do you believe that aI could be a superior negotiator?

We’ve changed the art of negotiation into a science

Negotiation is an incredibly important skill. It makes for successful businesses and for good relationships. But, because it’s incredibly complex, it’s a skill most people aren’t able to master.

The problem is most people treat negotiation as a zero-sum game – one in which someone must lose. At Pactum, we think differently. In fact, we think the best deals get the best for both parties without harming each other – something known as the Pareto optimality.

To reach this win-win requires multiple trade-offs. It requires factors like exclusivity, payment periods, quantities and demands to be considered. It requires serious mathematical heft to get right. It’s something beyond human capability.

This is a problem for most companies because around 80% of their commercial agreements are high volume and low value – tail spend. And because there are so many suppliers, it’s hard for employees to keep on top of them and impossible to manage these deals effectively and efficiently. It’s why so much value gets left on the table and why so many suppliers go unmanaged.

Pactum changes that. Our AI automates contract negotiations between businesses and their suppliers and solutions providers. It can complete complex negotiations in just a few clicks and find an agreement for both parties in as little as 15 minutes. And because it’s automated you can engage suppliers simultaneously and on a mass scale – freeing your people to get on with strategic work.

Welcome to the future of negotiation.

What we do, and how we do it

Our AI will help you and your suppliers to find an agreement that works for both companies. It keeps everyone happy. We know that every company has different needs, which is why the AI is set-up to work within your overall strategy, priorities, and limits. It’ll use those data points to engage your suppliers in a chat-like interface. 

It works because Pactum has learnt how to talk about business and to understand the limits of what can be offered on a vast number of factors. It also knows how to value the trade-offs between them. We believe it paves the way for a future in which humans carry out strategy and machines carry out implementation. 

You could call it value-creation on autopilot.

Our vision

Pactum is building software that is solving a crucial component for businesses to prosper. Today we have a fully functioning AI that negotiates contracts on a mass scale. But where we are today is just the beginning of the journey. 

Once it has become the norm to reach supplier agreements with a computer system, the technology can be deployed in other use cases, such as employment contracts, licensing, or rental agreements. It will be able tackle the most complex and pressing negotiations. And it won’t stop there.

The reality is, humans struggle to reach agreement on major challenges, especially where global cooperation is required. But we believe that once Pactum has excelled in commercial negotiations it provides a promising platform to reach agreement on major issues affecting humanity. It’s capacity to solve high-level negotiations simply is unparalleled.

Average value increase
+4.21%
Fully autonomous negotiations
71%
Prefered pactum over a human
74%
Potential gains for average Fortune 500 company
$242MM

Who we are, and how we started

In 2019, co-founders Martin Rand, Kaspar Korjus and Kristjan Korjus wanted to find a way to bypass cognitive biases inherent in people-centric negotiations. They wanted to create a system that could negotiate on a superhuman level. It had to be able to learn from each negotiation and get better in reaching Pareto efficient deals. So, they built a bot that could do that, leveraging what has been described as the strongest team for negotiating in the world: 

Kaspar Korjus is Pactum’s CPO. He was the MD of e-Residency, one of Europe’s most ambitious Government tech projects. He has negotiated with the police, foreign office, prime minister,  president, and all ministries to invest government money to open Estonia’s sensitive electronic infrastructure to all foreigners so they can start companies in the EU without having to visit.

Throughout 2017 and 2018 Kaspar was the most cited Estonian in the global press. In 2015 he was listed number one in the Technology and Finance section of Forbes Estonia’s 30 under 30, and was elected by US CTO Megan Smith as one of the 20 global digital leaders. In 2019 he was nominated as JCI 10 Most Outstanding Young Persons of the World. Furthermore, Kaspar was awarded the Order of Orange-Nassau by the King of the Netherlands, His Majesty Willem-Alexander, in recognition of his contributions to the betterment of societies worldwide.

Martin Rand is Pactum’s CEO. He used to serve as Product Manager at Skype and as the commercial lead for Europe for The Climate Corporation (owned by Monsanto), where he gained firsthand experience in successfully conducting complex negotiations with culturally and geographically diverse teams. Prior to co-founding Pactum, he co-founded and served as CEO of another startup, VitalFields, an online Farm Management System that was acquired by Monsanto. He holds an MA in IT Management and has studied advanced negotiations at Harvard University. Martin is also a contributor to Forbes.com writing stories on negotiations and leadership.

Kristjan Korjus is Pactum’s CTO. He is a PhD Mathematician who prior to co-founding Pactum was Head of AI at Starship Technologies. His PhD thesis was about Deep Learning agents aligning their values and collaborating. He has led a successful GitHub project where the team was the first to replicate DeepMind’s famous AI that plays Atari games. He is also the co-author of Bedside Reading About Mathematics, one of the best-selling books in Estonia.

Pactum co-founders Kristjan Korjus, Martin Rand and Kaspar Korjus

We can proudly say that we have one of the best teams of investors in Europe. These include DocuSign, Project A and Atomico as well as Jaan Tallinn (founder of Skype and investor in DeepMind), Taavet Hinrikus (Co-founder of Wise), Ott Kaukver (CTO of checkout.com) and Sten Tamkivi (former MD of Skype).

Cut the cost of doing nothing.
Thousands of contracts have been left unattended by enterprises. These are cookie-cutter deals that aren’t optimized and are losing money for both sides. It’s too expensive and time consuming for humans to keep tens of thousands of contracts up to date.

AI has lately become capable enough. Take the leap of faith.
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