Global outsourcer Integreon has entered into partnership with The Contract Network (TCN), which invites all parties to a transaction to collaborate on their platform using generative AI for the drafting, negotiation and execution of agreements.
We’re told that because the TCN platform is complementary to CLM and document management applications, Integreon clients and counterparts will be able to get up and running quickly without the need to “rip and replace” their existing technology investments.
Integreon and TCN will initially collaborate on an integrated, one-service-one-price offering targeting two key industries: financial services and key aspects of the M&A process to support and enable dealmaking; and pharmaceutical/life sciences companies participating in the clinical trial ecosystem to reduce the overall time it currently takes to bring a new drug to market. The combined Integreon/TCN solution for these use cases will be commercially available by October 1st and the pair say that there is already a healthy pipeline of interested buyers.
“There is so much chatter in the legal and contracting space around GenAI and its potential,” said Gabriel Buigas, EVP – Legal and Compliance Services for Integreon. “We are excited to be on the leading edge of this technology, moving from ‘what if’ to what really matters – real-world outcomes and benefits for our clients.”
TCN announced in August that it has raised $8m in seed funding. Launched only this year by former Seal Software president Jim Wagner and the former CTO of Blackstone, Bill Murphy, TCN’s platform parses out contracts into their individual clauses, turning agreements into “data from the first draft,” and uses generative AI, including GPT-4, to provide context and market insights for each change and redline.
“Business executives want to get deals done faster. That’s the entire premise of our platform,” said Wagner, who is CEO of TCN. “Bringing together the best of GenAI and market data is a great first step in the process. But putting the platform in the hands of an experienced and committed team like Integreon ensures that our shared clients will achieve the results that they’re seeking. We love the Integreon team’s vision and are delighted to be a cornerstone of the solution set that they’re building.”
At the CLOC EMEA Summit from Sept. 18-19 in London, Sylvain Magdinier, SVP of Integreon, and Wagner will share more about the partnership as well as their practical insights on the usage of GenAI tools in a transactional legal environment.