SirionLabs, the global leader in AI-powered contract lifecycle management (CLM), announced it had been named a Leader in the 2022 Gartner Magic Quadrant for Contract Life Cycle Management. For its third annual CLM market report, Gartner, Inc. evaluated 18 CLM vendors across 15 criteria, measured along with the ability to execute and completeness of vision. Download a complimentary copy of the report here.
Sirion believes its recognition as a Leader in this report reinforces its position as one of the key providers of enterprise contract management technology.
The Gartner report states: “Leaders are in the strongest position to influence the market’s growth and direction. They demonstrate a market-defining vision for how CLM technology can help companies achieve the business objectives of managing compliance and reducing process bottlenecks. Leaders can execute against that vision through products and services and have demonstrated business results in the form of revenue and earnings. They excel in their combination of market understanding, innovation, product features and functions, and overall viability.” Sirion’s key differentiators in the CLM industry are its ability to extract and organize the data in contracts to generate business value, as well as to monitor and manage performance after the contract is signed. Sirion’s AI-based platform, SirionOne, excels in automating the legal review and negotiations process, digitizing legacy contracts, and enabling advanced risk assessment and analytics across the contract portfolio.
“The demand for CLM as a mission-critical asset for businesses has been growing rapidly,” said Ajay Agrawal, Sirion’s Founder and CEO. “I’m pleased that our comprehensive approach to CLM that extends to keeping track of performance after the contract is awarded is recognized. Even more gratifying is the fact that feedback from our customers played a key role in earning this recognition.”
“To help more than half a billion people stay connected, Vodafone needs to effectively manage thousands of supplier contracts,” said Ninian Wilson, CEO of Vodafone Procurement Co. “By working with Sirion, we digitized our contracts, and we now manage to automatically identify and fix areas where value leakage, performance issues, and service level deviations could negatively impact business outcomes. We also made a dent in the time- and cost-consuming inefficiencies of manual contracting processes. All told, we achieved cost savings and improved risk mitigation while boosting both supplier performance and customer experience. We’re pleased for Sirion that Gartner has recognized it as a Leader in the contract management software space in its latest Magic Quadrant.”
This 2022 analyst report comes at a momentous time not just in the CLM market, but in the growth trajectory for Sirion. Recognized as a Value Leader in Spend Matters’ Spring 2022 SolutionMap for Contract Lifecycle Management, as well as a leader in the 2021 Forrester Wave for Contract Lifecycle Management and the 2021 IDC MarketScape for CLM, Sirion recently doubled its capitalization with an $85 million Series D investment to support scaling its operations and accelerate its development, quality assurance, and test automation abilities.
Gartner Disclaimer Gartner, “Magic Quadrant for Contract Life Cycle Management,” Patrick Connaughton, Kaitlynn Sommers, Micky Keck, 12 October 2022.
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About SirionLabs Bringing together category-leading innovation, unrivaled Contract Lifecycle Management expertise, and a deep commitment to customer success, Sirion helps the world’s leading businesses contract smarter. Powered by intelligence uniquely connected across the complete contract lifecycle, Sirion’s easy-to-use, highly configurable Smarter Contracting platform brings legal, procurement, sales, and business teams together to author stronger contracts, improve risk management and strengthen counterparty relationships. Sirion is trusted by over 200 of the world’s most successful organizations to manage 5+ million contracts worth more than $450 billion across 70+ countries. For more information, visit www.sirionlabs.com