Robert Ambrogi Blog
TermScout, a company that uses technology to certify contracts as fair by verifying them against market standards, has named Olga V. Mack as chief executive officer. Mack succeeds Otto Hanson, who remains on the company’s board after joining Agiloft in January.
Mack is the former CEO and chairwoman of contract lifecycle management company Parley Pro, which LexisNexis acquired in 2022 and developed into the product CounselLink CLM. Mack remained with LexisNexis until 2024 as vice president and CEO of CounselLink.
A frequent speaker and writer on legal technology, Mack is a fellow at CodeX, the Stanford Center for Legal Information; the gen AI editor of the MIT Computational Law Report; a regulator contributor to Above the Law; and technology columnist for Docket, the publication of the Association of Corporate Counsel.
At TermScout, Mack will be leading the company’s initiative to define what it calls a new product category: certified contracts. The idea is for legal professionals and business executives to avoid bottlenecks and delays in negotiations by having contracts independently pre-certified as fair based on industry benchmarks.
“Contracts should accelerate business, not slow it down,” Mack said. “Companies spend millions optimizing their sales, finance, and operations — yet contracts remain a major bottleneck. TermScout is fixing this by certifying contracts upfront, removing unnecessary friction, and creating a new era of trusted, revenue-driving agreements — contracts that close themselves.”
TermScout launched in 2021 as a company to review, rate and compare the software contracts of leading business-to-business companies so that software buyers could better understand what they were being asked to sign.
In 2022, it raised a $5 million seed round and expanded with the launch of a product that allowed companies to benchmark their contracts against those of their competitors.
Last year, it launched a first-of-its-kind marketplace, called Screens, where lawyers and other contracts experts could build and sell their own contract review AIs.
Screens spun off as a separate product that included contract review and redlining, which Agiloft acquired in January, along with TermScout’s founder and CEO Hanson.
Certified Contracts
In an interview yesterday, Mack told me that her focus at TermScout will be on expanding its certification in order to remove the bottlenecks and friction in business-to-business contracting.
TermScout’s certification is designed to answer the two most important questions every buyer asks about a contract:
- Are there any landmines in this contract that I will regret?
- Are the terms fair and consistent with market standards?
TermScout’s customers are the sellers of products, who pay to have their contracts certified. TermScout uses proprietary algorithms and artificial intelligence to analyze contracts on almost 1,000 points against what is market standard.
Based on that analysis, it then issues a badge displaying its certification and a report detailing its analysis, so the buyer knows whether a company’s contract meets TermScout’s standards.
“Behind the badge is a fairly complex AI system determining what market is on almost 1,000 points and balancing them out to give that meaningful recommendation,” Mack said.
Hanson, TermScout’s former CEO, said Mack is the perfect leader to take TermScout to it next level. “Her expertise in contract acceleration, AI innovation, and category creation will accelerate our mission to make contracts faster, more scalable, and more predictable. I couldn’t be more excited to see her lead the charge.”