Conga buys AI startup that helps companies understand how contracts will affect revenue
Revenue operations company AppExtremes LLC, which does business as Conga, is boosting its contract management capabilities by acquiring a startup called Contract Wrangler Inc. for an undisclosed price.
Conga sells a suite of tools that make it easier for businesses to create digital contracts and documents, store them in the cloud and update them when necessary. It’s somewhat similar to DocuSign Inc., though its platform works exclusively within Salesforce.com Inc.’s ecosystem.
One of Conga’s most important tools is its Contract & Lifecycle Management offering, which enables companies to put together an internal library of pre-approved agreements, standalone clauses and other legal building blocks. A technology consulting firm, for instance, might assemble terms of service for its different advisory packages.
Contract Wrangler applies artificial intelligence and machine learning to help companies understand the terms and obligations in contracts that can affect their revenue, risk and costs once an agreement has been executed. It works by extracting and organizing all of the key terms and clauses found within a contract. Then, users can dig into each contract through an intuitive interface and act on critical dates, terms and clauses to ensure they meet their obligations, control spend, mitigate risks and capture any opportunities.
Conga said that by adding these capabilities to its own platform, it will provide enterprises with a simpler way to manage all of their contracts holistically, including both their own and third-party agreements, minimize risk and optimize revenue.
Conga said it will make Contract Wrangler available as a standalone offering called Conga Contract Intelligence, as well as an add-on to the Conga Contract & Lifecycle Management solution.
Conga Chief Product Officer Grant Peterson said the company is adding a fully integrated, AI-based contract ingestion capability. “Giving customers the option to quickly and accurately ingest their contract legacy will fuel renewals, facilitate search, enable risk analysis and expand the value of our contract lifecycle management product family,” he said.
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