LexisNexis and Knowable Announce Joint Venture
Posted: 19 July 2019 | Source: LexisNexis
LexisNexis® Legal & Professional, part of RELX, announced today that it has entered into an agreement to form a joint venture with Knowable, one of the leaders in enterprise contract intelligence. Knowable was spun off from Axiom Global Inc. in February 2019. Mark Harris and Alec Guettel, Axiom’s co-founders, will lead Knowable as CEO and CFO respectively. Knowable will operate independently, but will benefit from access to LexisNexis’ leading brand, resources, and infrastructure. The partnership will further enable LexisNexis to help customers improve decision-making and achieve better outcomes.
Knowable supports many of the world’s largest companies, including Dell, GE, and Nestlé USA, providing machine-learning enabled contract data analytics and related contract intelligence solutions. Knowable provides clients revolutionary visibility into the relationships that govern business activities, mitigates risks, and drives value. By converting legal language into structured data, Knowable helps its clients understand what’s in their contracts, providing a global view of risks, obligations, and entitlements.
With more than 25 million contract data elements analyzed each quarter, Knowable combines proprietary machine learning tools with legal subject matter expertise that, together, deliver a full contracts intelligence solution for the enterprise. Knowable will provide LexisNexis customers with leading contract analytics alongside the existing portfolio of advanced technology-enabled decision tools and analytics.
LexisNexis Legal & Professional CEO, Mike Walsh, said: “Data and analytics are integral to the future of the practice of law and Knowable is widely recognized as a leader in the contract analytics space. We are delighted to enter into a joint venture with Knowable to bring new decision-insights to lawyers and to work with Mark Harris and Alec Guettel, who have been at the forefront of innovation in the legal market. Bringing this expertise together with our own strengths in AI, machine learning and natural language processing, as well as our vast content sets, will enable us to deliver new and unmatched innovations that will transform the way our customers work. This partnership with Mark, Alec and the rest of the Knowable team is in line with our organic growth driven strategy, supported by the addition of targeted data sets and analytics that naturally complement our existing business.”
"I think this match is close to perfect," said Mark Harris, CEO, Knowable. "In LexisNexis we've found a partner who believes what we believe about the future of this space and the way in which it will be reshaped by structured data.”