1934, as amended, which statements
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Condition and Results of Operations" in our annual report on Form
10-K for the fiscal year ended January 31,
2024 filed on March 21, 2024
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filings that we make from time to time with the SEC. The
forward-looking statements made in this press release relate only
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SOURCE DocuSign, Inc.