LexisNexis Announces Acquisition of Contract Lifecycle Management Solution Parley Pro
Parley Pro strengthens CounselLink’s ELM platform by providing real-time contract collaboration, management, and negotiation; actionable analytics; and integrated, end-to-end automation, reducing contracting time by up to 40%
The Acquisition of Parley Pro
NEW YORK, May 9, 2022 – LexisNexis Legal & Professional, a leading global provider of information and analytics, today announced the acquisition of Parley Pro, a top Contract Lifecycle Management (CLM) solution, to complement LexisNexis’ industry-leading Enterprise Legal Management (ELM) platform, CounselLink.
Founded in 2015, Parley Pro enables efficient and effective contract request, drafting, negotiation, signature, and post-signature management via a secure, cloud-based platform. AI-powered and easy to use, Parley Pro offers simultaneous collaboration, context-aware integration, and end-to-end contract process automation. In addition to enabling successful, timely collaboration and streamlining workflow, Parley Pro gives corporate legal departments visibility into their entire portfolio of contracts in progress, with predictive and actionable analytics to help inform data-driven business decisions and unite organizations around contracts.
“Parley Pro’s CLM capabilities provide the critical third pillar—in addition to Legal Spend and Matter Management—to strengthen our already robust CounselLink platform,” said Sean Fitzpatrick, CEO, LexisNexis UK and North America. “Together, CounselLink and Parley Pro will deliver greater overall value to ELM customers seeking CLM solutions by enabling more effective negotiation workflows and providing the right contextual insights to inform better decisions and create value for the organization.”
“We’re excited to join the LexisNexis team,” said Olga V. Mack, CEO of Parley Pro. “By seamlessly integrating Parley Pro’s best-in-class contract automation and workflow tools with CounselLink’s market-leading features, innovation and capabilities, customers will benefit from the industry’s all-in-one, premier legal operations platform.”
Parley Pro is consistently voted as the best contract management software and has a rich ecosystem of third-party partners. The CLM solution is the ideal complement for LexisNexis’ CounselLink, which today is the market-leading ELM platform, providing robust work, financial and vendor management capabilities. Parley Pro and CounselLink together will provide LexisNexis customers with a cohesive CLM experience, delivering valuable insights directly into in-house attorneys’ contracting workflow and significantly reducing the risk to organizations and burden on legal departments by enabling them to draft better contracts faster.
Parley Pro’s current leadership team will continue leading the Parley Pro business and will be supported by and will collaborate closely with the CounselLink and broader LexisNexis Legal and Professional teams.
About LexisNexis Legal & Professional
LexisNexis Legal & Professional® provides legal, regulatory, and business information and analytics that help customers increase their productivity, improve decision-making, achieve better outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves customers in more than 150 countries with 10,500 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.
About RELX Group
RELX is a global provider of information-based analytics and decision tools for professional and business customers. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs over 33,000 people, of whom almost half are in North America. The shares of RELX PLC, the parent company, are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX.
*Note: Current market capitalization can be found at http://www.relx.com/investors.
About Parley Pro
Parley Pro is a secure, cloud-based, enterprise-grade, end-to-end contract lifecycle management platform that pioneered digital negotiation technology. It is funded by Cloud Apps Capital Partners. The platform automates contract negotiation and management processes, provides actionable analytics, and helps organizations to negotiate better contracts faster. It empowers organizations to unlock the hidden value in every contract with best-in-class contract automation, workflow, and collaboration tools. Parley Pro replaces labor-intensive contract negotiation processes that involve redlines, emails, and manual reconciliation with an easy, fast, transparent, predictable, and elegant experience that unites organizations around contracts.
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Director, Corporate Communications
LexisNexis Legal & Professional