Indianapolis-based software company PactSafe, which developed technology often used for “terms and conditions” for online purchases, has been acquired by Ironclad Inc., a digital contract management software company. Together, they are streamlining the contract process.
PactSafe says its technology allows for clickwrap agreements, covering high-volume, high-speed, online transactions.
Companies like e-commerce retailer Wayfair and food delivery service DoorDash use the technology.
San Francisco-based Ironclad offers a contract lifecycle management platform that helps automate and streamline contracts and agreements. The company says its platform can handle a variety of contracts, including sales, human resources and non-disclosure agreements.
“The synergy between Ironclad’s vision and PactSafe’s vision was uncanny,” said Jason Boehmig, chief executive officer and co-founder of Ironclad. “Both of our companies believe that businesses can be fundamentally improved by creating a new, digital standard for the market.”
Boehmig says Ironclad took the traditional, analog contract process and made it digital and PactSafe digitized the acceptance of online transactions
“We live in a digital world that moves at an increasingly fast speed. This demands a digital solution for high-volume, high-velocity agreements, such as terms of service and privacy policies, like PactSafe’s innovative clickwrap transaction platform (CTP),” Boehmig told Inside INdiana Business. “Each day, thousands of businesses and consumers are able to accelerate millions of agreements with a click of a button.”
Boehmig says while electronic signatures are still an important step in the overall process of contracts, the acquisition of PactSafe, which was founded in 2012, allows Ironclad to streamline the process from highly negotiated agreements to “click-to-accept.”
He says the global pandemic accelerated the digital revolution and highlighted a problem that was already evident, ‘contracts weren’t made for today’s digital world.’
“More so than ever, digital contracting is not a nice-to-have, but a must-have,” said Boehmig. “From the first meeting with PactSafe, it was clear we shared the same understanding.”
PactSafe currently employs 40 in Indianapolis. Boehmig says the entire office will join Ironclad and hinted at the possibility of additional staff joining the Indy office.