Pactumize: Digitalisation and Automation of Legal Contracts
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Anders Perméus, CEO
The legal industry is experiencing a paradigm shift; the transformation of the trade is forcing all the stakeholders—law firms and in-house legal teams— to respond to the changes swiftly and keep pace with the innovation and the demands of clients in an increasingly complex business environment. While skilled lawyers cannot be replaced by algorithms and automation—ignoring the emergence of legal technology is no longer an option for businesses that are keen to expand their legal know-how, efficiency and quality of their overall services. Most general counsel and corporate lawyers would agree that collaboration in contract negotiations is a challenge even when all parties are in the same room. Privacy and confidentiality related issues have become significantly important, with compliance being essential. A Swedish legal tech company, Pactumize recognises today’s realities by assisting organisations in digitalisation and automation of their business contracts using its unique software platform—enabling non-lawyers to create and negotiate contracts without the involvement of a legal team.
“The inefficient, costly and time-consuming contractual processes are the biggest challenges faced by large and medium-sized companies, today. At the same time, they must handle the ever-changing regulations,” explains Anders Perméus, CEO of Pactumize. The need to automate, digitise and simplify contractual processes will help improve the overall efficiency and decrease the legal cost for companies. This is where Pactumize is carving out a niche with its solutions.
PactumizeContract Builder is a contract automation tool that enables companies to configure their contracts in a simple, user–friendly interface and let business users draft their business agreements.
The inefficient, costly, and time-consuming contractual processes are the biggest challenge faced by large and medium-sized companies, today. At the same time, they must handle the ever-changing regulations
The Pactumize Contract Builder does this by creating a blueprint for the frequently used legal documents with the assistance of the client’s in-house legal team that configures the platform and approves the contracts. The platform is then deployed for end-users, allowing them to create legal contracts without the need for legal professionals. Pactumize’s next offering is called the Pactumize Negotiation Room, a standard software-as-a-service (SaaS) platform for contract negotiations. The Negotiation Room helps in collaboration, authorization administration, internal approval, digital signing. In addition, it provides a dashboard with statistics that has an option to store legal documents—encapsulating all negotiation data and communication to avoid future disputes. Business users can negotiate deals with a counterparty, using configured and pre-approved legal clauses for an efficient, cost-effective and GDPR complaint system. The distinguishing factor of Pactumize’s solutions lies in the high level of user-friendliness of the interface to the extent that no legal knowledge is required for the user to negotiate a contract.
To illustrate the firm’s successful implementation of products—Europe's largest media group, the German company Axel Springer, has been using Pactumize since 2017. In addition, the product line is used by a large insurance company and a bank. Further, a large Swedish construction company required Pactumize to build a digital infrastructure with 25 different agreements and contract types. Prior to Pactumize’s involvement, all the legal documents were manually drafted in a time-consuming process with the risk of human error. Pactumize’s Contract Builder solution will increase efficiency and lower the cost of the process. The configured and legally pre-approved contract clauses used by business departments ensured compliance and sped up business negotiations without involving the legal team.
In the future, Pactumize aims to be the first supplier of a digital Negotiating Room for all types of negotiations; from the small contracts to the major companies and real estate acquisitions. For the next two years, the company has planned to focus on the Nordic countries and the DACH region. On a global standpoint, Pactumize has set a future goal of establishing itself outside the European countries as well.