The scale-up Contractify introduces its new AI feature, called Ada, to the general public today. Ada helps companies to register contracts three times faster and is therefore revolutionary for contract management. Contractify, as a Belgian scale-up, is now at the level of large international players when it comes to the use of AI. To highlight the time-saving AI feature, the company also gives all their employees an extra day off.
Who is Contractify?
Steven Debrauwere and Herlinde De Buck started Contractify in 2015. As consultants, they began to help companies better manage their contracts. It soon became clear that no software was adequate for both their own needs as consultants and those of the customer. So they decided to take matters into their own hands and develop their own contract management tool, completely focused on the needs of the market.
In the meantime, Contractify has grown into a leading software supplier for contract management. The cloud software helps companies centralise, manage and sign all contracts in one secure contract library. The platform prevents unwanted automatic extensions and speeds up the signing of contracts with customisable signing and approval flows. With Ada, the company now also aims to improve the speed of contract registration.
Fast, faster, fastest
The biggest advantage of the new feature is making it possible to register contracts much faster. This is done, among other things, by automatically scanning important data from the document to fill in the metadata of the contract much quicker and with higher certainty. This includes notice periods, counterparties, whether or not there is a tacit extension attached to the contract and more. Registering contracts is often a repetitive and slow process. Contractify’s Ada will ensure that you can save a full day each week on contract administration.
“Ada is an important first step, but we want to optimise our tool even further in the future. Therefore we work together with some valuable partners such as Deloitte Legal and Monard Law. Eventually, we want to be able to offer the entire contract lifecycle in one place,” Steven Debrauwere explains.
The name of the AI feature comes from Ada Lovelace, daughter of poet Lord Byron and mathematician of the 19th century who is considered the world’s first programmer.
The choice of a girl’s name is of course no coincidence. As a female entrepreneur, co-founder Herlinde De Buck believed it was important to highlight the female presence in the legal tech scene. “With the arrival of our first female developer, we women try to make our mark in the world of legal tech,” said De Buck.
Extra day off
To underline the fact that Ada saves a lot of time every week that can be used for other things, Debrauwere and De Buck are giving their employees an extra day off. “We hope that our customers will use this extra time to focus on their own core business,” concludes De Buck.
Contractify is a SaaS company that aims to provide businesses with a 100% compliant & error-free contract management solution. Contractify’s founders, Steven Debrauwere and Herlinde De Buck, started the B2B business in 2015 by consulting organisations on how to set up their contract management process. Due to the rising need for a tool to centralise and automate contract management, they translated their years of practical experience into a cloud-based contract management software. Contractify’s user-friendly automation platform provides everything an organisation needs to regain a grip on its contracts: document centralization, e-signing & elaborate contract follow-up features.