Contract Management software
Updated: July 12, 2020
2020. SirionLabs raises $44M to scale its contract management software
SirionLabs, a startup that provides contract management software to enterprises, has raised $44 million. The eight-year-old startup, which was founded in India, has raised $66 million to date. A significant number of companies today handle contracts manually with different teams within an organization often dealing with the same entity, which leads to discrepancies in their promises. Teams work in silos and often don’t know the terms others in the organization have already agreed upon. SirionLabs uses artificial intelligence and natural language processing to connect the dots between contracts and what happens after the contract has been signed. SirionLabs today hosts contracts in over 40 languages for more than 200 of the world’s largest companies including Credit Suisse, Vodafone, EY, Unilever, Abbvie, BP, and Fujitsu.
2020. DocuSign acquires Seal Software for $188M to enhance its AI chops
Contract management service DocuSign announced that it is acquiring Seal Software for $188 million. 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’s 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.