We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today!
No-code contract and commerce lifecycle management (CLM) company Agiloft this week secured a $45 million growth equity investment. The financing, Agiloft’s first-ever round of external funding, will be used to bolster the company’s expansion efforts as it ramps up AI-based product development and expands its vertical and geographic presence.
Contracts are a core part of any industry, but for 85% of businesses, approvals management and document editing processes remain physical. The pandemic is expected to motivate a shift to digital; according to Gartner, 90% of large enterprises and 50% of mid-size companies will adopt enterprise contract lifecycle management (CLM) software within the next three years.
Built on a no-code platform, Agiloft’s CLM suite comes with customizable functionality for buy-side and sell-side management including repositories and templates, clause libraries, and connectors to existing systems. AI algorithms recognize and import metadata like contract amount, renewal date, and more from scanned documents, and they help to manage compliance and reduce risk by automatically identifying risky contracts and suggesting actions.
Agiloft’s repositories provide access to configurable dashboards, charts, and reports, as well as a search tool that surfaces contracts and clauses using optical character recognition. Approval workflows automate processes with a combination of sequential, parallel, and conditional approvals that allow employees to manage workflows with outside parties using integrated email and text messaging. Meanwhile, alerts ensure the timely execution of escalations and assignments, which can be cross-referenced with pivot tables and Excel reports to visualize and analyze performance.
On the buy side, Agiloft customers can monitor contract obligations and supplier benchmarks against service-level agreements and receive notifications for budgets, spend management, and expirations by department, status, vendor, and other variables. They’re also able to tap prebuilt integrations and external adapter technology for budgeting, spend analysis, and vendor management. On the sell side, they can generate and manage sales agreements, pricing and licensing agreements, and other critical deliverables.
Agiloft provides related features, like integrating contract information into service desks to ensure customers have support contracts before they receive service. It also helps clients use agile workflows to create custom automations for managing IT business processes through a browser, like Firefox or Chrome, and to reduce the costs of regulatory compliance by enforcing and documenting IT processes with audit trails.
Agiloft’s over 600 customers include Roche, Honeywell, U.S. Air Force, Timex, American Greetings, NASA, Mitsubishi, and TaylorMade, among others. (According to a spokesperson, sales have grown 134% this year so far.) The company claims that one customer — Project Home — reduced its contract search and management time by 25%. And for Suffolk University Boston, Agiloft claims it reduced the time to approve and sign a contract from one week to three days.
FTV Capital led the round in Agiloft. The Redwood City, California-based company, which was founded in 1991, claims to be profitable.
There’s no shortage of startups developing AI-driven contract creation and management tools. Others include LinkSquares and Concord, the latter of which recently raised $25 million for its contract visualization and collaboration tools. That’s not to mention Icertis, which recently snagged $115 million.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.