Plexus, a leading technology provider to Australia’s legal sector, has raised $4.65 million from investors including some of the country’s most reputable technology leaders.
The Series A Funding round was led by leading professional services firm KPMG with participation from Aconex co-founders, Rob Philpot and Leigh Jasper, and Message Media co-founder and Executive Director, Grant Rule. As well as investing in the company, KPMG Law has formed a strategic alliance with Plexus, which is set to transform legal markets.
The new capital will be used to increase investment in Plexus’s legal automation platform Plexus Gateway and fund further international expansion.
“We are at the dawn of a 20-year transformation of one of the world’s most conservative industries. We believe that in the future, legal services will be delivered with the ease we expect of flicking a light switch. This investment and alliance represents a giant step towards realising that vision,” said Plexus Founder and CEO, Andrew Mellett.
Aconex co-founder and CEO, Leigh Jasper said, “In Plexus, we see the same opportunity to dramatically enhance the efficiency of the legal industry that we saw in the construction industry for Aconex.”
Research conducted by Plexus on 100 General Counsels in Australia found that while the majority (97 per cent) of enterprises expect no significant increase in headcount for the next three years, they do expect to increase investment in technology by 111 per cent year-on-year. Signaling that as in many other functions legal executives are choosing technology over human investment.
“Our research shows that like many other industries, legal executives are choosing technology over human investment. Digital transformation and automation is at the top of CEOs’ agendas – but legal is late to the party. General Counsels now recognise they need invest in technology to free up their people to have more strategic impact. This investment marks a tipping point for the broader legal industry and we’re at the forefront of that change,” Mellett said.
“In KPMG, we have a partner that is committed to work with us to bring revolutionary legal solutions to clients, brings instant credibility and almost unparalleled reach.”
Head of KPMG Law, Asia Pacific, Stuart Fuller said, “For over seven years, Plexus has been at the cutting edge of legal innovation. We couldn’t be more excited to work together to accelerate our combined vision to create the future of law.”
“After assessing the global markets for the last 18 months, we were surprised and very pleased to find a world leader in legal automation here in Australia. Our analysis suggests that Plexus Gateway is one of the world’s most advanced platforms for in-house legal functions. When combined with KPMG Law’s range of core and new solutions, it will allow us to provide a single access, one-stop platform to our clients,” Fuller said.
The legal tech market is estimated to be worth $15.9 billion and growing, with corporate legal departments and law firms investing in legal technology platforms to automate mundane tasks, and better manage legal operations and processes.
The investment caps off a strong year for Plexus, with their technology division growing 142 per cent last year, and leading research business Gartner naming its technology a ‘Best Practice’ for legal functions.