2023 ProcureTech100 - Contract & Legal
As is the case with many other categories, provider solutions in Contract & Legal are extending capabilities to focus on AI-enabled advanced analytics.
This approach is helping them to generate invaluable actionable insights and, with greater leveraging of GenAI and the conversational application of ChatGPT, to improve the user experience.
With this greater emphasis on the user experience, there has been a significant drive towards improvements in the UI and mobile accessibility of these solutions.
Customers are increasingly realising the benefits of intelligent metrics for process efficiency and productivity tracking, through authoring, reviews, approvals, negotiations and e-signing.
Furthermore, customers’ digital demands - revolving on improving data quality and eradicating manual process steps - are forcing a greater focus on data integration and workflow automation. This, in turn, is allowing the core CLM data to be leveraged across the Procurement ecosystem of tools. Meanwhile, the shift towards low-code and no-code platforms is simplifying the deployment and management of this newer breed of solutions.
In summary, the new wave of simplified contract management is being driven by the newer entrants to the market, who are bringing a unique focus on UI and UX. These players are leveraging GenAI to develop innovative digital features, which fill the gaps that have historically been left by core CLM solutions, such as contract intelligence and actionable insights.
As a result, the pace of digital innovation and the climate for growth amongst these digital Procurement solutions has been remarkable. These solutions - at the forefront of innovation for the sector - are rapidly evolving the digital Procurement ecosystem, and creating the capabilities required to solve increasingly complex global challenges.
“Opportunities are massive from a GenAI perspective, within the contract management landscape.” Alastair Scott, Procurement Director, AON
“How can we move further into self-service, we need to power the business users and workflow orchestration is critical here.” Rav Lally, Group Product Leader, CT&D, Procurement Operations, Kenvue
Founded: 1991
Company HQ: USA
Agile business software
Over three million users at organizations ranging from small enterprises to U.S. government agencies and Fortune 100 companies depend on Agiloft's top-rated product suites for Contract Management Software, Service Desk, Custom Workflow, and more. Agiloft specializes in automating contract management and related processes that are too complex for competing vendors. Our best practice templates and adaptable technology ensure rapid deployment and a fully extensible system.
Founded: 2020
Company HQ: USA
Turn your contracts and spend data into a cost savings, productivity and compliance engine with AI
dSilo is a Generative AI company that turns your contracts and spend data into a cost savings, productivity and compliance engine.
This disruptive technology enables procurement, finance and legal teams to easily and rapidly develop new insights by connecting contractual documents and spend data to identify off contract purchasing, missed rebates and discounts, unapproved unit price variances, working capital improvement opportunities, and compliance gaps. dSilo's proprietary and patented deep learning natural language AI technology means an enterprise can get these insights rapidly, and maintain this intelligence on an ongoing basis.
Founded: 2009
Company HQ: Icertis
The contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management.
With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what’s possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world’s most iconic brands and disruptive innovators trust Icertis to fully realize the intent of their combined 7.5 million+ contracts worth more than $1 trillion, in 40+ languages and 90+ countries.
Founded: 2019
Company HQ: Germany
Contract management platform with digital signature for Excel, Zip, and any other file format. INHUBBER simplifies contracts, making them interactive and automated. It reduces the time, costs, and risks associated with analyzing, approving, and managing contracts.
Contract lifecycle management and digital signature platform based on the world's highest security standards.
INHUBBER simplifies contracts, making them understandable, interactive, and easy to manage. It eliminates the inefficiencies associated with manual contract management and approval processes.
INHUBBER provides AI-powered management of contractual obligations and deliverables.
Business flow is improved through automated AI reminders, contract fulfillment, quick approvals, and many time-saving automation.
The platform's digital signature approves ZIP, Excel, video, and any other file format. Due to its 100% security and ease of use, large SMBs and corporations trust INHUBBER with their contracts.
Founded: 2014
Company HQ: USA
Ironclad is the #1 contract lifecycle management platform for innovative companies.
Ironclad is the #1 contract lifecycle management platform for innovative companies. L’Oréal, Staples, Mastercard, and other leading innovators use Ironclad to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance, and turn contracts into critical carriers of operational business intelligence. It’s the only platform flexible enough to handle every type of contract workflow, whether a sales agreement, an HR agreement or a complex NDA. The company was named one of the 20 Rising Stars on the Forbes 2019 Cloud 100 list, and is backed by leading investors like Accel, Y Combinator, Sequoia, and BOND.
Founded: 2016
Company HQ: UK
AI-powered contract collaboration. Empower your team with Juro’s platform for creating, executing & managing contracts
Juro's AI contract collaboration platform empowers your team to create, agree and manage contracts 10x faster than traditional tools.
Collaborative, flexible and data-rich, Juro works with some of the world's leading companies like Deliveroo, Remote and Trustpilot to accelerate legal workflow, automate routine contract tasks and gain better visibility into contract data.
Founded: 2015
Company HQ: USA
Making deals flow faster
LexCheck believes growth accelerates when companies agree faster. Our contract acceleration and intelligence platform streamlines negotiations by delivering redlines and issues lists in minutes while ensuring consistency across each contract reviewed—saving time and reducing risk. With LexCheck, business flows faster.
Founded: 2019
Company HQ: USA
The fastest way to get contracts done right (powered by award winning AI)
Lexion helps every team do more business, faster, by streamlining and centralizing the contracting process in a system that works the way you do—with intuitive email-driven intake and workflows, simple no-code automation, and best-in-class AI. Lexion helps you manage every step of the end-to-end contract lifecycle, including:
(1) Intake: Submit requests and collaborate from email, your CRM, or Lexion
(2) Contract review: Review contracts against your custom playbooks with GenAI inside Word
(3) Workflow automation: Build custom no-code workflows to generate documents, gather approvals, and more—no training or IT required
(4) Signature: Send for signature and automatically file contracts in your AI repository
(5) Search & reporting: Quickly find and report on key contract details after signature
(6) Insights & KPIs: Track and share key metrics like contract review volume, average time to review, and more
Founded: 2012
Company HQ: USA
Take Contract Lifecycle Management to the Next Level
Sirion is the leading enterprise SaaS provider for post-signature contract management. The Sirion platform significantly reduces the cost of supplier governance by automating complex procedures across key governance disciplines of contract, performance, financial, relationship, and risk management. Advanced process automation cultivates trust, transparency, and authenticity in sourcing transactions and strengthens buyer-supplier relationships, reduces value leakage, and deepens performance insights.
Founded: 2020
Company HQ: USA
Contract intelligence and analytics platform powered by AI that unlocks valuable data trapped in documents
Terzo uses powerful AI technology to extract, analyze, and visualize your contract data. Terzo's AI data extraction capabilities also reach beyond contracts and can solve your organization's document problems, from invoices to POs and more.
Our platform was designed on the foundation of contract intelligence, providing business teams the necessary data to improve productivity, optimize spend, reduce costs, and manage risk and governance across their entire supplier ecosystem.
Learn more about the 2023 ProcureTech100.
