DocuSign announced Thursday that it's buying Seal Software, a company focused on AI technology for contracts, for $188 million. Seal fits neatly into DocuSign's Agreement Cloud, a platform that lets people electronically prepare, sign, act-on and manage contract agreements.
Seal's AI technology scans large collections of agreements by legal concepts, rather than just by keywords, and automatically extracts and compares critical clauses and terms side-by-side. The system also identifies areas of risk and opportunity and offers actionable insights.
DocuSign currently resells Seal's flagship analytics and machine learning application as part of the Agreement Cloud, and going forward the plan is to further integrate Seal's technology into across that platform.
"As the Agreement Cloud company, DocuSign is about digitally transforming the very foundation of doing business: agreements and agreement processes," said Scott Olrich, DocuSign's chief operating officer. "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."
DocuSign made a strategic investment in Seal last March.