Latest news with #CLM
Forbes
11-06-2025
- Business
- Forbes
How GenAI Is Driving The Future of Legaltech Start-Ups
Lawyers need new ways to interrogate thousands of contracts Technology start-ups targeting the legal profession continue to grow at speed. The global 'legaltech' market was worth $31.6 billion last year, according to analysis from Fortune Business Insights, and could be worth $63.6 billion by 2032. However, in one area of the legaltech market where technology might be expected to have a huge impact, there is a growing sense of disillusionment. Contract lifecycle management (CLM) software enables enterprise legal teams to automate and standardise at every stage of the contract process, from creating and reviewing new contracts to storing every single agreement the business enters into in a form that can be analysed for risk and enhanced performance. That sounds highly attractive – but research has warned that almost half of CLM implementations are falling short of expectations. Those disappointments have seen other companies steer clear of CLM software. A recent survey from legaltech start-up Zuva found the majority of businesses are instead sticking with traditional document management systems, storing and managing contracts with tools such as SharePoint and Google Drive, or simply leaving them on local drives around the enterprise. Min-Kyu Jung, co-founder and CEO of legaltech start-up Ivo, thinks this is a huge missed opportunity. Legal teams need tools that enable them to put the data in their contracts to work, he argues. If lawyers are able to easily search and compare all their contracts, they can, for example, identify standout risk exposures, easily create new contracts that align with the business's policies and priorities, and negotiate from a better-informed position. 'Legal teams need intelligence at their fingertips that is contextual, instant and deeply reliable,' says Jung. 'Every contract should be a strategic asset.' Companies such as Ivo and Zuva think legaltech solutions built with generative artificial intelligence (GenAI) can resolve many of the problems that have dogged CLM software to data. Zuva's research points out that existing CLM products struggle to extract information and insight from contracts, and to understand the relationships between documents and the obligations they contain. Ivo's Jung makes a similar point. It is this week launching two new GenAI-based tools – Repository and Assistant – which aim to address these issues. He describes the launches as part of 'a growing shift in enterprise software from systems of record to systems of understanding'. Using GenAI, Ivo's tools enable legal teams to set up dashboards of their contracts, recording key insights, and to conduct natural language searches of contracts to find particular terms or features in potentially hundreds of thousands of documents. I first interviewed Ivo earlier this year, when the company unveiled a $16 million Series A funding round. Since then it has doubled its customer base, signing up around 100 legal teams – including the legal functions at prominent businesses including Lindt & Sprungli, Fonterra and Hootsuite – to its first product, a contract review tool. Jung hopes the launch of its new AI tools will accelerate its growth. 'We know many companies, right from the top of the business, are looking to all their functions to explore artificial intelligence tools that deliver value,' he says. 'We're also seeing a lot more sophistication from legal teams that have a much better understanding of the limitations of existing CLM software and a clear view of what they want from new solutions.' It is the advent of GenAI that is enabling legaltech providers to respond to this demand, Jung adds. 'I don't think the kind of products we're now launching would have been possible a year ago.' Indeed, research published last year by Innolaw found that while around 50% of CLM products used some form of AI to extract data, 'the use of GenAI in CLM software is still mostly hype-driven'. That is starting to change, with a new report from Gartner suggesting more than 70% of legal function leaders now intend to implement GenAI solutions within the next couple of years. It points to a growing number of legaltech firms offering these solutions – including ContractpodAI, GEP, Icertis, Ivalua, Luminance and Zycus in the natural language space.
