Seal Won “Member’s Choice Award” Determined Through Vote by IACCM’s 40,000 Members for Seal’s Work at Leading Healthcare Organization
Seal Software, the leading provider of contract discovery and analytics software, has been named as the recipient of the 2016 IACCM Members’ Choice Innovation Award. The International Association of Contract and Commercial Management (IACCM) is the leading organization for individuals who work to maximize the value of business relationships through contract management. This award was voted on by the entirety of the IACCM organization - made up of 40,000 members across 16,000 organizations - and recognizes the individual or corporate member that has achieved success through innovation in contracting during the past year.
The award was based on a case study submitted by Seal describing their work with a large healthcare payor in the process of being acquired in a multibillion-dollar transaction. Approximately 40,000 contracts estimated at 4.9 million pages needed to be thoroughly reviewed in preparation for the acquisition; a number that was simply not feasible using traditional data review methods. While a transaction of this magnitude in a highly regulated industry can be extremely difficult, a full understanding of their contractual terms, provisions, obligations, and liabilities will help overcome those business and regulatory hurdles.
During a merger or acquisition, the transfer of contractual documents presents unique challenges. To keep a deal on track, companies are forced to sample a small percentage of the target company’s existing contracts, leaving a wide margin for error in understanding what kind of assignment rules, non-standard language or other high risk contractual terms could be problematic post transaction. In this case, the organization realized manual review services would not be feasible for a project of this scope due to the immense time pressures, the number of documents, and complexities of their agreements. Seal was able to help them process and identify important contract terms and provisions within their contractual agreements and attachments within a two-week period.
“This was the first year we gave out the Members’ Choice Innovation Award, and I’m thrilled that the members selected Seal Software,” said Tim Cummins, CEO of IACCM. “Seal is at the heart of the big data and analytics revolution that’s sweeping up so much of business activity. It’s rewarding to see that our members are excited and encouraging a company like Seal Software in the market.”
“This case study is a great example of the many challenges with finding and extracting data from contracts, and the value our software provides in helping organizations navigate massive deals like this,” said Ulf Zetterberg, founder and CEO of Seal Software. “It’s an honor to be recognized by the prestigious members of the IACCM for our contribution to industry-changing transactions such as this. Our mission is to continue to help organizations better understand and leverage their most valuable assets - their business relationships - and the contracts used to formalize those relationships.”
About Seal Software
Seal Software is the leading provider of contract discovery, data extraction, and analytics. With Seal’s machine learning and natural language processing technologies, companies can find contracts of any file type across their networks, quickly understand what risks or opportunities are hidden in their contracts, and place them in a centralized repository. Based in San Francisco, Seal empowers enterprises around the world to maximize revenue opportunities, reduce costs, and mitigate risks associated with contractual documents, systems, and processes. For more information, visit Seal Software at www.seal-software.com.