Xerox Corp. (XRX) Announces Strategic Partnership with LinkSquares to Provide Customers with Contract Lifecycle Management Capabilities
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Today, Xerox announced a new strategic partnership with LinkSquares to provide contract lifecycle management (CLM) capabilities to customers in the United States as part of enterprise capture and content services offerings. Partnership follows Xerox Ventures second Investment in LinkSquares earlier this year.
Xerox Capture and Content Services provide advanced multi-channel capture and process automation, making information available when it is needed to enable customers to make better informed and more proactive business decisions. The joint solution enables users to digitize, digitize, transform and enhance contracts and make them available on the LinkSquares CLM platform to deliver efficiency in client contracting processes.
“LinkSquares is the leader in contract management, and its 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 customers in all industries to operate more efficiently when navigating complex contract scenarios.”
With the additional CLM features of LinkSquares, Xerox customers will be able to:
- Replace manual filing of contracts in their current content management system with state-of-the-art automation.
- Minimize date entry errors and limit (or eliminate) required metadata or contract properties to be entered when uploading.
- Leverage event-triggered notification tools to improve contract lifecycle management.
- Easily draft and upload agreements using pre-approved templates, custom drafting workflows, and a centralized clause library with approved standard clauses.
“As legal teams take on more strategic roles within their companies, many are being asked to do more, often with fewer resources,” said Vishal Sunak, CEO and co-founder of LinkSquares. “Through this partnership with Xerox, we are providing our customers with artificial intelligence technology that streamlines and automates processes for huge savings in time and money.
LinkSquares recently secured $100 million in Series C funding, with Xerox Ventures signing on as a recurring investor. This latest round brings LinkSquares’ total funding to $161.46 million, at a current valuation of $800 million. Xerox Ventures invests in early-stage and growth-stage startups with technologies designed to increase efficiency, cost savings and revenue across several industriesincluding connected work, autonomous enterprises and green enterprises.
“Historically, legal departments have been among the slowest to adopt new technologies compared to other business operations,” said Chris Fisher, CEO of Xerox Ventures. “LinkSquares’ AI solution helps businesses transform their legal functions, aligning with Xerox Ventures’ focus on investing in companies that will power the next generation of business solutions.