Pactum, founded in 2019, works to help companies uncover hidden value in supplier contracts, working in situations where a company has neglected numerous smaller contracts due to a lack of time on the part of procurement specialists.
The press release says Pactum handles those contracts autonomously, and saves money and time for businesses and helps contracts work out.
Walmart is included in the customers Pactum can release publicly, the release adds. The majority of Pactum’s clients are Fortune 500 companies, in a variety of industries, and the press release claims that “74 to 82 percent” of users on average like working with the autonomous solution better than a conversation with a human for contract needs.
According to the company, analysts map the functions of a negotiation through a “negotiation chatbot,” which has been prepared to automatically find the best ways to resolve the problem through solutions developed by the company’s negotiation scientists. Then, the information is uploaded to systems like ERP and CRM, the press release says.
Pactum CEO Martin Rand said the investors had helped to boost the company through the funding and belief in the company.
“Project A is at the forefront of the most innovative breakthroughs in tech and AI and DocuSign is an iconic brand in the world of agreements, so we feel they provide the perfect balance for us,” he said, according to the release.
Project A General Partner Uwe Horstmann said the company was “convinced that AI-based systems will shape the future of commercial negotiations,” and so the support had come easily.
Rand also recently spoke with PYMNTS about the buyer-supplier relationship, which he said can be boosted with automation technology rather than letting things become uneven in the transactions.