We are thrilled to announce our investment in Pactum, a pioneer in business negotiation technology. The $20 million investment was made together with 3VC, Maersk Growth, Atomico, Project A, Metaplanet, and Taavet+Sten.
Our Managing Partner, Marek Kiisa, shares his thoughts on the decision to invest:
First and foremost: The #1 Team
We are excited to be working with such a seasoned world-class team. Kaspar Korjus (CPO) has proven his skills in leading complex tech projects, including as the Managing Director of one of Europe’s most ambitious Government tech projects – Europe’s e-Residency initiative. Martin Rand (CEO) brings experience from his time as a Product Manager at Skype and as serial entrepreneur after exiting his previous company VitalFields to Monsanto, and Kristjan Korjus (CTO) previously led AI development at Starship Technologies. We are confident in the abilities of the entire team to solve the pain points faced by enterprises.
Handling Massive Demand
Our own experience and feedback from the worldwide NordicNinja network has proven that Pactum’s solution is highly anticipated among large organizations. When it comes to high volume contract negotiations, it is a critical but time-consuming process, often involving repetitive tasks. Pactum’s solution allows easy integration into existing processes, delivering immediate results. We have seen strong demand for this solution and are excited to help scale the product and meet this demand with our latest investment round.
Revolutionizing Contract Negotiations with AI
Pactum’s solution uses advanced mathematical models, cognitive science, and negotiation techniques to leverage intelligent bots for digital engagement with third parties. This leads to improved win-win outcomes for both sides, including pricing, payment terms, and supply continuity, generating average savings of 3%-5% when fully deployed. This creates hundreds of millions of dollars in potential savings.
Excellent Traction Fueling Rapid Growth
Pactum’s technology has been met with outstanding customer feedback, including one from Mærsk, whose procurement team successfully used it to negotiate spot trucking rates and led Maersk to invest in the company. Leading enterprises like Walmart and Wesco also rely on Pactum’s innovative technology.
The reference from Maersk highlights how Pactum has played a vital role in how they find, analyze, negotiate, and sign deals. The technology enables Maersk to negotiate in a way that hasn’t been possible internally, which has proved immensely valuable in today’s market.
Pactum offers a proven, distinctive, and actionable solution to enhance financial performance. In today’s economic environment, we anticipate that businesses will swiftly adopt Pactum’s vision of making digital, bot-assisted negotiations the norm in business transactions.
Taking the Next Step: Preparing to Scale and Expand
Pactum plans to use the funding to further expand in the U.S. and Europe and accelerate investment in its capabilities in logistics, intelligent contract optimization, and retail item-level merchandising operations. With a track record of unlocking working capital, reducing spending, and increasing team productivity, Pactum is experiencing its strongest period of growth amid ongoing market uncertainty.
To discover how Pactum’s intelligent solutions are helping global enterprises unlock value through business negotiation technology, visit www.pactum.com.