About ExactCov
ExactCov is an AI covenant extraction and monitoring platform that reads credit agreements, indentures and fund finance documents, builds a register of every covenant cited to its clause, and tests it every period, for banks, private credit funds, buyside investors, law firms and advisors.
What ExactCov does
One register, two jobs: what the documents allow on day one, and whether every test still passes each period after that.
Covenant extraction and day-one analysis
ExactCov parses high yield indentures, offering memoranda, LMA and LSTA credit agreements, bilaterals, fund finance facilities, ISDA schedules and GMRAs, and builds a register of every covenant, basket, definition and threshold, each cited to its clause and page. Debt and lien capacity, restricted payments, portability and value-leakage flags are on the desk the day the documents arrive.
Agreements IntelligenceMaintenance covenant monitoring
A reporting calendar chases every deliverable and flags stale data, every test is recomputed the moment a certificate or NAV lands, and headroom is trended so a breach is seen months before the test date. A breach and waiver log gives the person signing the report an audit trail they can defend.
Command CenterFund counterparty monitoring
For banks that face funds under ISDA, GMRA and financing agreements. NAV triggers are extracted from the executed documents, every fund is tested the day its NAV arrives, and limits follow the NAV with an approval trail.
Fund counterparty monitoringAgents that own the calendar
Chase, extract, test, brief, escalate and review agents run the monitoring cycle. Every action is proposed for a person to approve, so AI collects, extracts, calculates and flags, and people decide.
AgentsVault and document intake
Every agreement, amendment, certificate and notice is held with versions and page citations, on UK, EU, AU or US endpoints under zero data retention. The DocuNeat add-on collects borrower documents automatically, and Committee Reports turns the register into committee and LP packs.
VaultExactCov on Claude, ChatGPT and Copilot
An MCP server and Skills let teams ask the register from the assistant they already use. Permissions mirror ExactCov, every answer carries its citation, and any draft waits for a person to send it.
ExactCov on Claude, ChatGPT and CopilotWhat makes ExactCov different
Most covenant work is still done in Excel and PDF mark-ups. The tools that exist around it each cover one part of the job.
Every figure cites its clause, and a validator checks the citation
Covenant research subscriptions such as Covenant Review, 9fin and Octus publish analyst-written summaries of public and syndicated deals. ExactCov builds the register from your own executed documents, including the bilaterals, fund finance facilities and ISDA schedules no research house covers, and every number points to a span in the source that a validator has checked. The share of fields with the right number and the wrong clause is 1.1 percent, measured and published.
Deterministic first, generative second
A parser builds the section tree, the definitions index and the cross-reference graph before any model reads the document. The model then answers from candidates and must cite a span the validator can check. First pass is 97.4 percent citation-exact and 99.7 percent after a routed second read on 15 percent of fields, against general-purpose contract AI such as Harvey, Luminance and Kira, which extract clauses but do not run a reporting calendar, recompute tests or keep a breach log.
Extraction and monitoring in one register
Loan and portfolio systems such as Allvue, Finastra Loan IQ and nCino hold the covenant as a field someone typed in after reading the agreement. ExactCov reads the agreement, populates the register with citations, then reconciles each compliance certificate against it, so the same record serves the syndicate desk on day one and credit risk through payoff.
Monitoring that reacts and chases
A spreadsheet recomputes when someone opens it and re-keys the certificate. ExactCov recomputes every affected test inside nine seconds of data landing, chases what is late, shows a months-old figure as stale rather than reusing it silently, and delivers a morning brief of what is in breach, stale, underperforming or near a trigger.
Proven on your book before anything is signed
Most enterprise software in credit asks for an annual contract before the first document is loaded. ExactCov runs a four-week parallel run beside your current process on the same inputs, then the two outputs are compared disagreement by disagreement. There is no per-seat charge and invoices run against a purchase order.
Security in the run from the start
Cyber Essentials certified, encryption in transit and at rest, zero data retention with nothing used to train models, and UK, EU, AU and US endpoints. SSO, SAML, a custom MSA and DPA, and VPC or on-premises deployment are available on Enterprise.
SecurityWho uses ExactCov
Teams that read credit documents for a living and are still tracking what they found by hand.
- Second-line credit risk and credit control at banks that face funds under ISDA, GMRA and financing agreements, from tens to thousands of fund counterparties. Fund counterparty monitoring
- Leveraged finance syndicate and DCM desks that need the full covenant package from an OM or credit agreement in minutes, and a view of what is market. Banks
- Bank credit risk and portfolio monitoring teams with hundreds to thousands of facilities and a quarterly certificate for each. Banks
- Private credit funds monitoring maintenance covenants on sponsor facilities, from a handful of deals to a full portfolio. Private credit
- Buyside high yield and leveraged loan investors screening new issues before books close and questioning the portfolio in plain words. Buyside
- Leveraged finance and restructuring teams at law firms that want the first pass done before the associate starts. Law firms
- Debt advisory and liability management advisors mapping every move the documents permit for a committee. Advisors
- Innovation and transformation teams that need a pilot to end in a comparison rather than a deck. Innovation
The team behind ExactCov
ExactCov started with three careers that kept running into the same broken workflow: one on leveraged finance desks watching covenants tracked in spreadsheets, one running product for a lender where analysts re-keyed documents by hand, and one building enterprise AI systems that read those documents better than people re-key them. The information was always in the documents. The tooling wasn't.
