E-signature company DocuSign announced Thursday afternoon that it had reached an agreement to acquire the AI-based contract analytics provider Seal Software for $188 million in cash. The deal has been approved by both DocuSign and Seal’s board of directors, with the acquisition expected to close in the first half of DocuSign’s fiscal year.
Seal’s software, which allows users to search collections of agreements by legal concepts and automatically extract or compare clauses and terms for analysis, has garnered attention from investors over the years. In June 2018, venture capital firm Toba Capital forked over $30 million in capital to help Seal continue its growth and product development.
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