Agiloft and Screens: Transforming Contract Management with AI
Agiloft, a leader in contract lifecycle management (CLM), recently announced its acquisition of Screens, a groundbreaking generative AI platform for contract review and redlining. This strategic move is set to redefine the landscape of contract management by automating processes, standardizing compliance, and enhancing legal team efficiency.
Streamlining Contract Review with AI
The integration of Screens into Agiloft’s data-first Agreement Platform brings a revolutionary approach to contract management. Screens’ technology leverages customizable playbooks to review contracts against predefined standards, offering AI-driven suggestions to meet compliance. This ensures faster and more precise redlining without the need for creating bespoke clause libraries.
Why This Acquisition is a Game-Changer
With the inclusion of Screens, Agiloft customers gain access to:
- Standards-Based Redlining: Playbooks allow legal teams to evaluate contracts against internal standards, offering automated suggestions for improvement.
- Community Expertise: A global community of legal professionals contributes expertly crafted playbooks, available for free use, enabling organizations to tap into a vast pool of domain expertise.
- Market Data Insights: By analyzing pass and failure rates of clauses, users can identify industry-standard practices and areas to improve.
Empowering Legal Teams
Redlining contracts has long been a labor-intensive and time-consuming process. Screens simplifies this by providing intelligent, actionable insights, which can scale knowledge and standardize best practices. The platform not only integrates seamlessly with Agiloft’s Agreement Platform but is also available as a standalone solution, offering flexibility for diverse business needs.
A Collaborative Future
Eric Laughlin, CEO of Agiloft, highlighted the significance of this acquisition, stating, “With Screens’ contract review technology available as part of our platform and as a standalone product, businesses now have a data-driven, community-supported way to accelerate their contract workflows.”
Driving Industry Transformation
Legal professionals face increasing pressure to expedite contract reviews while maintaining high standards. Screens addresses this challenge by offering tools to evaluate compliance effortlessly and accurately. Otto Hanson, Founder of Screens, emphasized, “Joining Agiloft allows us to expand the reach of our AI-driven contract review technology and deliver even greater value to organizations worldwide.”
Looking Ahead
The combination of Agiloft’s comprehensive contract management platform with Screens’ innovative AI capabilities signifies a pivotal moment in the CLM industry. This collaboration is expected to enhance automation, reduce inefficiencies, and unlock significant cost savings for businesses.
For more insights on transformative AI in contract management, explore Agiloft Acquires Screens to Revolutionize AI-Powered Contract Management.
