Summize Achieves Record 100% ARR Growth and Doubles Customer Base as Demand for its AI CLM Expands Worldwide
13 Agosto 2024 - 5:00AM
Business Wire
Customer growth fueled by unique integrations
with widely adopted collaboration tools and AI-powered,
self-service approach
Summize today announced record performance figures for its
latest fiscal year, ending June 30, 2024. For the fourth
consecutive year, the company achieved more than 100% growth in net
Annual Recurring Revenue (ARR) and doubled its customer base
worldwide. The momentum reflects the simplicity of Summize’s modern
approach to Contract Lifecycle Management (CLM) that everyone in
the business can easily use.
Summize takes a “decentralized” approach to CLM by natively
incorporating contract workflows into the most used software tools
-- Microsoft Outlook, Gmail, Microsoft Teams, Slack, Salesforce and
Jira -- so the user experience starts and ends within them.
In-house legal teams set the clause rulebooks and automated
workflows, with business stakeholders in sales, procurement,
finance, marketing and HR, performing the contract-related requests
and tasks themselves via a self-service approach without
introducing risk into the business.
Companies across a range of industries, including Seat Geek,
Matillion, Huel, Avaloq, Revolut, Miami Heat and more, trust
Summize to help them work faster with contracts.
Kimberly Trull, head of legal at Matillion, said, “We evaluated
over 10 different vendors and Summize won over everyone in terms of
use and functionality. The Summize AI integration is so simple that
no one pushed back on using it, as it’s clearly designed to help us
all move faster. And, the onboarding and implementation support is
incredible - we know we are valued customers. Summize helps make
our legal approvals seamless, leading to faster revenue generation
and growth.”
Key FY 2024 milestone achievements include:
- 101% net ARR growth with 45% YoY increase in new
customers;
- 40% of Summize’s ARR comes from North America, with 60% from
Rest of World;
- Senior appointments in the last year include SaaS industry
leader Rahul Saggar as its chief revenue officer and experienced
financial leader Rachel Cunliffe, as its new chief financial
officer; and
- U.S. Headquarters expansion: Summize is expanding into a new
2,500 square foot office in Boston’s Seaport District to support
its growing U.S. headcount.
Summize CEO, Tom Dunlop, said, “Our year-on-year growth is a
testament to our incredible team, product and customers who support
our vision for a new approach to CLM – one that prioritizes the
user experience, and the way modern companies operate today.
Summize makes it simple for legal teams to automate and use AI in
their contract workflows and build a CLM process the rest of the
business loves to use.”
Summize was first to market with its AI contract review
functionality for Microsoft Word and its native Microsoft Teams and
Slack integrations, followed by the first Gmail and Microsoft
Outlook integrations of its kind – a markedly different approach
over traditional platform CLMs and newer generative AI chatbots.
For the legal team, Summize's AI-powered summaries reduce the
average time spent reviewing contracts by 85%, freeing in-house
lawyers to focus on more strategic priorities and eliminating
bottlenecks. To learn more, visit
https://www.summize.com/customer-stories.
About Summize
Summize unites legal teams and business stakeholders with an
intuitive, self-service approach to contract lifecycle management
(CLM). With a focus on simplicity and efficiency, the AI-powered
platform natively integrates contract workflows with the popular
collaboration and software tools that businesses use every day.
Through its decentralized approach, Summize users benefit from
enhanced collaboration and ease of use, powerful contract
automation, improved business risk mitigation and faster time to
value. Founded in 2018, Summize is headquartered in Manchester,
U.K., with U.S. offices in Boston. For more information, visit
https://www.summize.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20240813695771/en/
Bridget Stasonis summize@metiscomm.com