DocuSign Invests $15 Million in Seal Software to Accelerate Adoption of AI in Analyzing Agreements
Additional intelligence and deeper AI partnerships added to DocuSign Agreement Cloud offering
On the heels of launching the DocuSign Agreement Cloud—its suite of products and integrations for digitally transforming how organizations prepare, sign, act on, and manage agreements—DocuSign Inc. announced a $15 Million investment in artificial intelligence software leader Seal Software.
The news expands the partnership formed between DocuSign and Seal Software early last year, which saw Seal’s artificial intelligence-based agreement discovery, extraction, and analytics solutions offered as a pre-integrated extension to DocuSign eSignature.
This builds on the steps DocuSign has already taken to bring intelligence to its suite of products—including the acquisition of the IP rights of machine learning startup Appuri, another move centered on AI technology, in December 2017; and the acquisition of SpringCM, with document indexing and text search, in September 2018. It also reflects the increasing importance that AI technologies play in helping to automate and connect a company’s entire system of agreement—allowing business to be done faster with less risk, lower costs, and better experiences for customers, partners, and employees.
“AI lets organizations analyze their agreements for hidden risks and opportunities in new ways,” said Ron Hirson, chief product officer at DocuSign. “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.”
“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,” said Ulf Zetterberg, co-founder and CEO of Seal Software. “Working together, we will continue to unlock the full potential of all the agreements that are pervasive across every size and type of business.”
Seal Software currently powers two DocuSign Agreement Cloud product extensions: DocuSign Total Search and DocuSign Intelligent Insights. Together, these enable DocuSign users to instantly and easily find agreements, regardless of their origin or storage location. Users can then compare sections of similar agreements to identify inconsistent contract terms, areas of exposure, and potential revenue leakage. They can also review auto-extracted terms and concepts to ensure compliance and minimize exposure to risk. These capabilities can help save companies millions of dollars while continuing to reduce corporate risk.