Yahoo
09-06-2025
- Business
- Yahoo
Fortune Media and Great Place To Work Name Agiloft to 2025 Fortune Best Workplaces in the Bay Area
The leader in CLM invests in employee experiences, from remote flexibility to professional development, driving both workplace satisfaction and exceptional customer outcomes REDWOOD CITY, Calif., June 9, 2025 /PRNewswire/ -- Agiloft, the global value leader in data-first contract lifecycle management (CLM), announced today Great Place To Work® and Fortune magazine have honored Agiloft as one of this year's Best Workplaces in the Bay Area. This is the first time the company has been named to this prestigious list. Earning a spot means that Agiloft has surpassed rigorous benchmarks, establishing itself as one of the best workplaces in the San Francisco Bay region. To determine the Fortune Best Workplaces in the Bay Area™ List, Great Place To Work collected nearly 85,000 confidential survey responses from employees at eligible companies via its proprietary platform. Companies were ranked based on their ability to offer consistently positive experiences, building trust with leaders, colleagues, and the overall organization. "Our philosophy has always been simple: when employees are supported, engaged, and empowered, they can deliver extraordinary experiences for our customers," said May Quock, VP of People Operations at Agiloft. "We are so grateful for our dedicated employees who have made us a part of this list. It is a reflection of our team's dedication and the meaningful culture we continue to build together." The Best Workplaces in the Bay Area list is highly competitive. Survey responses reflect a comprehensive picture of the workplace experience. Honorees were rewarded based on their ability to deliver positive outcomes for employees regardless of role or status within the organization. To be eligible for the list, companies must be Great Place To Work Certified™, have at least 10 U.S. employees, and be headquartered in the San Francisco Bay Area. "Congratulations to the Fortune Best Workplaces in the Bay Area," says Michael C. Bush, CEO at Great Place To Work. "These companies prove that prioritizing people leads to better performance, and that leaders who invest in their people are rewarded with more sustainable and profitable businesses." Earlier this year, Agiloft became Certified™ by Great Place To Work.® The certification is based entirely on what current employees say about their experience working at Agiloft, resulting in 88 percent of employees saying that Agiloft is a great place to work – 31 points higher than the average U.S. company. Agiloft believes great employee experiences drive superior customer experiences (EX=CX). The company offers a remote-first workplace, quarterly wellness days, Summer Fridays, and supports several employee resource groups. It also provides a strong personal and professional development program to help employees thrive. To view the entire Fortune Best Workplaces in the Bay Area™ 2025 List, visit here. Looking to grow your career at a company that puts its people first? Visit our careers page at About AgiloftAgiloft is the global value leader in data-first contract lifecycle management (CLM), offering the industry's only no-code platform with AI on the Inside™ to enhance efficiency, cut review times by up to 80%, and accelerate business. Its Data-first Agreement Platform (DAP) transforms contracts into strategic, data-rich assets, integrating with 1,000+ systems to drive decisions and efficiency. Trusted by brands like Alkermes, Balluff, and TaylorMade, Agiloft boasts a 96% renewal rate and 100% satisfaction for implementations. Backed by KKR, JMI Equity, and FTV Capital, Agiloft empowers businesses to drive smarter strategies, faster decision-making and game-changing competitive advantage. Learn more at About the Fortune Best Workplaces in the Bay AreaGreat Place To Work selected the Fortune Best Workplaces in the Bay Area List by surveying 1.3 million employees in the U.S., representing companies that collectively employ more than 8.4 million U.S. workers. Of those responses, nearly 85,000 were received from employees at companies that were eligible for the 2025 Fortune Best Workplaces in the Bay Area List and these rankings are based on their feedback. Companies earn eligibility by being Great Place To Work Certified™, having at least 10 U.S. employees, and having headquarters in the Bay Area. Read the full methodology. To get on this list next year, start here. About Great Place To WorkAs the global authority on workplace culture, Great Place To Work brings more than three decades of groundbreaking research and data to help every place become a great place to work for all. Its proprietary platform and Great Place To Work Model™ help companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified and receiving recognition on its coveted Best Workplaces™ lists. Follow Great Place To Work on LinkedIn, Twitter, and Instagram or visit and sign up for the newsletter to learn more. About FortuneFortune upholds a legacy of award-winning writing and trusted reporting for executives who want to make business better. Independently owned, with a global perspective and digital agility, Fortune tells the stories of a new generation of innovators, builders, and risk-takers. Online and in print, Fortune measures corporate performance through rigorous benchmarks and holds companies accountable. Fortune creates communities by convening true thought leaders and iconoclasts — those who shape industry, commerce, and society — through powerful and prestigious lists, events, and conferences, such as the iconic Fortune 500, the CEO Initiative and Most Powerful Women. For more information, visit Media ContactAngel DuanSenior Manager, Corporate Communications396010@ (650) 780-6741 ext. 5775 View original content: SOURCE Agiloft
