Catylex In the News
PwC UK and Catylex Announce Strategic Collaboration to Enhance Contract Management for Leading Global Financial Services Firms
NEW YORK, New York, US, August 22, 2024 - PwC UK, a leader in professional services, and Catylex, an innovative provider of contract intelligence solutions, are pleased to announce a strategic collaboration aimed at transforming contract management capabilities for asset managers and other financial institutions. The offering combines Catylex's advanced AI-powered technology and PwC UK's extensive industry expertise to provide actionable data from complex documentation such as side letters, investment management agreements and trading agreements.
PwC UK’s legal and technology teams have seen growing demand for contract review at scale for repapering exercises as well as in managed services. With the rise in AI capabilities, PwC UK is constantly evaluating solutions for financial services use cases.
According to Mike Willis, partner at PwC UK, "As buy-side and sell-side firms navigate an increasingly difficult regulatory environment, the ability to interpret accurately and manage contractual obligations is critical. By leveraging Catylex's AI technology and subject-matter expertise with our industry knowledge, we can offer comprehensive project and managed services to drive strategic value for our clients."
Built by a team with decades of legal, industry and technology experience, Catylex works out of the box to deliver results quickly. Catylex is highly secure, doesn’t send data to any third party, and presents all results of its automated extraction in a traceable and trackable form that preserves the source of all answers against the original documents.
David Rosen, CEO at Catylex, had this to say: "Having been inside financial institutions through multiple crises over the past several decades, we know intimately the need and difficulty of getting to complex contractual data quickly and accurately. PwC’s financial services, process and technology expertise makes them well positioned at applying our tool to help their clients solve what has been a largely intractable problem."
Learn more about how Catylex collaborates with PwC UK and other professional services providers here.
About PwC: At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 151 countries with over 364,000 people who are committed to delivering quality assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity.
About Catylex: Catylex is a revolutionary contract analytics solution for any business that needs to extract and optimize contract data. Designed for scale, our next-generation contract AI recognizes thousands of legal and business concepts out of the box and delivers a delightful QC experience.
Contact:
Nora Steinman
Director, Product Marketing
media@catylex.com
Catylex® Cures Legacy Contract Pain with Essentials™ Launch
NEW YORK, New York, June 28, 2023 – Catylex, a provider of AI-powered Contract Analytics, announced today the launch of Catylex Essentials™, a new version of its software that dramatically lowers the time and cost of understanding what’s buried inside a portfolio of contracts.
Until now, almost every business has struggled to answer contract-related questions, especially during a crisis. Without data, your only option is to read contracts, which is slow and expensive. Some have tried AI-based solutions, but most of these have fallen short of expectations, leaving customers in the “trough of disillusionment”, according to Gartner.
“When it actually works, Contract AI is a game-changer” said Catylex CEO and co-founder David Rosen. “You get the data you need, at scale, without the hard work.”
Insight without breaking the bank. “Most businesses learn to live with poor insight because the cost of getting data from contracts has been prohibitively high” said Andrew Downes, Catylex COO and co-founder. “Catylex Essentials changes that. We’ve made it dead easy for people to get quality data quickly, without a major project, and without a large price tag.”
Demos are for dinosaurs. “As a legal tech veteran, I know how much demo fatigue is out there” said Jamie Wodetzki, Chief Product Officer at Catylex. “Legal and legal ops teams are sick of scripted demos. They want to try things. They want to see it work with their own eyes, on their own contracts. We’re so confident of our product, we’re letting anyone try it for free.”
Farewell to fire-drills. When crisis strikes, legal “fire drills” typically follow. You can’t throw your portfolio of 20,000 contracts into ChatGPT and expect reliable answers. “ChatGPT is cool. Catylex is fit-for purpose,” said Mr. Downes. “We lived through the 2008 financial crisis, when the risks buried inside derivatives contracts almost broke the banking system. We started Catylex because we knew first-hand the scale of the problem, and how to tackle it.”
Don’t take our word, try it for yourself. To start your free trial, sign up at Catylex.com, where you can load your first 60 contracts for free (600 pages worth of contracts, to be precise). If you like the trial, plans start as low as $400 per month ($4,800 per annum), for 1,000 contracts (10,000 pages of legalese). With Essentials, you’ll get immediate insight into 20+ legal concepts, no matter which specific words were used (many more concepts are available in our Professional and Enterprise plans). You can search your portfolio by combining these AI concepts with additional keywords, and you can create your own custom Tags to mark the things you care about. Even better, you can used saved searches to automatically tag issues as soon as contracts are loaded into the system. Everything is stored safely in a secure cloud repository, backed by SOC2 audit. Insight is just one small click away. What are you waiting for?
Contact:
Nora Steinman
Director, Product Marketing
media@catylex.com
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Experience the future of true contract intelligence
Get immediate insight into 20+ legal concepts with Catylex Essentials™