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Agiloft Acquires Screens to Deliver AI-Powered Contract Review for Data-first Contract Lifecycle Management
Wednesday, January 22, 2025
Screens' AI contract review technology to streamline redlining, standardize compliance, and drive efficiency for legal and contracting teams
REDWOOD CITY, Calif., Jan. 14, 2025 /PRNewswire/ -- Agiloft, the leader in data-first contract lifecycle management (CLM), announced today the acquisition of Screens, the world's first standard-based and community-supported Generative AI contract review and redlining solution. This strategic acquisition will enhance Agiloft's Data-first Agreement Platform and contract management capabilities, by standardizing the contract review process, promoting consistency, and unlocking the value of contract data with the collective expertise of a global community of legal professionals.
With Agiloft and Screens' data-driven contract standardization solutions, legal teams will be able to utilize AI-powered capabilities to consistently review and mark up documents faster than ever before, allowing those teams to leverage:
-- Standards-based reviews and redlining: Using an easily-configurable
playbook (a Screen), customers can rapidly assess whether a contract,
and its constituent parts, meet pre-defined internal standards, and
receive GenAI-driven suggestions to shift failures to successes.
-- Community: Screens playbooks are not limited to only those created by
customers. A community of Screens creators publishes an array of
expertly-crafted playbooks, freely available to Screens users, that can
be used to evaluate contracts based on the knowledge of experienced
experts. Customers may also choose to list their own playbooks for reuse
by the broader user community.
-- Market data: As playbooks are used by Screens users, the system tracks
pass and failure rates. This gives users context: if a particular clause
regularly passes, users can assume that it is an industry standard worth
insisting on, and if it regularly fails, users can assume what should be
avoided or eliminated.
"We are excited to welcome Screens to the Agiloft team," said Eric Laughlin, CEO at Agiloft. "With Screens' contract review technology available both integrated into our platform and as a standalone solution, businesses everywhere will have a data-driven, community-supported, and standards-based way to accelerate their business. It is a pivotal moment for Agiloft, and we are ready to engage the legal community to set a new standard in how companies manage their contracts."
Redlining digital contracts is a complex, time-consuming and inefficient process. Screens provides an innovative approach to contract review with its customizable playbooks designed to assess contracts against defined standards, without requiring the creation of a bespoke clause library. These playbooks are based on defined contract standards and can be built by customers as needed. The Screens community features recognized legal experts, whose freely available playbooks can be used by any customer, providing the ability for organizations to evaluate a contract's compliance against criteria created by individuals with deep domain experience.
"Legal teams are under constant pressure to move quickly while ensuring that contracts meet the highest standards," said Otto Hanson, Founder of Screens. "By joining Agiloft, we are accelerating the impact of our AI-driven contract review technology. Together, we will provide organizations with a seamless, end-to-end solution that streamlines contract management from start to finish. We are excited about the future and the opportunities to create even more value for customers."
Screens' AI contract review platform streamlines the entire contract review process to deliver expert-crafted AI contract playbooks, giving lawyers and in-house legal teams the ability to scale knowledge, speed efficiency, and standardize best practices. In addition to offering Screens as a standalone solution easily incorporated into any organization, Agiloft will integrate its AI-powered contract review solution into its core Data-first Agreement Platform. This powerful combination will enable legal teams to significantly enhance and fully automate AI-driven data-first contract management without the inefficiencies and risks associated with traditional contract management processes. With intelligent, actionable contract data, no-code simplicity, and seamless end-to-end capabilities, customers drive cost savings, accelerate sales, and reduce risk, all within the Agiloft contract management platform.
"Agiloft's acquisition of Screens is a significant step forward in the Company's growth journey," said Jackson Hart, Principal at KKR. "The combination of Agiloft's comprehensive contract management platform and Screens' contract review technology will provide businesses with speed, accuracy, and standardization they need to stay ahead. We are thrilled to support the Agiloft team as they continue to drive transformation in the CLM landscape."
About Agiloft
As the most trusted global leader in data-first contract lifecycle management (CLM) software, Agiloft connects contractual commitments to real business outcomes using its flexible Data-first Agreement Platform (DAP). With contract data as the foundation, customers quickly and collaboratively reach agreement and leverage contract visibility to thrive with competitive advantage. Employing powerful, pragmatic artificial intelligence as a legal force multiplier, and robust integration capabilities as a data liberator, organizations around the world trust Agiloft's certified implementers to deliver connected, intelligent, and autonomous solutions across the entire contract lifecycle. With a 99.6% implementation success rate, it's clear why some of the largest companies choose Agiloft to unlock the value of contract data and accelerate business. Learn more at www.agiloft.com.
Media Contact
Angel Duan
Senior Manager, Corporate Communications
388555@email4pr.com
(650) 780-6741 ext. 5775
View original content:https://www.prnewswire.com/news-releases/agiloft-acquires-screens-to-deliver-ai-powered-contract-review-for-data-first-contract-lifecycle-management-302349454.html
SOURCE Agiloft
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