Scoop
31-05-2025
- Business
- Scoop
‘We Erred' – Stadium Policy That Threatened Nelson Giants Reversed
The future of Nelson's basketball club looks brighter after a change of heart over a food and drink policy. Nelson City Council and Trafalgar Centre manager CLM (Community Leisure Management) have agreed to give three community groups exemptions to a policy that otherwise gives CLM exclusive food and beverage rights at the NBS Nelson Giants' home court. Four weeks ago, the Giants warned the council that the policy would 'likely kill' the basketball club, which derives about 14% of its income from food and drink sales. The policy was adopted without consultation with key users of the Trafalgar Centre when the contract for the facility was renegotiated last year. On Tuesday, the council's Tenders Committee met confidentially to discuss the issue and Mayor Nick Smith announced on Friday morning that a solution had been found for the city's 'beloved' club. 'The prospect of the Giants not being part of Nelson was just untenable,' he said. 'We erred in not engaging with our anchor tenants, like the Giants, when the change was made. You live and learn.' The Giants, the NBS Dancing for a Cause charity fundraiser, and Te Tauihu o te Waka a Maui Māori Cultural Council kapa haka are the three users of the centre that were granted exemptions from the policy until the end of the contract on 30 June 2027. The policy had been changed to align with other 'premier' venues around the country, and to reduce costs to ratepayers who subsidise the facility by $2 million annually. 'I have no apologies for the fact that we want to minimise the cost to the ratepayer,' Smith said. 'The bit we did not understand was just the scale of the impact that would have on the finances of an organisation like the Giants.' The addition of the policy allowed the council to secure a 'significantly' cheaper contract for CLM to manage the facility, but some of those savings will now be paid back to CLM as compensation for the variation to the contract. Smith said the cost of the variation for the council would not be disclosed because it was commercially sensitive. Next year, the council will conduct a high-level strategic review of the Trafalgar Centre, which will include engagement with groups that use the facility, to ensure that the new 2027 contract will work for the community. It was possible that other groups will secure exemptions through that process, Smith added. Giants head coach and manager Mike Fitchett said securing the exemption was a 'massive relief'. Since his presentation to the council a month ago, he said he had been 'surprised' by support from the community. 'It's fair to say we're pretty overwhelmed with the support we received.' Last Saturday afternoon, Smith was presented with a petition urging the council find a solution. 'For that to generate 1200 signatures, and in a pretty quick time – it was fantastic for us. We know we're really well supported, and this was another indication of that for us,' Fitchett said. CLM Nelson community venues manager Mark Mekalick said the company was 'proud' to be a gold partner of the Giants. 'Community's at our heart and the Giants are a big part of this community, so it wasn't a hard decision to make,' he said. 'We want this venue to feel like their home.' Dancing for a Cause trustee Michelle Byczkow was 'really grateful' to the council, mayor, CLM, and councillor and contestant Campbell Rollo that the fundraiser had been granted an exemption. 'It just provides a really promising outlook for another successful event in 2027.' She said that this month's biennial event had raised $670,000 for the Nelson Tasman Hospice, surpassing her expectations. 'That support has followed through to everyone getting behind us and saying how they were feeling about the way that we and the Giants, and other community groups, were being disadvantaged.' The fundraiser had already negotiated its event hire agreement for its 2025 event and was therefore unaffected by the policy this year. But she said losing food and beverage rights, which were normally supplied by sponsors for free, for the 2027 event could have made the event not financially viable. 'That's not even somewhere that I want my mind to go.' She called the three exemptions a 'good step', but said the fundraiser would be lobbying for 'as many local community groups and charitable groups as possible' to also get exemptions in the 2027 centre contract. In the meantime, Fitchett was confident that the Giants would make the play-offs. 'We are still looking to pick up our first win of the season at the Trafalgar Centre, but we believe we can win six or seven of those last seven games to sneak in there.' Smith was cheering the club on: 'Go the Giants!'
