Automated contract negotiation platform Pactum raises $11M

29 Apr, 2021

Automated contract negotiation platform Pactum raises $11M
Photo by Goran Ivos on Unsplash

– Pactum, a platform that leverages AI to automatically negotiate supplier contracts for enterprises, announced it has raised $11 million in a series A round of funding led by Atomico.
– The company’s “negotiation-as-a-service” platform hits general availability from today and has already been used by several major enterprises.
– Clients include Walmart, the world’s largest retailer, which first signed up for a pilot program last year to automate negotiations with its supplier network.
– Pactum’s software essentially scans a contract, extracts what it believes to be the key priorities, and then sets about negotiating terms with the supplier through a chatbot.
– At its core, Pactum is all about making contract negotiations less laborious and enabling businesses to go beyond the few key terms that normally revolve around price and payments.

Artificial Intelligence North America
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