Olga V. Mack has been appointed as the new CEO of TermScout, a company known for using technology to certify contracts against market standards, thereby ensuring their fairness. This appointment marks a significant shift in leadership as Mack succeeds Otto Hanson, who will continue to serve on the company’s board following his transition to Agiloft in January.
Mack, previously the CEO and chairwoman of Parley Pro — which was acquired by LexisNexis in 2022 — brings a vast reservoir of experience to her new role. At LexisNexis, Mack played a key role in the development of Parley Pro into CounselLink CLM, a contract lifecycle management product, where she stayed until 2024. Beyond her business endeavors, Mack is an established speaker and writer in the legal technology realm, contributing to institutions like CodeX, MIT’s Computational Law Report, and various legal publications.
Her leadership at TermScout will focus on a new category of offerings known as ‘certified contracts.’ These contracts aim to eliminate the typical bottlenecks present in contract negotiations by being independently certified as fair based on industry benchmarks.
TermScout originally launched in 2021 with a focus on software contract ratings and reviews for business-to-business dealings. Since then, the company has expanded its services significantly, including raising $5 million in seed funding to help companies benchmark their contracts against competitors and launching innovative marketplaces like Screens.
Mack expressed her vision for accelerating business processes through contract certification. “Contracts should accelerate business, not slow it down,” she said, emphasizing the importance of removing unnecessary frictions in business dealings.
The certification process at TermScout uses proprietary algorithms and artificial intelligence to assess contracts over nearly 1,000 points, ensuring they meet market standards. TermScout’s clients — typically sellers of products — benefit by having their contracts certified, potentially speeding up negotiations and building trust with buyers.
Otto Hanson, the former CEO, mentioned that Mack’s acumen in contract acceleration and AI innovation makes her the perfect candidate to lead TermScout into its next phase. He expressed optimism about her appointment, noting that it will further drive the company’s mission to create faster and more predictable contracting processes.
To learn more about Mack’s appointment and her plans for TermScout, the full details can be found here.