Aleks Kudic
Co-Founder
Aleks has spent a career building financial technology: engineering leadership at Meta and Barclays Bank, European CTO of Grove Capital, a fund management business, and CTO of Funding Options, one of Europe's largest SME lending brokers. Aleks also co-founded ExactSum with Mirjana in 2024, the AI document-analysis engine that powers ExactCov.
Aleks holds an MBA from INSEAD and a first-class B.Eng in Electrical Engineering from UCL.
Aleks Kudic on LinkedIn
Mirjana Kudic
Co-Founder
Mirjana is a product leader in financial services and lending. She spent seven years at Funding Circle, the UK's largest SME lending platform, as Product Manager and then Lead Product Manager, building the products that underwriters, operations and credit teams use every day. Before that she was Product Owner at TradeCore, a broker management platform.
Mirjana co-founded ExactSum with Aleks in 2024 and is a co-founder of Titan Fintech. At ExactCov she runs product and works with customers through the parallel run.
Mirjana Kudic on LinkedIn
Kit Bridge, CFA
Co-Founder
Kit spent eight years at J.P. Morgan in London across leveraged finance and capital markets, most recently as Vice President on the Leveraged Finance Syndicate desk, working at the intersection of issuers, financial sponsors and institutional investors. On a syndicate desk a missed basket or a mis-read ratio can move a deal, which is where the case for a cited register was made.
Kit is a CFA charterholder, holds an MBA from INSEAD and a first-class BSc from the University of Bristol.
Kit Bridge on LinkedInA small team on the product, a larger shop behind it
ExactCov ventured out of Titan, the fintech group that builds and backs specialist financial software, and it is run with Titan's support. The founders work directly with customers, and the product shares engineering, a security practice and infrastructure with ExactSum for bank and financial statement analysis, ExactVal for asset and collateral valuation, and ExactRec for AI cash application.
About Titan- ExactCovCovenant extraction and monitoring
- ExactSumBank and financial statement analysis
- ExactValAsset and collateral valuation
- ExactRecAI cash application
How ExactCov works with customers
Nothing changes for your team during the run. The case is made by the disagreements the register finds.
Onboarding: the four-week parallel run
Bring ten agreements and the certificates and notices you already receive. The agreements are loaded once, the deliverables are copied to a mailbox we watch, and for four weeks both processes run on the same inputs. Extracted terms are confirmed at onboarding by your team against the source. At the end, the two outputs are compared on five questions, disagreement by disagreement, and the business case is written from your own numbers.
How the parallel run worksWho you work with and how
- The founders run the parallel run and stay on the account, with Titan engineering behind them.
- Email support on every plan at support@exactcov.com, or the contact form.
- A shared Slack channel with priority support on Business and Enterprise.
- Custom SLAs, MSA and DPA on Enterprise.
- SSO, mirrored permissions, data residency and zero data retention set up in the run, not after it.
Turnaround
- First-pass covenant register from a new agreement: minutes, with every figure cited.
- Every affected test recomputed inside nine seconds of a certificate or NAV landing.
- Morning brief each working day: in breach, stale, underperforming, near a trigger.
- Parallel run to business case: four weeks.
- Live demo on your own documents: book a demo.
