Spend Matters Analysis: Seal Software is a provider of two distinct product lines – a contract management solution (based on Microsoft Sharepoint technology) and a Java-based contract discovery and onboarding solution. The latter product, Seal Discovery, constitutes a completely new contract management product segment. Discovery is applicable to all enterprises. It dynamically identifies contracts on a network, extracts clauses and metadata, organizes content for further reviews, and populates corporate repositories for use by other solutions (e.g. CRM, CLM, ERP, SIM) with contract data. The tool can be essential in migrating existing contracts and metadata to the full range of enterprise platforms.
Seal’s roadmap is built around making their Discovery solution the sole contract vault for any enterprise. It can be used to process inbound contracts, conduct rogue contract audits, and provide a consolidated search, report and migrate tool for regulatory, transactional and strategic purposes. The Discovery tool targets more complex, global enterprises, while also delivering targeted point solutions, like LPO contract abstraction, internal audits, procurement outsourcing, M&A contract due diligence, and general contract migration. Increasing governance and compliance needs, particularly in the financial sector (e.g. the Dodd-Frank Act), spurs deeper, even complete, audits of enterprise contracts. This is an area where Seal enjoys a first-mover advantage, with Discovery being the only available technology platform to effectively address this need.
Sponsor Description: Spend Matters has spoken with both Seal clients and channel partners, and we can validate that the Discovery solution has been effectively deployed and lives up to stated claims of increasing efficiency and extending reach by factors in the 2-4X range compared to traditional methods. Client examples include several Global 2000 firms and covers a number of use cases:
- Automate contract due diligence – tier one legal firm
- Identify and migrate procurement contracts – Fortune 100 finance company
- Migrate >100,000 contracts to Salesforce.com – Fortune 100 financial information company
- Discover procurement contracts – procurement outsourcing firm
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