DocuSign, a contract management service provider, announced that it has recently acquired Seal Software, an AI-powered platform, for $188 million. The acquisition is expected to close by the end of this year. Back in 2019, DocuSign had invested $15 million in Seal Software.
Seal Software was established in 2010. The company has rendered its services to big brands like PayPal, Dell, Nokia, and DocuSign. These companies use Seal for its contract management tools, but also its analytics, discovery, and data extraction services.
It’s the products developed by Seal Software over time that has inspired DocuSign acquire the company. With this acquisition, DocuSign can utilize the AI-powered solutions of Seal to significantly reduce their time for legal reviews.
About the acquisition, Seal Software CEO, John O’Melia 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.”
The acquisition benefits both the companies as integration with Seal’s tools will help DocuSign to provide its customers with a “faster, more efficient agreement process,” while Seal’s customers will benefit from deeper integration with DocuSign Agreement Cloud.