Agiloft Acquires Screens to Transform AI Contract Management

Agiloft Acquires Screens to Transform AI Contract Management

Agiloft Enhances Contract Management with Screens Acquisition

Agiloft, a leader in contract lifecycle management (CLM), has taken a significant step in redefining the field by acquiring Screens, a groundbreaking AI-powered platform for contract review and redlining. This strategic move aims to streamline the contract lifecycle, offering businesses speed, accuracy, and standardization.

The acquisition enhances Agiloft’s Data-first Agreement Platform by integrating Screens’ innovative contract solutions. This blend promises to revolutionize how legal teams and businesses handle contracts, ensuring consistency and unlocking valuable insights from contract data.

What Does This Mean for Legal Teams?

Legal professionals often face challenges in reviewing contracts efficiently. With Screens’ advanced technology, they can now leverage:

  • Standards-Based Reviews: Screens enables rapid assessments of contracts against predefined internal standards, offering AI-generated suggestions to address potential shortcomings.
  • Community-Driven Expertise: A vast repository of expertly crafted playbooks is available to users, built by legal professionals worldwide. These playbooks allow organizations to evaluate contracts using industry best practices.
  • Market Insights: Through usage data, Screens tracks pass and failure rates for specific contract clauses, providing valuable insights into industry standards and potential risks.

Streamlining the Redlining Process

Traditionally, redlining contracts has been a labor-intensive and error-prone process. Screens addresses this challenge by offering customizable playbooks that evaluate contracts without requiring a specialized clause library. These playbooks are built on well-defined contract standards, allowing organizations to scale efficiently.

In addition, the platform’s community-driven approach ensures that users benefit from the collective knowledge of legal experts, fostering a standardized and efficient workflow.

Seamless Integration with Agiloft’s Platform

Agiloft plans to integrate Screens’ technology into its core platform while also offering it as a standalone solution. This integration provides businesses with a comprehensive, end-to-end solution for contract management, enabling them to:

  • Reduce inefficiencies in the contract review process.
  • Enhance automation through AI-driven insights.
  • Standardize contract management practices globally.

For more insights on the transformative impact of AI in contract management, you can explore the article Agiloft Acquires Screens to Revolutionize AI-Powered Contract Management.

Industry Leaders Weigh In

Eric Laughlin, CEO of Agiloft, expressed his enthusiasm, stating, “With Screens’ technology integrated into our platform, businesses can now accelerate their contract processes and achieve unprecedented efficiency. This is a pivotal moment for us, and we look forward to setting new standards in contract lifecycle management.”

Otto Hanson, Founder of Screens, added, “Joining Agiloft allows us to magnify the impact of our technology. Together, we are poised to deliver value-driven solutions for legal teams worldwide.”

The Future of AI in Contract Management

This acquisition underscores the growing importance of AI in transforming traditional business processes. By combining AI-driven insights with community-supported expertise, Agiloft and Screens are setting a new benchmark in contract lifecycle management, paving the way for organizations to scale efficiently and effectively.

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