The world of contracts is quite extraordinary. They are vital to businesses, yet they feel more like a necessary evil. Fortunately, several scaleups want to change that! Contractify and ClauseBase, for example, two alumni of Scaleup Vlaanderen.
'Contractify is contract management software that makes it easier to track signed contracts,' says Steven Debrauwere, CEO & co-founder of Contractify. 'So you can see at a glance when some contracts will expire and whether they are executed correctly. Especially when you work with different departments in different countries, it is important to avoid duplication and to know whether the same supplier is charging the same prices everywhere. To smoothen the full contract process even more, we recently launched an AI assistant that reads the contracts for you.'
Before you can sign a contract, of course, you have to draft it. ClauseBase makes sure legal teams can do that much faster. 'Our system works with building blocks you can easily reuse in other contracts. Our latest module, a Word plug-in, makes it easy to share knowledge and automate templates. For example, you can indicate in a Word file which information the tool should automatically complete,' says Maarten Truyens, co-founder of ClauseBase.
The two scaleups worked together on a project and realized their technology could be a perfect match. Their new feature, which the scaleups premiered at Digitize Flanders, allows contracts one creates in ClauseBase to end automatically in Contractify. 'Users can decide themselves what data they want to forward to Contractify. For example, think of the name of the company or the start and end date of a contract,' says Truyens.
'Once the data is automatically stored in Contractify with the help of AI, you can easily keep the overview. For example, we send an automatic notification three months before a contract expires,' says Debrauwere. 'Thanks to the cooperation, we can not only increase our customer base, but also develop additional features or products. In the Netherlands, they are way ahead in digitizing the legal world, but we see many additional opportunities through our cooperation.'