SaaS firm expands business model after 250% revenue increase
Posted on October 8, 2020 by Alistair Hardaker
Summize, a Manchester-based software provider for the legal sector, has reported a 250% revenue increase each quarter for this financial year as a result of growing demand for its time-saving technology.
The firm has secured ten new significant contracts since the start of the year, as well as diversifying its business model with the development of a new revenue channel.
Summize clients are now offered a managed services option, enabling them to extend the AI and machine learning-driven software to their own clients.
Summize gives clients, which include Brabners, Elior, Zuto, and Flexicare, the ability to understand, manage and review contracts and analyse multiple contracts at once.
The platform, which supports SMEs, in-house and private practice teams, has been created to automate a traditionally time-intensive manual process and claims it can save clients up to 85% in time cost per review.
Tom Dunlop, founder and CEO said: “It is a really exciting time for Summize and the software sector as a whole. Having only brought our product to market this year, we have already welcomed an impressive roster of clients, which has accelerated in recent months despite the current economic pressures.
“We are growing at a fast rate financially, geographically and across our client base, and the influx of market demand has only accelerated that growth in recent months.
“Legal professionals are notoriously time-poor and the digital transformation agenda has historically lagged in this sector. Additionally, given the added pressures implied by the coronavirus pandemic, they are looking to autonomous platforms like ours to make their lives easier. We are constantly reviewing and developing our technology to keep ahead of the curve and that’s why we have added this managed services option, to allow our customers to provide a better service to their network.”
In 2019, Summize received a £500,000 investment from NPIF – Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund.