Contract platform LegalSifter has acquired CLM company Contract Logix, in its third M&A move since 2023. The deal will expand its client base and widen its capabilities.
Last year, LegalSifter, which started back in 2013, bought Akorda, another CLM provider, and also acquired the remainder of LawGeex’s book of business that had not been purchased by Robin AI, after the legal AI pioneer restructured.
In particular, it’s hoped the Contract Logix deal will increase LegalSifter’s position in the healthcare, education, technology, and manufacturing industries.
Contract Logix has also been around for a while, starting back in 2006, and will be integrated into LegalSifter, which has been working for years in the field of AI-driven contract review and takes what it calls a ‘Combined Intelligence’ approach. They describe this as:
- ‘AI-Powered Software: Our Sifters read text and identify specific legal concepts, saving time and costs.
- Expertise: We know contracts, it’s all we do. We have ready-to-use templates and guidance crafted by attorneys with relevant expertise, reducing risk and ensuring accuracy and compliance.
- People: We maintain a ‘human in the loop’ approach, where experts oversee AI operations and support clients with critical contract administration services.’
Kevin Miller, CEO of LegalSifter, commented: ‘Our companies share a common vision, values, and commitment to client success and innovation. We see this as a natural fit and a great opportunity to expand our client base and deliver the additional services and solutions that their clients have been requesting.’
Contract Logix CEO, Karen Meyer, added: ‘We are excited to bring expanded artificial intelligence capabilities, expertise, and services to our customers with LegalSifter’s Contract Control Program.’
Is this a big deal? Well, it shows that although there is a lot of focus now on new startups that are genAI-first, there are older legal tech companies out there still going, and expanding organically and inorganically.
That in turn tells us that there are equally a sufficient number of clients who are happy to keep using providers they’ve gotten to know over many years.
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P.S. Artificial Lawyer is off to Denmark for a little bit, back to normal publication next week.