Global News
Today, alternative legal services provider Integreon announced a new partnership with Seal Software, which will power the company’s global managed services contract lifecycle management business with Seal’s artificial intelligence (AI) contract analytics technology.
Seal’s LIBOR Insight™ Accelerator will immediately be a key component of Integreon’s recently launched LIBOR Transition Readiness Task Force (“LIBOR Task Force”).
“We are excited to partner with Seal Software,” commented Bob Rowe, CEO of Integreon. “Seal’s reputation in the artificial intelligence and contract analytics market is outstanding, and we see a huge advantage in applying their technology to our LIBOR Task Force services. Banks and financial institutions have a massive undertaking as they transition from LIBOR, but we are confident that our services teams equipped with Seal’s enterprise-class technology will provide the best solution available to navigate the process successfully.”
Led by Integreon’s Senior VP of Contracts, Compliance and Commercial Services Jeff Catanzaro, the LIBOR Task Force assists banks and financial institutions to successfully move away from the LIBOR Reference Rate which ends in 2021. Industry estimates suggest that phasing out the LIBOR reference rate will impact over $350 trillion worth of contracts and render obsolete LIBOR contract clauses residing in 100+ million documents.
Since banks and financial institutions must start preparing for this colossal LIBOR transition now, Integreon's LIBOR Task Force, in conjunction with Seal Software, will work with clients to assess the scope of applicable contract changes, create a strategic transition plan, and execute the plan to ensure a full and compliant transition when LIBOR is no longer supported.
Catanzaro remarked: “Seal’s best-in-class artificial intelligence provides both pre-trained models and trainable solutions to execute complex contract analytics and data analysis. The combination of Integreon’s 20 years of experience handling complex regulatory and other trigger events and Seal Software provides clients unparalleled quality, accuracy and speed simultaneously.” Catanzaro continued, “Clients that select Integreon and Seal for LIBOR and similar engagements will also reap long-term strategic benefits well after their projects have ended. Data and analytics gathered and organized during the process provide invaluable intelligence about risk, cost, and efficiency planning for future regulatory events.”
Jim Wagner, Seal Software President & Chief Strategy Officer commented, “We are excited to partner with Integreon in this important initiative. Putting the power of Seal enterprise contract analytics in the hands of Integreon’s highly skilled resources is truly a winning combination for both organizations and the market.”
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