Agiloft Acquires Screens, AI Contract Review Technology Based On Expert-Built Playbooks

The contract lifecycle administration firm Agiloft in the present day stated it has acquired Screens, developer of a generative AI contract evaluation and redlining product that makes use of expert-created and auto-generated playbooks to “display screen” and redline contracts.

“This strategic acquisition will improve Agiloft’s data-first Settlement Platform and contract administration capabilities, by standardizing the contract evaluation course of, selling consistency, and unlocking the worth of contract knowledge with the collective experience of a worldwide neighborhood of authorized professionals,” Agiloft stated in asserting the acquisition.

Screens was launched in January 2024 by TermScout, an AI contract evaluation firm, as a first-of-its-kind AI market the place attorneys and different contracting specialists may construct and promote their very own contract evaluation AIs, developed based mostly on their distinctive experience.

The thought, TermScout CEO and Screens founder Otto Hanson instructed me on the time, was to offer attorneys with a possibility flip their experience from a service right into a product, whereas enabling these reviewing contracts to get a contract evaluation AI tailor-made to their particular use case.

For the authorized groups who’re its prospects, Agiloft stated the acquisition of Screens will convey three main advantages:

Requirements-based critiques and redlining. Screens allows prospects to make use of an easily-configurable playbook — which it calls a Display screen — to rapidly assess whether or not a contract meets pre-defined inner requirements and obtain GenAI-driven solutions when they don’t.
Neighborhood. Whereas Screens customers can create their very own playbooks, the product additionally gives entry to a neighborhood of specialists who’ve revealed an array of custom-crafted playbooks. These {custom} playbooks are freely obtainable to Screens customers, and can be utilized to judge contracts based mostly on the information of skilled specialists.
Market knowledge. As playbooks are utilized by Screens’ prospects, the system tracks go and failure charges. This knowledge offers customers context. If a specific clause frequently passes, customers can assume that it’s an business commonplace value insisting on, and if it frequently fails, customers can assume what ought to be averted or eradicated.

“With Screens’ contract evaluation know-how obtainable each built-in into our platform and as a standalone answer, companies in every single place can have a data-driven, community-supported, and standards-based solution to speed up their enterprise,” Agiloft CEO Eric Laughlin stated in a press release asserting the acquisition. “It’s a pivotal second for Agiloft, and we’re prepared to interact the authorized neighborhood to set a brand new commonplace in how firms handle their contracts.”

“By becoming a member of Agiloft, we’re able to speed up the impression of our AI-driven contract evaluation know-how,” stated Hanson. “Collectively, we’ll present organizations with a seamless, end-to-end answer that streamlines contract administration from begin to end. We’re excited in regards to the future and the alternatives to create much more worth for purchasers.”

Hanson’s firm TermScout will not be a part of the acquisition.