Seal Software won the member Choice Award which was chosen by the entirety of the IACCM organization.
Online PR News – 05-November-2016 – United State, California – Last night was a great night for Seal.
Seal Software have been member of the IACCM organization, otherwise known as the International Association of Contract and Commercial Management, for many years. They provide insights, content, and relevant data to those in the business of managing contracts and commercial relationships. As you can imagine, we work with many of their members.
Seal Software attended and sponsored the IACCM’s Annual Conference in San Diego. This event is the main meeting for the IACCM in the US, and includes keynote sessions and breakouts on a variety of topics, including contracting efficiency, improving business relationships, contracting technologies, M&A process, and overall trends in the industry.
As part of the conference, they announced their Innovation Awards to recognize leaders in the contracting community. There are six awards in total, across a variety of categories. Seal was honored to be nominated in two categories, Outstanding Service Provider and the Member’s Choice Award for a case study we submitted based on our work with Humana.
The Outstanding Service Provider award was chosen by IACCM judges, but the Member’s Choice Award was chosen by the entirety of the IACCM organization. They choose the case study that is the most interesting and impactful in a commercial sense.
Seal won the Member’s Choice Award.
This is a significant honor, as the members of the organization felt what we are doing to help facilitate the $37B Aetna/Humana acquisition is significant. We agree.
Seal’s contract discovery and analytics software is an important part of this potential transaction, as Humana has had to triage, review, and research 40,000+ contract documents in a very short timeframe. There are major hurdles with a transaction this size in a highly regulated industry, but they have projected $1.25 billion in annual Aetna-Humana synergies by 2018 as an outcome.
The project is estimated at over 4.9M pages needing review, which is clearly unfeasible using traditional review methods. Seal is being used to extract all the business obligations and terms (such as assignability and change of control) in each organization’s contracts, adding transparency to the deal, helping to meet regulatory requirements, hit key deadlines, and keep the deal on track.
It is great to have the broader membership of the IACCM recognize Seal for our contribution within significant transactions such as this one. This is more validation of the role we play in helping organizations better understand and leverage one of their most valuable assets, their business relationships, and the contracts that describe them.