LONDON – 15 December, 2015 – Seal Software today announced that Deloitte, the British multinational professional services company, has selected Seal Software’s leading Contract Discovery and Analytics solution as a foundational technology in its global Compliance and Risk practice. The use of Seal will enable Deloitte to provide contract discovery and analytics capabilities to their global clients, giving them immediate visibility into their contracts in order to mitigate risk and uncover new commercial opportunities based on their existing, and future contractual agreements.
Seal Software’s platform seamlessly searches an organization’s document repositories, shared drives, and file servers to identify contracts, centralize them as searchable documents in one location, and extract key terms, provisions, and clauses that define the business relationship. Seal quickly and efficiently automates labor-intensive contract reviews, allowing Deloitte’s Compliance and Risk practice to more heavily focus on higher-value risk and compliance advisory services for its clients.
“We’re excited to work with Seal to utilise their technology to support our review and analytics capabilities to help our clients understand their contractual liabilities, opportunities and obligations,” said Kristian Park, Partner, Contract Compliance and Risk, Deloitte. “Essentially, we look to mitigate risks and uncover the hidden benefits within our clients’ contracts and Seal’s technology allows us to increase the levels of service and value we provide.”
Seal’s solution will provide Deloitte with the ability to automate the discovery and analytics of buy-side and sell-side contracts, and other legal agreements such as NDAs and leases. The discovery portion of the solution locates and reviews the contracts, and then extracts over 50 pre-defined contract terms and data. The analytics portion of the solution builds on this to enable the learning of an organization’s specific languages and clauses, and can be trained to search for specific elements, regulatory issues, and even non-standard clauses.
“More and more businesses are looking to mitigate risk, and Deloitte is a leader in providing advisory services for compliance and risk management,” said Ulf Zetterberg, Founder and CEO, Seal Software. “We’re excited to form this global alliance with Deloitte to support their client engagements with increased access and visibility into contracts, to ensure highly accurate risk analysis and benchmarking and more effective adherence to regulatory mandates.”