Press Release: Founders Pledge Celebrates First Equity Distribution
With sale of Lex Machina to LexisNexis, founder delivers on equity pledge for social good.
Founders Pledge, an innovative charitable giving program for Bay Area start-ups, will facilitate its first equity distribution to impact the social sector as the result of the acquisition of Lex Machina by LexisNexis. Josh Becker, founder of Lex Machina and one of the initial participants in Founders Pledge, has donated a percentage of his personal equity following the acquisition.
“When I launched Lex Machina, it was important to build a philanthropic culture into the roots of the company,” said Josh Becker. “Founders Pledge has helped make that happen. It has engaged our company and allowed me to pledge equity knowing that, thanks to Full Circle Fund, the money will have a deep impact on the community.”
Founders Pledge was launched in 2014 by Full Circle Fund in partnership with Salesforce.org. Founders Pledge helps early stage companies do good from the start, providing educational programming and meaningful engagement with Bay Area nonprofits. Since Founders Pledge launched in 2014, it has become a regional strategic partner of Pledge 1% and 34 early stage companies have made the pledge to support positive social change. Founders Pledge has enlisted The San Francisco Foundation and Cooley LLP as additional strategic partners to facilitate the pledge documents and process.
“What a great milestone for the Founders Pledge,” said Steve McCoy Thompson, CEO of Full Circle Fund. “I am delighted that these socially minded entrepreneurs are leveraging the growth and success of their businesses for the causes they support. It’s a charitable model with tremendous potential.”
Lex Machina, founded in 2010 by Josh Becker, introduced the innovative Legal Analytics® SaaS platform that fundamentally changed how companies and law firms compete in the business and practice of law. Legal Analytics creates structured data sets covering judges, lawyers, parties, and IP out of millions of pages of legal information. This allows law firms and companies for the first time ever to predict the behaviors and outcomes that different legal strategies will produce, enabling them to win cases and close business. Lex Machina was acquired by LexisNexis for an undisclosed sum in November 2015.
“We can now begin to see the potential of Founders Pledge,” says Carlos Garcia, Senior Donor Relations Officer of The San Francisco Foundation. “As the Bay Area continues to grow and prosper, we are tapping the resources of these innovators and entrepreneurs to expand opportunity for everyone in the community. By taking the pledge, as they succeed, the community succeeds with them.”