While we had limited experience and even less talent, our theory was, fortunately, right on target, and the accuracy of the diagnosis ultimately helped Axiom succeed.
Twenty exciting years later, we left the company we started. Why?
Because we have a new theory. It goes like this:
- The best enterprises run on data.
- The single most important data asset in the company is contract data. (Contracts govern every relationship with every customer, every supplier, employee, landlord, tenant, channel partner, lender, investor…everyone.)
- Somehow, even the best companies in the world lack access to this data. It’s all locked up in impenetrable prose. It’s text, not data. It resists interrogation and analysis.
- This situation cannot persist. Within a few years, companies will unearth and leverage this data, and it will be worth billions of dollars to them.
- Maybe we can help make that happen.
This theory began to take shape within Axiom several years ago, and Axiom’s contract data solutions quickly became the company’s fastest growing segment. In 2019, we spun out Knowable to pursue its own destiny, and hooked up with LexisNexis, the world’s leader in legal data, as a JV partner to provide infrastructure and technical know-how.
Today, Knowable is 300 people and growing, using a combination of software and expertise to help some of the biggest companies in the world know what they’ve agreed to, and use that knowledge to manage risk and generate profit.
In our 20 years working with General Counsel, we’ve only seen them struggle to fight a defensive, rear-guard action as a cost center in a growth-oriented economy. Contract data is the first true pivot opportunity we’ve seen, enabling law departments to get on the front-foot, as a wellspring of profit and growth.
The liberation of contract data will be the defining innovation of the next decade in corporate law departments.
We’d love to talk to you about it, possibly until you fall asleep.
Mark Harris, CEO
Alec Guettel, CFO