This is another interesting move in the legal AI sector between one business that is a contract ‘repository’ and another that has the NLP tech to review, analyse and extract meaningful data at scale and at speed from those documents.
Or to put it another way, Apttus has all the legal data that clients send to it, Kira has the ability to really do something special with that legal data that is of value to the clients. In short, this makes a lot of sense.
The two companies said in a statement that the benefits of this combination of platforms and capabilities will provide the following:
- Reduce the time to review third party contracts for standard business provisions by 30–90%.
- Intelligent identification and extraction of data to reduce risk and accelerate contracting processes involving third-party agreements.
- Built-for-purpose machine learning text analytics for contracts that streamlines contract processes.
- An end-to-end contract management process from creation, redlining and negotiation, to execution and activation, and the stages beyond.
- And, machine learning analysis tailored to specific corporate needs that can be used interchangeably between Apttus and Kira platforms.
Noah Waisberg, Chief Executive Officer and Co-Founder of Kira Systems, said of the deal: ‘Enterprises have tons of contracts filled with valuable but hard-to-access information. Kira helps users extract better answers from contracts in much less time. We believe Kira should be available anywhere contracts reside, and so we dedicated resources last year to expanding our APIs.’
‘When we started speaking with the team at Apttus about this potential enhancement, we knew it was a great opportunity to help meet the increased demand by our corporate customers, both to use Kira for their large scale contract metadata extraction projects and on an on-going basis within Apttus as part of their existing workflow,’ he added.
Meanwhile, Neehar Giri, co-founder and Chief Solutions Architect at Apttus, said: ‘This solution is a landmark achievement, borne of two industry leaders combining their advanced capabilities.’
‘By combining the machine intelligence of Kira Systems with the contract lifecycle management expertise of Apttus, together we can deliver savings and risk reduction to our customers. These new capabilities can create this value by lowering operational cost, accelerating contract cycle times, reducing errors and enabling reporting on the contents of third-party agreements. We are extremely excited about this new capability. It is a game changer for law departments and their business partners,’ he concluded.
This is by no means the first business that Kira has partnered with in this way. It has also partnered with Deloitte, Axiom, Cognia Law and Elevate, in order to provide its AI review tech to those businesses’ clients.