-Integrated legal practice-focused functions such as contract authority management, history tracking, and renewal notifications with AI-based CLM.
– Eliminate security vulnerabilities and omission risks associated with Excel/Drive-based manual contract management.
The number of cumulative contracts exceeds 100,000, solidifying its position in the contract management market with 100-fold growth in just 1.5 years.
Lattice (CEO Sangwon Kang), the operator of AI-based contract management SaaS 'Freaks', announced that it is enhancing 'Freaks', an 'integrated contract governance' solution designed to enable legal teams to control and manage company-wide contracts, to address the limitations of Excel and Drive-centered contract management.
From its initial design stage, Freaks has focused on data control and visibility. Recently, it has further enhanced its system's completeness by fully embracing the rigorous security standards and management systems of major clients. A notable feature is its seamless integration of core functions essential to legal professionals in the field into a single platform.
The main functions are ▲'Contract-specific authority granting' according to department and job role ▲'Person in charge history management' that allows understanding of contract context even when the person in charge is replaced ▲'Contract agreement content memo' that is preserved with the contract without a separate record ▲'Contract field extraction' function that provides contract content extracted by AI.
In the future, we plan to enhance AI capabilities and introduce AI Agent functions that include AI-based contract risk analysis and modification suggestions.
Legal teams at large and mid-sized companies have traditionally relied on creating contracts in a contract management ledger (Excel) and then uploading them to Drive. This approach has led to chronic risks for legal teams, including missed uploads, difficulties with handovers when employees leave the company, and security vulnerabilities. Freaks has addressed these management blind spots with a system that allows for everything from legal review to internal approvals to be handled directly within the service, without the need for separate enterprise resource planning (ERP) integration, significantly reducing administrative burdens.
This functional completeness is leading to rapid growth. As of the end of September, Freaks surpassed 100,000 cumulative contracts, achieving a 100-fold growth in just 1.5 years compared to March 2024. Financially, Freaks has also secured robust business competitiveness, with annual recurring revenue (ARR) increasing by approximately 60% year-over-year. This growth is interpreted as a result of Freaks's practical, hands-on functionality, coupled with the demand from listed and mid-sized companies seeking a practical governance system following the strengthening of the Internal Accounting Control System (K-SOX).
Lattice is diversifying its customer base by offering not only cloud-based solutions but also server deployment and project execution experience in network-separated environments for high-security enterprises. Last year, the company successfully completed a large-scale enterprise deployment project that lasted approximately ten months. Lattice is recognized for applying its advanced security technology and practical insights to Freaks, thereby implementing a more robust security governance.
Kang Sang-won, CEO of Lattice, said, “The direction of contract management proposed by Freaks is now established as a standard model in the market,” and “Based on the advanced security technology and operational know-how acquired during the process of building solutions for large corporations, we will become a trusted partner that elevates the level of contract governance for domestic and foreign companies to the next level.”
Meanwhile, Freaks has secured clients from financial institutions and major listed companies with strict security and internal control standards, such as KB Credit Information, SOOP, and Qroad.
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