Legal tech deal: Elevate Acquires LexPredict
After securing growth financing this Spring, Elevate today (14 November) announced the acquisition of enterprise consulting and technology firm LexPredict, in a move that combines Elevate’s legal services offering with LexPredict’s data science team and contract analytics software.
In addition to its consulting business, LexPredict, which was founded in 2013 by Daniel Katz and Michael Bommarito, develops software and data products, including contract analytics software like ContraxSuite and LexNLP, and case assessment and underwriting tools like LexSemble.
We will be sure to bring you further commentary but here is the announcement in its entirety:
Global law company Elevate today announced the acquisition of enterprise legal AI technology and consulting firm LexPredict. The move combines the comprehensive legal services offering of Elevate with the data science team and AI engine of LexPredict, creating more sophisticated technology-enabled solutions for law departments and law firms.
“Elevate and LexPredict have been collaborating closely for over a year, leveraging AI to improve speed and accuracy in M&A due diligence and contract analysis for Cisco,” says Pratik Patel, VP of Innovation at Elevate. “We’re merging our businesses to increase the pace at which we are integrating AI into our enterprise legal management suite, Cael ELM, and collaborating on solutions that are ‘AI + HI’ – artificial intelligence plus human intelligence.”
The Elevate-LexPredict team will build upon the AI-enabled contracts repository management, abstraction and search they have already developed together, adding AI-enabled intake, assessment and workflow. They will also focus on bringing increased efficiency to regulatory work including LIBOR, GDPR and Brexit by combining enabling AI technology with managed services. They also plan to develop AI-enabled tools for outside counsel billing guideline compliance and predictive modelling for pricing and planning of litigation and transactional matters.
“The most comprehensive solutions often require the integration of multiple disciplines,” said Dan Katz, Co-Founder and Chief Strategy Officer of LexPredict. “Joining forces with Elevate is the most effective way to bring those solutions to market more quickly, by combining the engineering and data science of LexPredict with the award-winning legal services of Elevate.”