Another week, it seems, another acquisition for Elevate, which today (5 December) announced the acquisition of Sumati Group, a leading provider of contract lifecycle management (CLM) managed services. The move expands Elevate’s existing contracts support capabilities globally with over 200 Sumati lawyers and technologists providing contract review and analysis, and CLM managed services on over 20 leading CLM platforms. The deal also adds Sumati’s proprietary software for contract review and analysis to Elevate’s technology arsenal, which was recently expanded by Elevate’s acquisition of enterprise legal AI technology and consulting firm LexPredict – announced on 14 November.
“The combination with Sumati provides us additional capabilities and capacity to meet growing customer demand for contracts support solutions across the contract lifecycle continuum,” says Kunoor Chopra, VP of legal services at Elevate.
“Sumati is the only service provider 100% focused on contract management, and merging with Elevate achieves our long-standing goal of being part of a world-class platform and team that can leverage this expertise,” says Prashant Dubey, president and CEO of Sumati.
We flagged at the time of Elevate’s acquisition of LexPredict that further acquisitions were on the cards commenting: “The move is the legal company’s latest deal since it received a round of debt financing from Morgan Stanley in April. More acquisitions are expected to close imminently.”
Elevate and LexPredict have been collaborating closely for more than a year, leveraging AI to improve speed and accuracy in M&A due diligence and contract analysis for client Cisco.
You can read more about that acquisition and the companies wider strategic objectives from Elevate’s president John Croft here: