Move strengthens ISG’s provider governance and risk management leadership
AI platform supports better negotiation and legal compliance of supplier contracts
Agreemint to be integrated into ISG GovernX® third-party management solution
Information Services Group (ISG), a leading global technology research and advisory firm, said it has acquired automated contracting solution Agreemint from its founders. Terms were not disclosed.
Read More: Tech Spend Shifting To Enable Enterprise-Wide Approach To Customer Experience, ISG Says
“Our SaaS-based GovernX platform has been one of our fastest-growing areas over the last two years, especially as large organizations seek to control costs and mitigate risk from their ever- expanding supplier ecosystems”
The AI-powered contracting platform brings important new capabilities to the market-leading ISG GovernX® vendor compliance and risk management solution and will be used by ISG to add value to future platform solutions now in development.
“Our SaaS-based GovernX platform has been one of our fastest-growing areas over the last two years, especially as large organizations seek to control costs and mitigate risk from their ever- expanding supplier ecosystems,” said Michael P. Connors, chairman and CEO of ISG. “Our acquisition of Agreemint creates the ultimate platform for enterprises to accelerate time to contract, keeping pace with their speed of technology adoption and partnership formation.”
The acquisition, Connors said, is part of ISG’s overall strategy to develop or acquire innovative SaaS-based platforms to complement its advisory business, bring more value to clients, and achieve consistent, double-digit recurring revenue growth.
Agreemint delivers automated contract authoring through a repository of legal positions to accelerate speed to contract. Its patented AI-powered smart functionality enables clients to negotiate better contracts by suggesting language proven to be legally compliant, governable and agreeable to both parties based upon analysis of previous contracting efforts. The software also anticipates language sticking points and includes a clause library that proposes pre-approved clause alternatives.
Read More: SalesTechStar Interview With David C Williams, Assistant Vice President For Automation At AT&T
ISG has partnered with Agreemint since 2021 on solutions for several blue-chip ISG clients. Connors said the acquisition is a natural extension of that relationship and adding Agreemint software will make the ISG GovernX platform even more valuable for automating the entire contract lifecycle. GovernX has under management more than $60 billion of annual contact value, up 30 percent in the last year, across more than 10,000 client contracts, up 40 percent.
“Getting to ‘yes’ on a contract faster and more efficiently is what Agreemint is all about,” said Agreemint founder Peter Graham, who is joining ISG in an executive role. ”Agreemint’s AI-powered negotiating and contracting tools, coupled with GovernX’s extensive vendor compliance and risk management capabilities, makes GovernX the most complete solution for contract lifecycle management on the market today.”