On the verge of launching the DocuSign Agreement Cloud, the company has decided to further invest $15 million in Seal Software to acquire Artificial Intelligence for contract management. The Agreement Cloud is a suite of services and offerings for the benefit of organizations to go digital when they prepare, sign, act on, and manage agreements.
The announcement is an extension of the partnership between Seal Software and DocuSign, which was established last year. The collaboration saw Seal’s AI capabilities blended into DocuSign’s e-signature offerings. Users could extract, discover and analyze contracts easily due to the pre-integration of Seal’s software.
Speaking about the development, Ron Hirson, Chief Product Officer at DocuSign, said, “AI lets organizations analyze their agreements for hidden risks and opportunities in new ways. As we have continued to invest in adding intelligence to our suite of products, this investment in Seal’s discovery and analytics is just another step in making our Agreement Cloud offering smarter.”
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Ulf Zetterberg, CEO and Co-Founder of Seal Software, added, “We are thrilled by DocuSign’s confidence in Seal Software as a partner and now as a strategic investor, as we build the next generation of agreement discovery and analysis tools using Artificial Intelligence. Working together, we will continue to unlock the full potential of all the agreements that are pervasive across every size and type of business.”
DocuSign has been seriously looking at AI to build competitive products. Here is a trace of their initiatives to integrate Artificial Intelligence across its product range:
- In December 2017, DocuSign acquired the IP rights of Appuri, a Machine Learning start-up.
- In September 2018, SpringCM was acquired for document indexing and text search.
Evidently, DocuSign is following the surging trend of AI for business. The technology is helping enterprises seamlessly connect their entire agreement repository helping them work, faster, better and with a lot more efficiency.
Currently, Seal Software is supporting two features of the agreement Cloud, viz. DocuSign Total Search and DocuSign Intelligent Insights helping customers easily find agreements.
Users can also:
- Compare sections of similar agreements to identify inconsistent contract terms.
- Check for areas of exposure.
- Check for potential revenue leakage.
- Review auto-extracted terms and concepts.
This will help enterprises save a lot of money simultaneously helping in reducing corporate risk.