Harvey has made its third acquisition in 7 months — and it signals where it's going next

In a move to solidify its presence on Wall Street, legal software powerhouse Harvey has made its third acquisition in just seven months. The company has acquired Benchmark, a startup focused on developing software for asset managers, as it seeks to enhance its footprint in the financial sector. The specific terms of the deal have not been disclosed, but it brings a team of fewer than ten individuals into Harvey's growing operations. Winston Weinberg, co-founder and CEO of Harvey, emphasized that this acquisition is a strategic step towards tapping into one of the company’s rapidly expanding customer segments. He noted the importance of acquiring talent, stating, "In terms of how we think about acquisitions, the bar is just crazy, crazy high for us. At the end of the day, you can build technology pretty fast right now. And so the talent is what matters. That matters more than anything else." Benchmark was founded by Alec Dunn, who previously spent over five years in private equity, focusing on uncovering overlooked real estate deals. He created this startup to help asset managers retain insights from past transactions, addressing a common issue where valuable information became lost in spreadsheets. Together with technologist Connor Janson, Dunn developed software that enables firms to sift through historical deal data and evaluate new opportunities against previous ones. The acquisition underlines Harvey's vision for its future growth trajectory. Initially, the company gained traction by providing services to top-tier law firms, and it now claims to collaborate with a significant majority of the highest-grossing law firms in the U.S. However, the company's swiftest growth is now emerging from legal departments within corporations. Recently, Harvey reported an impressive $100 million in net new annualized revenue for a single quarter, elevating its valuation to $11 billion and increasing ambitions for further expansion. While law firms continue to invest in technology, Harvey recognizes a much broader market potential beyond traditional legal settings. The asset management sector is one area the company is keen to explore, as Weinberg highlighted that virtually every action taken by asset managers, from fund formation to financing buyouts, ultimately involves legal documentation. This expansion strategy positions Harvey alongside emerging competitors in the financial technology space, such as Legora and Norm AI. Additionally, established players like OpenAI and Anthropic are already offering their tools to asset managers, indicating an increasingly competitive landscape in the legal tech market. Weinberg believes that the legal tech industry is on the brink of significant transformation. He stated, "It's the most interesting time ever in legal tech. Ever." With this acquisition, Harvey aims to establish itself as a comprehensive solution provider, extending its legal expertise beyond traditional confines.