In June 2020, I reported on the launch by LinkSquares of LinkSquares Finalize, a pre-signature contract drafting and review product to complement its original product, LinkSquares Analyze, an AI-based, post-signature contract management and analysis platform, creating an end-to-end offering of products for drafting, reviewing and managing corporate contracts.
Now, LinkSquares is announcing the enhancement of LinkSquares Finalize. It is extending the same AI that powers Analyze to the pre-signature stage, enabling AI-powered, first-pass contract review designed to help general counsel and legal teams automatically identify key clauses within contracts.
“By extending the power of LinkSquares’ AI from Analyze, LinkSquares’ post-signature tool, into Finalize, LinkSquares now offers the first end-to-end AI-powered contract lifecycle management platform,” the company said in announcing the new feature.
The product assists with review of third-party contracts by identifying clauses that could pose risk to an organization. It helps legal and procurement professionals automate the first pass of contract reviews, eliminating the initial manual review and allowing teams to focus on critical terms of negotiation.
“We saw a big opportunity to add a really smart technology component into our pre-signature product Finalize,” Vishal Sunak, LinkSquares CEO, told me. “And the cool thing is that it’s reusing and recycling the post-signature technology that we pioneered the company on — it’s basically using the same technology, but in a different way.”
He said that the new AI feature, which is already available, works right out of the box, requiring no by the customer. It identifies some 100 different types of clauses that may be of concern to a company and provides a summary of what it finds.
Companies can use it in conjunction with their contract playbooks to identify clauses that may be in violation of their guidelines or to validate that clauses are consistent with their requirements.
“Ultimately, if we can help legal teams turn redlines around faster and understand if versions are to their satisfaction, then we’re adding a lot of value, which is the whole point of why we do this,” Sunak said.
Sunak told me that LinkSquares has had a highly successful year, realizing 135% year-over-year growth in 2021 and doubling its employee headcount. It has 500 customers and has processed more than 4 million documents.
Also within the past year, LinkSquares:
- Debuted on the Inc. 5000 at No. 253 with 1,800% revenue growth from 2017-2020.
- Ranked on the 2021 Deloitte Technology Fast 500 as the 90th Fastest-Growing Company in North America.
- Ranked a Leader in G2’s Relationship Indexes for Contract Management, Contract Lifecycle Management Software, and Contract Analytics.
Last July, LinkSquares raised $40 million in a Series B funding round.