Manchester-based contract lifecycle management disrupter Summize has reported triple-digit percentage revenue growth for the third consecutive year.
Founded by former general counsel Tom Dunlop, Summize has experienced rapid growth by taking a disruptive approach to a traditional sector. In the last 12 months, the company has grown its annual recurring revenue by 107%, making it the third consecutive year of triple-digit growth since its launch to market in 2020.
Its CLM software is uniquely designed to make contract workflows smarter by digitalising and automating manual legal processes. The Summize user experience uniquely begins directly within Teams and Slack, integrating into the daily life of any business and bringing the automated interface with the legal team directly into familiar platforms.
Summize claims to reduce the average time spent reviewing contracts by 85%, allowing in-house lawyers to focus on more strategic priorities.
Recently, IT services provider Littlefish revealed how they have reduced the time spent on creating NDAs from half a day each to just 10 minutes using the platform, while US-based telecoms provider Day Wireless went from reviewing 4 to 25 contracts a week.
“It’s been another transformational twelve months for Summize in generally difficult market conditions for the tech industry,” said CEO Dunlop.
“Growing at this rate for the third year in a row is testament to the strength of our product, our team, and our culture. As contracts are the backbone of business, it pays dividends to focus on this often-overlooked area of the business, and yet the legal department has previously been at the back of the queue.
“We’re seeing huge time savings by allowing the legal team to interface with the business in an automated chatbot experience, without huge training or implementation burdens. Businesses are waking up to this potential and the innovative ways you can enhance existing tools to make the business more productive. We’re excited for another big growth year ahead.”