27 February 2020:
DocuSign today announced its intent to acquire one of the leading contract analytics and AI technology providers, Seal Software, for $188 million in cash.
DocuSign already resells Seal’s flagship analytics and machine learning application as part of the DocuSign Agreement Cloud. DocuSign also made a strategic investment in Seal in March last year.
With the acquisition, DocuSign can integrate Seal’s technology and value proposition more comprehensively across the Agreement Cloud, the company said in a statement.
Scott Olrich, Chief Operating Officer, DocuSign, said, “As the Agreement Cloud company, DocuSign is about digitally transforming the very foundation of doing business: agreements and agreement processes. We believe that AI will play a vital role in this transformation. And by integrating Seal into DocuSign, we can benefit from its deep technology expertise and its broad experience applying AI to agreements.”
John O’Melia, Chief Executive Officer, Seal Software, said ,”Seal was built to make finding, analyzing, and extracting data from contracts simpler and faster. We have a natural synergy with DocuSign, and our team is excited to leverage our AI expertise to help make the Agreement Cloud even smarter. Also, given the company’s scale and expansive vision, becoming part of DocuSign will provide great opportunities for our customers and partners.”
After the closing of acquisition, DocuSign will continue to sell Seal’s analytics application. It will also integrate and leverage Seal’s AI technology to augment DocuSign CLM.
(Image – DocuSign)