Xerox announced a new strategic partnership with LinkSquares to deliver contract lifecycle management (CLM) capabilities to its customers in the U.S. as part of the company’s Capture & Content Services offerings. The partnership follows Xerox Ventures’ second investment in LinkSquares earlier this year.
“As legal teams undertake more strategic roles within their companies, many are being asked to do more, often with fewer resources”
Xerox’s Capture & Content Services provide advanced multichannel capture and process automation, making information available at point of need to enable clients to make better informed and more proactive business decisions. The joint solution uniquely enables users to scan, digitize, transform and enhance contracts and make them available within LinkSquares CLM platform to deliver efficiency in customers’ contracting processes.
“LinkSquares is the leader in contract management, and their pursuit of customer satisfaction while automating a typically disjointed system will resonate deeply with our customer base,” said Tracey Koziol, senior vice president, global offering solutions Xerox. “By leveraging our companies’ technologies, we will enable clients across industries to operate more efficiently as they navigate complex contractual scenarios.”
With LinkSquares’ added CLM capabilities, Xerox customers will be able to:
- Replace manual contract filing within their current content management system using cutting-edge automation.
- Minimize date entry errors and limit (or eliminate) mandatory metadata or contract properties to enter at upload.
- Leverage tools for event-triggered notifications to improve management of contracts throughout their lifecycle.
- Easily draft and upload agreements using pre-approved templates, tailored drafting workflows, and a centralized Clause Library with vetted standard clauses.
“As legal teams undertake more strategic roles within their companies, many are being asked to do more, often with fewer resources,” said Vishal Sunak, CEO and co-founder at LinkSquares. “Through this partnership with Xerox, we’re empowering customers with AI technology that streamlines and automates processes for enormous savings on time and money.”
LinkSquares recently secured $100 million in Series C financing, with Xerox Ventures signing on as a repeat investor. This latest round brings LinkSquares total funding to $161.46 million, at a current valuation of $800 million. Xerox Ventures invests in early and growth-stage startups with technologies designed to increase efficiency, cost savings and revenue across multiple industries, including connected work, empowered businesses and green enterprise.
“Historically, legal departments have been among the slowest to adopt new technology when compared with other business operations,” said Chris Fisher, managing director of Xerox Ventures. “LinkSquares’ AI solution helps companies transform their legal functions, aligning with Xerox Ventures’ focus on investing in companies that will power the next generation of business solutions.”