Modusign (CEO Lee Young-jun), an electronic signature and contract management solution company, announced on the 28th that it has signed a memorandum of understanding (MOU) with Upstage (CEO Kim Seong-hun) , an artificial intelligence (AI) specialist company, to develop contract-specific AI technology.
Through this agreement, the two companies will jointly develop contract AI models and solutions optimized for Korea's electronic document and electronic signature systems and business environments. Specifically, they aim to advance technology across the entire Contract Lifecycle Management (CLM) process, from contract creation to review, negotiation, conclusion, execution, storage, and analysis.
Modusign currently has the largest number of customers in the industry, with over 320,000 customers and over 40 million contract data. By combining this with Upstage's generative AI model 'SOLAR Pro' and document analysis engine 'Document Parse', the two companies plan to jointly develop a next-generation contract automation solution that includes functions such as ▲automatic contract classification and tagging ▲risk factor identification ▲extraction and summary of contract terms ▲contract performance monitoring.
Upstage is expanding the scope of its document processing solutions to financial and public institutions, and Modusign plans to further strengthen the competitiveness of its contract AI solutions for public and corporate clients based on this agreement.
Lee Young-jun, CEO of Modusign, said, “This agreement will serve as an opportunity to establish contract-specific AI technology standards that take into account Korea’s laws, systems, and practical environment,” and added, “Through our collaboration with Upstage, we will pursue practical innovation in the fields of contract automation and CLM.”
Kim Seong-hun, CEO of Upstage, said, “Upstage will actively support the strengthening of Modusign’s CLM technology competitiveness based on its own AI technology,” and “We will cooperate in the development of advanced AI-based solutions that can be utilized in domestic and international contract management environments.”
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