LexisNexis Legal & Professional today announced that it has entered into an agreement to form a joint venture with Knowable, a company that uses machine-learning technology to help companies better understand their contracts.
Knowable was just formed in February, as a spin-off from alternative legal services provider Axiom as it took steps to prepare for an initial public offering. Axiom’s cofounders, Mark Harris and Alec Guettel, will lead Knowable as CEO and CFO.
According to a statement announcing the deal, Knowable will operate independently, but will benefit from access to LexisNexis’ brand, resources, and infrastructure. The partnership will further enable LexisNexis to help customers improve decision-making and achieve better outcomes, the statement said.
Knowable says that its customers include many of the world’s largest companies, such as Dell, GE, and Nestlé USA. It provides machine-learning enabled contract data analytics and related contract intelligence technology.
According to the statement:
“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.”
In the statement, Mike Walsh, LexisNexis Legal & Professional CEO, described Knowable as a leader in contract analytics. “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.”
