Cover: Pactum’s founders Kristjan Korjus, Martin Rand and Kaspar Korjus.
A new Estonian startup launches an AI tool for commercial negotiations
A new Estonian startup, Pactum, has launched an artificial intelligence tool for commercial negotiations – namely, a system that helps companies autonomously offer personalised, commercial negotiations.
According to the company, referencing research by KPMG, inefficient contracting has been estimated to cause firms to lose between 17% to 40% of the value on a given deal, depending on circumstances.
“Pactum’s AI helps companies improve their bottom line by implementing bespoke negotiation services for large volumes of incremental partners in every market, that might have previously been unmanaged,” the company said in a statement.
“Augmented artificial intelligence evaluates agreement terms and offers an unbiased resolution that can result in either business development or renewed agreements where both parties have been equally evaluated to support a fair deal. Based on historical data, terms are suggested and discussed through an auto generated chat-like interface to generate a contract that is then ready for review and sign off.”