Electronic signature technology company, DocuSign has partnered with Seal Software, a provider of content discovery and analytics solutions.
Along with the deal, Seal Software has also secured a $30m investment from existing investor Toba Capital.
Based in the San Francisco Bay, Seal claims to enable enterprises to maximise revenue opportunities, reduce costs, and mitigate risks associated with contractual documents, systems, and processes. Its learning and NLP technologies enables companies to find contracts of any file type across their networks, understand what risks or opportunities are hidden in their contracts and place them in a centralised repository.
Through the partnership, DocuSign will now distribute Seal Software technologies through its platform extensions program. The integrated platform extensions from Seal include DocuSign Total Search, which will enable customers to centralise all of their digital agreements, organise them using metadata (structural data), and search inside them using natural language terms (unstructured data).
The RegTech’s Intelligent Insights, also powered by Seal, will use AI and machine learning to automatically extract mission critical legal concepts like indemnification, warranty and most favoured nation, among others. DocuSign Compliance Packs uses the same artificial intelligence and machine learning to extract concepts derived from key regulations, including GDPR.
The platform extensions from Seal mean that customers can instantly and easily find agreements, regardless of their origin or storage location. They can also then compare sections of similar agreements to identify inconsistent contracted terms, and review auto-extracted terms and concepts to ensure compliance and minimize exposure to risk.
“Our partnership with DocuSign highlights the commitment, passion and innovation that has reaffirmed Seal’s undisputed market-leader status,” said Ulf Zetterberg, co-founder and CEO of Seal Software.
“DocuSign’s System of Agreement strategy transforms one of the foundational elements of business—the agreement process—and that aligns with our own vision for the extraction of insights from content using artificial intelligence. This partnership, coupled with our additional funding from Toba, confirms our commitment to a new era of intelligent content analytics (ICA) and expands our reach into the enterprise.”
Earlier this year, DocuSign, a San Francisco-based company that provides electronic signature technology, raised $629m after pricing its IPO. The company priced its IPO at $29 per share, above the initially proposed price range of $24 to $26 per share. The set price gives the company a valuation of $4.4bn.
DocuSign enables people to electronically sign agreements from almost anywhere. It also enables digital workflows which it claims save money, increase efficiency, and move businesses forward.
Its cloud-based electronic signature platform helps small- and medium-sized businesses, enterprises, and individuals collect information, automate data workflows, and sign on various devices.
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