Presentations and Learnings from CLOC 2019

We attended the Corporate Legal Operations Consortium or CLOC Institute in Las Vegas a couple of weeks ago along with 2,000 industry thought-leaders. The conversations, presentations, panels, and booths highlighted the abundance of opportunities to reduce inefficiencies in corporate legal processes and the legal operation teams working to conquer them. “Success is learning, and failure is not trying” seemed to be the mantra for the event.

We were part of two presentations. In the first one, Hewlett Packard Enterprise (HPE)’s COO Molly Perry reviewed the transformation in the company’s approach to running M&A and divestitures. Being onstage in Las Vegas was an obvious bucket list item for me! In the second presentation, Kalle Kilpi, our Co-Founder and VP of Business Development, shared examples how our customers have used Midaxo to support legal operations from managing IP and compliance to real-estate. 

Taming the M&A Beast - Hewlett Packard Enterprise Presentation

Here are a few highlights from our presentation and the Q&A that followed:

  • In response to a company mandate, HP rewrote its M&A playbook in 2010-11 to systematize its approach to running deals, revamp M&A governance, increase transparency, bring critical processes in-house and enhance their risk management and to create one source of truth throughout the lifecycle of a deal.
  • After unsuccessfully searching for commercial platforms to run its new playbook, HP decided to try to write its own. HP very quickly abandoned its approach and selected Midaxo’s collaborative, cloud-based, end-to-end M&A solution when we were still in our infancy and had just launched our product.
  • With Midaxo, HP’s project pipeline was constantly refreshed, owners and escalation paths were defined, their rewritten M&A playbooks became a “living document” that is updated and improved based learnings, and adherence reports were produced for each transaction.
  • With HP’s guidance, we added analytics and top-notch security, among other things, to the platform – all features that were useful for the M&A practitioners at our Fortune 500 customers as well as our Big 4 partners.
  • HP, and later HPE, has reviewed 243 and closed 76 deals on Midaxo, including the largest ever corporate separation in history ($110B split, 1,200 legal transactions, allocating 50,000 patents, assigning or cloning 150,000 contracts). In fact, HPE was closing its 77th deal to buy Cray during the CLOC presentation!
  • HPE has achieved significant positive outcomes with its new playbooks on Midaxo, including getting deals signed on average in 27 days and reducing deal costs by 50%!
  • Midaxo has been adopted for all Legal and Administrative Affairs Projects as well as the company's Lean Six Sigma program. HPE has expanded its use of Midaxo to several legal operations processes.
CLOC Blog 1

Image 1: Molly Perry and me (Ari Salonen) on stage at CLOC 2019 presenting how HPE has improved their M&A execution with Midaxo. 

Establishing World-Class Legal Processes- Midaxo Demo Recap

A first in my career: Kalle’s demonstration was so oversubscribed that we had to turn away CLOC attendees to avoid breaking the fire code. Here are a few highlights from the session:

  • M&A and corporate development actions often kick-off value-capture activity that has significant legal component, e.g., legal entity rationalization, IP management, real-estate management, litigations and disputes, complex contacts and executive agreements, and legal entity changes.
  • Our customers frequently and successfully run their playbooks for these sub-PMI projects on Midaxo. In fact, while Midaxo was built for M&A transactions, our platform supports systematizing complex process that require professional judgement – such as those in legal operations.
  • With Midaxo, legal ops teams have been able to realize significant benefits including:
    • Time-to-revenue: faster negotiated customer and channel contracts
    • Time-to-market: in-licensing, partnering, mergers & acquisitions
    • Value from IPR: IPR protection, out-licensing
    • Managing risks: litigation, ensuring compliance, insurance
    • Continuous improvement: accumulate learnings
  • During the Q&A, an HPE representative noted that “HPE uses Midaxo for any consistent processes (like six Sigma) with specific steps and guidance. We capture the best-in-class guidance from the top experts and have people use the process template in Midaxo over and over again."
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Image 2: Kalle Kilpi explains why Midaxo is excellent solution for legal operations teams looking to systemize complex processes that require professional judgement. 

We are all very much looking forward to CLOC 2020. We hope to see you there!

To learn more about how Legal Operation teams use Midaxo to drive more efficient processes through executing playbooks, view our Legal Operations Solution Page.

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