Electronic signature provider DocuSign announced to acquire the IP rights and hire the team from smart agreement pioneer Clause. By working together, both companies want to create synergies to develop smart agreements.
Clause sees the opportunity to deliver smart agreements to the world, leveraging eSignature and contract lifecycle management products, as part of one of the largest tech companies.
Smart agreements are not static digital documents but living documents which include functionality that adds value throughout the agreement process. They incorporate computer code and smart clauses that effectively bring agreements to life—connecting different computer systems together, enabling actions to be taken automatically, and helping business to get done faster, more cost-efficiently, and with lower risk.
Clause started with the vision that contractual agreements should be computable records, not simply PDFs. They should be able to pass data to, and receive data from, external sources such as critical business systems, and become an integrated part of IT infrastructure. This vision resulted in Clause developing the Smart Clause®, IoT-enabled supply agreements, or real-time parametric insurance contracts.
Over the past two years Clause has worked closely with DocuSign to develop capabilities in contracting technology such as User Data Verification. For both companies it became obvious that the combination of scale and distribution DocuSign enables, coupled with the pioneering innovations developed by Clause, are a perfect fit.