Henchman, a Pitchdrive Fund II portfolio company, gets acquired by LexisNexis

New York, June 3rd, 2024 – We are proud to announce that Henchman, a standout startup in Pitchdrive's Fund II portfolio, has signed an agreement to be acquired by US-based data analytics giant LexisNexis, a company with a market cap exceeding $80 billion.

Henchman’s Remarkable Journey

As the biggest external shareholder, Pitchdrive is thrilled by the impressive achievements of Henchman's founders in such a short period. Two years ago, we invested in a promising second-time founding team. Co-CEOs Gilles and Jorn deserve special recognition for their relentless drive, leadership, and execution power. Their dedication and the unique culture they fostered have been key to Henchman’s success. 

How Pitchdrive assisted Henchman in their journey:

1. 2.5 years ago: We led Henchman’s first funding round, enabling the startup to start scaling.
2. 1.5 years ago: We supported Henchman through product management challenges linked to their rapid growth.
3. 1 year ago: We assisted as a reference shareholder, driving their €6.5M funding round.
4. 3 months ago: We supported the founders in their acquisition processes with help from our US mentor.
   

Looking ahead

LexisNexis will integrate Henchman’s cutting-edge document management and drafting technologies into its flagship products, including Lexis+ AI and Lexis® Create. This integration will enhance LexisNexis's personalized generative AI solutions, leveraging Henchman’s data enrichment capabilities to provide more efficient and insightful drafting experiences.

“This is an exciting moment for our customers and the LexisNexis and Henchman teams,” said Mike Walsh, CEO, LexisNexis Legal & Professional. “We’re continuously engaging with customers to determine where AI can deliver the most value. Now, we’ll be able to address one of our legal customers’ top requests – to have searchable internal firm data, combined with our current drafting and AI offerings, allowing legal professionals to rapidly extract language and insights, and generate higher quality work using both internal data and LexisNexis solutions together.” 

The transaction, expected to close early in the second half of 2024, is subject to regulatory approval. Financial terms were not disclosed.