In a strategic move, Agiloft, a leader in contract lifecycle management, has announced its acquisition of Screens, a cutting-edge AI contract review technology. Screens, originally launched by TermScout in January 2024, distinguishes itself by leveraging generative AI to streamline contract reviews, enhancing consistency and efficiency in the process. The technology employs expert-built and auto-generated playbooks, commonly referred to as ‘Screens’, to assess and redline contracts effectively.
This acquisition is poised to significantly augment Agiloft’s data-driven Agreement Platform. It offers several advantages for its users, including a standards-based review system. The ‘Screens’ provide easily configurable playbooks that allow users to swiftly determine a contract’s compliance with internal criteria. If a contract does not meet these standards, the AI suggests modifications.
- Standards-Based Reviews: Screens offers customers the ability to quickly align contracts with pre-defined internal standards.
- Community Access: Users benefit from a vast community of legal professionals who have shared their expertise through custom playbooks, available for reference.
- Market Data Insights: By monitoring the pass and failure rates of various clauses, Screens provides valuable data that can guide users in making informed decisions about contract particulars.
Eric Laughlin, CEO of Agiloft, emphasized the importance of this acquisition, stating it would provide a “data-driven, community-supported, and standards-based” means for businesses to enhance their contract management operations. With Screens becoming part of Agiloft’s platform, businesses can expect an improved end-to-end solution for contract management.
Despite this acquisition, TermScout, under the leadership of Otto Hanson, remains separate. Hanson has expressed enthusiasm about the potential of integrating Screens’ technology with Agiloft’s capabilities, foreseeing a streamlined contract management solution that will deliver enhanced value to customers.
For more detailed insights, you can read the full announcement and analysis here.