The contract lifecycle administration firm Agiloft at the moment stated it has acquired Screens, developer of a generative AI contract assessment and redlining product that makes use of expert-created and auto-generated playbooks to “display” and redline contracts.
“This strategic acquisition will improve Agiloft’s data-first Settlement Platform and contract administration capabilities, by standardizing the contract assessment course of, selling consistency, and unlocking the worth of contract information with the collective experience of a worldwide group of authorized professionals,” Agiloft stated in asserting the acquisition.
Screens was launched in January 2024 by TermScout, an AI contract assessment firm, as a first-of-its-kind AI market the place legal professionals and different contracting consultants may construct and promote their very own contract assessment AIs, developed based mostly on their distinctive experience.
The concept, TermScout CEO and Screens founder Otto Hanson instructed me on the time, was to supply legal professionals with a chance flip their experience from a service right into a product, whereas enabling these reviewing contracts to get a contract assessment AI tailor-made to their particular use case.
For the authorized groups who’re its clients, Agiloft stated the acquisition of Screens will carry three main advantages:
- Requirements-based critiques and redlining. Screens allows clients to make use of an easily-configurable playbook — which it calls a Display — to shortly assess whether or not a contract meets pre-defined inside requirements and obtain GenAI-driven recommendations when they don’t.
- Neighborhood. Whereas Screens customers can create their very own playbooks, the product additionally gives entry to a group of consultants who’ve printed an array of custom-crafted playbooks. These {custom} playbooks are freely obtainable to Screens customers, and can be utilized to judge contracts based mostly on the information of skilled consultants.
- Market information. As playbooks are utilized by Screens’ clients, the system tracks go and failure charges. This information provides customers context. If a specific clause recurrently passes, customers can assume that it’s an trade commonplace value insisting on, and if it recurrently fails, customers can assume what needs to be prevented or eradicated.
“With Screens’ contract assessment know-how obtainable each built-in into our platform and as a standalone answer, companies all over the place may have a data-driven, community-supported, and standards-based solution to speed up their enterprise,” Agiloft CEO Eric Laughlin stated in a press release asserting the acquisition. “It’s a pivotal second for Agiloft, and we’re prepared to have interaction the authorized group to set a brand new commonplace in how firms handle their contracts.”
“By becoming a member of Agiloft, we’re able to speed up the influence of our AI-driven contract assessment know-how,” stated Hanson. “Collectively, we’ll present organizations with a seamless, end-to-end answer that streamlines contract administration from begin to end. We’re excited concerning the future and the alternatives to create much more worth for patrons.”
Hanson’s firm TermScout just isn’t a part of the acquisition.
