DOCU - DOCUSIGN ANNOUNCES AGREEMENT TO ACQUIRE LEXION | Benzinga
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, ...