Third party contract review: UnitedLex and Seal partnership forecast to have $250m impact
In a major new collaboration in the contract review space and the second of its kind in a week, UnitedLex has announced a master collaboration agreement with Seal Software to deliver a contract negotiation solution leveraging Seal’s contract analytics and discovery platform. This follows an announcement by UnitedLex in March that it is working with Seal and gives us the first clear insight into how the partnership will work.
Seal’s AI powered platform will integrate with UnitedLex’s end-to-end contracts lifecycle services to instantly compare third-party contracts and language against a client’s contracting standards to determine what further actions are necessary. Analysis of third-party forms is one of the most complex and time-consuming aspects of the contracting process. This solution significantly accelerates the deal negotiation cycle and reduces related support costs. UnitedLex is forecasting that its clients will achieve more than $250 million in accelerated revenue in 2019 due to more-rapid contracting cycle times.
“After evaluating several AI platforms within our UnitedLex Technology Incubation Lab, we determined that Seal’s leading-edge software solution best meets our clients’ demands and closely aligns with our vision to redefine the legal services delivery model,” UnitedLex CEO Dan Reed (pictured) said. “Seal’s continued investment in its platform has paid off with significantly enhanced capabilities, and we are confident that Seal’s aggressive roadmap will continue to deliver innovation and value to our corporate clients.”
This is a major win for Seal: UnitedLex has locations in the United States, Australia, Germany, the United Kingdom, Hong Kong, Singapore, Canada, Israel, and India. CVC Capital recent took a majority stake investment in UnitedLex:: the value, which was undisclosed but quoted by The Economic Times at $200m, is said to be one of the largest transactions to date for any legal services provider. That deal came on the heels of UnitedLex closing deals worth $1.5 billion in total contract value over the past 18 months.
This is the second third party contract review collaboration in the past week: on 10 May we revealed that Neota Logic and LawGeex have paired up to offer clients an automated third party NDA approval process in a move that is expected to be widened to cover a number of different contractual scenarios.
Through the integration with LawGeex, clients can now automatically send their third party contract to be reviewed against stipulated terms or standards, with the red lined agreement returned for review, approval and execution.