Summize, a provider of AI-powered Contract Lifecycle Management (CLM) solutions, has reported record performance figures for its fiscal year ending June 30, 2024. The company achieved over 100% growth in net Annual Recurring Revenue (ARR) for the fourth consecutive year and doubled its customer base worldwide.
The company’s growth is attributed to its unique approach to CLM, which integrates contract workflows into widely used software tools such as Microsoft Outlook, Gmail, Microsoft Teams, Slack, Salesforce, and Jira. This “decentralized” strategy allows business stakeholders across departments to handle contract-related tasks themselves, while legal teams maintain control over clause rulebooks and automated workflows.
Summize’s client roster includes companies from various industries, such as Seat Geek, Matillion, Huel, Avaloq, Revolut, and Miami Heat. Kimberly Trull, head of legal at Matillion, praised the platform’s ease of use and AI integration, stating, “We evaluated over 10 different vendors and Summize won over everyone in terms of use and functionality.”
Key achievements for Summize’s fiscal year 2024 include:
- 101% net ARR growth with a 45% year-over-year increase in new customers
- 40% of ARR derived from North America, with 60% from the rest of the world
- Senior appointments, including Rahul Saggar as chief revenue officer and Rachel Cunliffe as chief financial officer
- Expansion of U.S. headquarters with a new 2,500 square foot office in Boston’s Seaport District
Tom Dunlop, Summize’s CEO, attributed the company’s success to its team, product, and customers who support their vision for a new approach to CLM. “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,” Dunlop said.
The company claims to be the first to market with several AI-powered features, including contract review functionality for Microsoft Word and native integrations with various collaboration tools. According to Summize, its AI-powered summaries reduce the average time spent reviewing contracts by 85%, allowing in-house lawyers to focus on more strategic priorities.
As businesses increasingly seek efficient ways to manage contracts and streamline legal processes, Summize’s growth reflects a broader trend towards AI-powered solutions in the legal tech sector. The company’s expansion, particularly in the North American market, suggests growing acceptance of AI tools in contract management across various industries.
