The electronic signature and contract management solution corporation 'Modusign' announced on the 28th that it has signed a memorandum of understanding (MOU) for technical cooperation in Korea-specific contract specialized AI technology with the AI corporation Upstage.
Through this agreement, the two corporations will promote technical cooperation to develop contract AI models and solutions optimized for the Korean business environment and electronic document and electronic signature systems. Furthermore, Modusign will lead innovation in contract lifecycle management (Contract Lifecycle Management·CLM), covering the entire process of contracts from creation to review, negotiation, execution, storage, and analysis.
Modusign has the industry's largest 320,000 clients and 40 million contract data, and plans to combine this with Upstage's generative AI model 'SOLAR Pro' and document analysis engine 'Document Parse' to co-develop next-generation contract automation solutions such as ▲ automatic contract classification and tagging ▲ risk factor identification ▲ contract condition extraction and summarization ▲ contract execution monitoring.
As Upstage's document processing solution is already expanding its utilization in the finance and public sectors, Modusign plans to strengthen its position in the public contract AI market leveraging this agreement as a stepping stone.
Lee Yong-jun, CEO of Modusign, said, 'This agreement is significant in that it presents a new standard for contract specialized AI closely connected to the Korean business environment,' and added, 'Through the technical partnership with Upstage, we will continuously expand contract AI solutions and lead innovation in Korea-specific contract lifecycle management (CLM).'
Kim Sung-hoon, CEO of Upstage, said, 'Upstage will actively cooperate to enhance Modusign's smart CLM technology based on world-class proprietary AI capabilities.'