Key facts
| Company name | ExactCov, a trading name of Productimiser Ltd (company number 15016956, registered in England and Wales). |
|---|---|
| Type | AI covenant extraction, analysis and monitoring software, delivered as a cloud platform with VPC and on-premises deployment on Enterprise. |
| Founded | 2023. Productimiser Ltd was incorporated in London on 20 July 2023. |
| Founders | Aleks Kudic, Mirjana Kudic and Kit Bridge, CFA. |
| Headquarters | London, United Kingdom. Registered office: 41 Petley Road, London, W6 9SU. |
| Website | exactcov.com |
| Parent | Titan Fintech, alongside ExactSum, ExactVal and ExactRec. |
| Core offering | A covenant register built from executed documents with every figure cited to its clause: day-one incurrence analysis for bonds and loans, and maintenance covenant and NAV-trigger monitoring for private credit, bank facilities and fund counterparties, through payoff. |
| Documents covered | High yield indentures and offering memoranda, LMA and LSTA credit agreements, bilaterals, unitranche, RCFs, ABL and borrowing base, fund finance facilities (NAV, subscription, hybrid), ISDA Master Agreements with Schedule and CSA, GMRAs, intercreditor, guarantee and security documents, amendments, waivers, compliance certificates and reporting packs. Scans, digital PDFs and Excel. |
| Pricing | Professional from £840 per month billed annually (£990 monthly), covering all facility types, formats and covenant modules. Business (50, 150 or 300 facilities) and Enterprise on request. DocuNeat and Committee Reports add-ons. No per-seat charge. Pricing |
| Contract terms | Four-week parallel run on your own book before anything is signed. Annual or monthly billing, invoiced against a purchase order. Custom MSA, DPA and SLAs on Enterprise. |
| Services | Onboarding and parallel run led by the founders, extracted terms confirmed against the source with your team, migration from spreadsheets, borrower document collection (DocuNeat), committee and LP reporting (Committee Reports), MCP access from Claude, ChatGPT Enterprise and Microsoft 365 Copilot. |
| Communication | Email (support@exactcov.com) and the contact form on every plan. Shared Slack channel with priority support on Business and Enterprise. Custom SLAs on Enterprise. |
| Customers served | Banks (syndicate desks, credit risk, fund counterparty monitoring), private credit funds, buyside investors, law firms and debt advisors. Customer names are not published; references are available on request. |
| Published results | 97.4 percent of fields citation-exact on first pass and 99.7 percent after a routed second read, measured across 60 agreements and 1,840 cited fields. Definition chains studied across 300 agreements. Every affected test recomputed inside nine seconds of data landing. Research |
| Competitors | Spreadsheets and PDF mark-ups, which remain the most common method. Covenant research subscriptions (Covenant Review, 9fin, Octus). Loan and portfolio systems (Allvue, Finastra Loan IQ, nCino). General-purpose contract AI (Harvey, Luminance, Kira). |
| Security | Cyber Essentials certified. Encryption in transit and at rest. Zero data retention: nothing is used to train models. UK, EU, AU and US endpoints. SSO and SAML on Enterprise. Security |
| Social | ExactCov on LinkedIn, Aleks Kudic, Mirjana Kudic, Kit Bridge. |
| Press | Boilerplate, logos, colours and contacts in the press kit. Pronounced "Exact-Cov", one word, capital E and C. |
Frequently asked questions
What is ExactCov?
ExactCov is an AI platform that reads credit agreements, indentures and fund finance documents, extracts every covenant with its clause cited, and tests each one every period against the figures that arrive. Credit teams see what has arrived, what is stale, what is in breach and what is drifting towards one, with every number traceable to its source.
Who is ExactCov for?
Banks (syndicate and DCM desks, credit risk, and fund counterparty monitoring teams), private credit funds, buyside high yield and leveraged loan investors, law firms and debt advisors. It scales from a handful of sponsor facilities to thousands of names in a bank's book.
What documents does ExactCov read?
High yield indentures and OMs, LMA and LSTA credit agreements, bilaterals, unitranche, ABL, fund finance facilities, ISDA Master Agreements with Schedule and CSA, GMRAs, intercreditor and security documents, amendments, waivers, compliance certificates and reporting packs. Scans, digital PDFs and Excel packs work without borrower templates.
How accurate is the extraction?
First pass is 97.4 percent citation-exact, meaning the value and the clause it points to are both right, and 99.7 percent after a second read routed to the 15 percent of fields with the lowest confidence. The method and the data are published in our research.
How is ExactCov different from a spreadsheet?
A spreadsheet holds what someone typed after reading the document and recomputes when someone opens it. ExactCov reads the document itself, cites every figure, chases what is late, marks old figures as stale rather than reusing them, and recomputes every test the moment new data lands.
How is ExactCov different from Covenant Review, 9fin or Octus?
Those are research subscriptions with analyst-written summaries of public and syndicated deals. ExactCov builds a register from your own executed documents, including bilaterals, fund finance facilities and ISDA schedules that no research house covers, and then monitors compliance against your incoming certificates.
How much does ExactCov cost?
Professional starts at £840 per month billed annually, or £990 monthly, with no per-seat charge. Business and Enterprise plans are priced by the number of facilities monitored and the security and deployment options required. Full details are on the pricing page.
Do we have to sign a contract before trying it?
No. ExactCov runs a four-week parallel run on your own book beside your current process before anything is signed. The two outputs are then compared disagreement by disagreement and the business case is written from your numbers.
Where is our data held, and is it used to train models?
Data is held on UK, EU, AU or US endpoints, encrypted in transit and at rest, and is never used to train models under our Zero Data Retention policy. ExactCov is Cyber Essentials certified, and Enterprise customers can deploy in their own VPC or on premises.
Who owns ExactCov?
ExactCov is a trading name of Productimiser Ltd, a UK company founded by Aleks Kudic and Mirjana Kudic and part of the Titan Fintech portfolio alongside ExactSum, ExactVal and ExactRec.
Can we use ExactCov from Claude, ChatGPT or Copilot?
Yes. An MCP server and Skills let your team ask the register from Claude, ChatGPT Enterprise or Microsoft 365 Copilot. Permissions mirror ExactCov, every answer carries its citation, and drafts wait for a person to send them.
Prêt à abandonner le tableur de covenants ?
Réservez une démo et voyez le registre se construire à partir d'un indenture ou d'un contrat de crédit réel.