NetLex bets on vertical specialisation to fend off DocuSign and SAP Ariba
Brazilian legaltech NetLex is shifting its growth strategy toward industry-specific contract management solutions. The startup, which raised R$126M from Riverwood Capital in 2024, says it has doubled in size since that round and now plans to tailor its Contract Lifecycle Management (CLM) platform for heavily regulated sectors.
Healthcare is the first vertical. NetLex already serves clients like Unimed and Boston Scientific, and says health insurer Alice cut contract negotiation times from 30 days to roughly 24 hours using its platform. Financial services, energy, and oil and gas are next — sectors where it counts XP, BTG, Itaú, Nubank, Raízen, and BR Distribuidora as customers.
Founder and chief executive officer Flávio Ribeiro told Startups that the move reflects growing client demand for solutions beyond generic contract tools. "Customising the platform by industry became a very interesting path because there are so many specificities per vertical," he said.
NetLex now serves about 400 large companies, more than 100 of which rank among Brazil's 500 largest. It grew roughly 50% last year and aims to maintain that pace in 2026.
The company competes with global heavyweights like DocuSign and SAP Ariba, plus international CLM providers. Vertical specialisation is a bet that depth beats breadth — but building tailored products for multiple industries simultaneously is expensive. NetLex spends R$30M to R$40M per year on product engineering alone.
International expansion adds further complexity. NetLex has set up local teams in Mexico, Colombia, and Peru, and expects Latin American operations to account for about 10% of revenue this year — a target that remains unproven.
Riverwood Capital's backing underscores growing investor conviction in Latin American B2B vertical software. NetLex, now classified as a breakout-stage company on Dealroom, is betting that depth in heavily regulated industries can fend off global CLM incumbents — a playbook that hinges on whether its R$30M–R$40M annual product spend can translate vertical expertise into sticky, hard-to-replicate workflows faster than rivals can localise.
Read more: Startups
