INSUBCONTINENT EXCLUSIVE:
Contract management service DocuSign today announced that it is acquiring Seal Software for $188 million in cash
The acquisition is expected to close later this year
DocuSign, it worth noting, previously invested $15 million in Seal Software in 2019.
Seal Software was founded in 2010, and, while it may
not be a mainstream brand, its customers include the likes of PayPal, Dell, Nokia and DocuSign itself
These companies use Seal for its contract management tools, but also for its analytics, discovery and data extraction services
And it these AI smarts the company developed over time to help businesses analyze their contracts that made DocuSign acquire the company
This can help them significantly reduce their time for legal reviews, for example.
Seal was built to make finding, analyzing, and extracting
data from contracts simpler and faster,& Seal Software CEO John O&Melia said in today announcement
&We have a natural synergy with DocuSign, and our team is excited to leverage our AI expertise to help make the Agreement Cloud even smarter
Also, given the company scale and expansive vision, becoming part of DocuSign will provide great opportunities for our customers and
partners.
DocuSign says it will continue to sell Seal analytics tools
What surely more important to DocuSign, though, is that it will also leverage the company AI tools to bolster its DocuSign CLM offering
CLM is DocuSign service for automating the full contract life cycle, with a graphical interface for creating workflows and collaboration
tools for reviewing and tracking changes, among other things
And integration with Seal tools, DocuSign argues, will allow it to provide its customers with a &faster, more efficient agreement process,&
while Seal customers will benefit from deeper integrations with the DocuSign Agreement Cloud.
