Seal Software is one of our 50 Providers to Know. We will be highlighting all 100 companies (50 to Know, 50 to Watch) in our 2015 Spend Matters Almanac over the span of 100 days. Practitioners are encouraged to browse the categories listed in our Almanac to find the provider that best fits their needs.
Seal Software is a company with a unique document discovery and analytics platform that has seen strong growth in the contract lifecycle management (CLM) space. The company had a Microsoft SharePoint based CLM solution when Spend Matters first met the company (around 4 years ago), as it was relocating its headquarters from the UK to the US. This solution has since been sold, and the company has focused on its phenomenal Contract Discovery and Analytics tools instead. (Technically, the Seal tools could be put to use to make sense of content from any kind of business area, but the current commercial focus is on CLM. A comment for anyone with a steady stream of other documents to onboard and analyze.)
What makes Seal's offering so special is its proven capabilities in identifying contract documents (whether on email servers, file servers or soft or scanned hard copies) that extract key information – e.g. general contract content, specific clauses or combinations of clauses, and most interestingly, contractual metadata.
Spend Matters has validated the company's claims in client reference calls, and the Seal tools deliver a highly automated and cost-effective approach to contract management without involving error-prone and costly manual labor. The identified contracts are placed into a database with advanced search engine capabilities for further processing.
Another differentiator with the platform is its analytics component, which (once discovery and onboarding is concluded) can assess contracts, identify gaps, missing clauses, lowest common denominators, prevailing clauses, etc. – all features that are useful both to minimize contractual risk as well as increase efficiencies and effectiveness by involving human and legal resources only when necessary.
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