RNZ News
30-05-2025
- Business
- RNZ News
Nelson City Council revises catering contract to save Giants basketball team
Nelson_Giants_head_coach_and_general_manager_Mike_Fitchett_left_Nelson_Mayor_Nick_Smith_and_CLM_Trafalgar_Centre_manager_Mark_Mekalick Photo: Samantha Gee/RNZ Nelson Giants basketball club is no longer facing closure, after the local council amended its contract for their Trafalgar Centre venue, enabling the team to sell food and drinks at home games for another two years. Giants management earlier urged the Nelson City Council to re-consider its new contract with Community Leisure Management (CLM) that gave the company exclusive rights to food and beverage sales at the centre. At a council meeting earlier this month, head coach and general manager Mike Fitchett said the decision would "likely kill the Giants", because money raised through selling food and drinks at games accounted for about 15 percent of their revenue. More than 1200 people signed [ a petition calling on the council to rethink its position ] . Nelson Mayor Nick Smith said the council should have engaged with the venue's users before negotiating the contract and promised to do better next time. Nelson City Council had a contract with CLM for several hundred thousand dollars a year to manage the Trafalgar Centre. Smith said CLM had "dropped the price significantly" in exchange for the exclusive hospitality rights. "We didn't appreciate in coming to the agreement of the exclusive food and beverage with CLM, a common arrangement in premier venues around the country, that it would have such a negative impact," he said. "We should, at the time, have engaged with our regular users and there's some lessons for us to learn from that." He said the prospect of the Giants not being part of Nelson was "untenable", the region had huge pride in the team that had a long history in the NZ Basketball League and many players had gone on to become Tall Blacks. Smith said the council had negotiated a variation to the contract with CLM until June 2027, the remainder of its term. There was a cost to ratepayers, which he would not disclose for commercial reasons. The centre cost $2.5 million to run each year and generated about $500,000 per year in income. Smith said the council had hoped to reduce the cost on ratepayers. Smith said the variation would also apply to two other groups that used the centre - Dancing for a Cause and Te Tauihu o te Waka a Maui Māori Cultural Council kapa haka. "The savings that were achieved last year were significant and we've had to return a portion of those savings back to CLM to be able to get this exemption for these three organisations," he said. Nelson Giants head coach Mike Fitchett calls the shots against Tauranga Whai. Photo: Chris Symes/ Smith said some community organisations would be disappointed that they were not included in the exclusion, so the council needed to think strategically about the venue's management from June 2027. "We need a partner like CLM that's able to promote it as a national venue and maintain it as a premier facility, but I think we've got a bit of a challenge to provide a hybrid model that will also work for our community-based organisations," he said. Fitchett said the club was overwhelmed with support, after it went public about the issue, with fans from Nelson and around the country getting in touch. "For [the council] to find a solution for us, it's a massive relief," he said. "To secure our future at the Trafalgar Centre for the next few years is huge." CLM Trafalgar Centre manager Mark Mekalick said the organisation was glad to come to an agreement that worked for everyone. The company had managed the Trafalgar Centre for the last seven-and-a-half years and put forward a contract proposal based on delivering the best value. When Giants management spoke publicly about how contract would affect the team, Mekalick said the company valued the partnership and wanted to work together to find a resolution. "Community is at our heart and the Giants are a big part of this community, so it wasn't a hard decision to make," he said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Yahoo
27-05-2025
- Business
- Yahoo
Sirion Recognized as a Customers' Choice in 2025 Gartner® Voice of the Customer for Contract Life Cycle Management Report for Third Consecutive Year
Sirion is the only CLM vendor to be recognized as a Customers' Choice every year since the report's inception; rated 4.9 out of 5 based on end-user feedback LEHI, Utah, May 27, 2025--(BUSINESS WIRE)--Sirion, a global leader in AI-native contract lifecycle management (CLM), today announced that it has been recognized as a Customers' Choice in the 2025 Gartner® Voice of the Customer for Contract Life Cycle Management Report - the only CLM vendor to be positioned in the Customers' Choice Quadrant three years in a row. A complimentary copy of the report is available here. Based on verified feedback from end-users on Gartner® Peer Insights™, Sirion scored an overall rating of 4.9 out of 5 stars, with 97% of users (based on 100 reviews as of Jan. 31, 2025) saying they would recommend the platform. You can view user reviews for Sirion on Gartner Peer Insights here. "We are honored by the trust customers have consistently placed in Sirion," said Rajeev Kumar, Chief Customer Officer, Sirion. "We believe this sustained recognition reflects our customer-first approach to providing tangible value across the customer journey, from sales, solution design, implementation, to post-deployment support. We are focused on providing a seamless, conversational contracting experience with agentic AI, which will help customers unlock the full potential of their contracts." Why Customers Trust Sirion to Deliver Lasting Value Every aspect of our business is tailored to maximize customer value. Sirion's agentic CLM platform is designed to deliver an autonomous contracting experience aligned with the requirements of global enterprises. These include deep self-service capabilities, user experience that promotes faster adoption, and extensive integrations with major enterprise systems that accelerate time-to-value. Beyond the platform, Sirion supports customers across every stage of their journey—from onboarding and training to value realization—through programs such as Sirion University and an active peer community to help customers get maximum RoI from their CLM investment. This holistic approach is why customers see Sirion not just as a software provider, but as a long-term business partner who they trust to manage over $800B in contract value across 70 countries. What Our Customers Say About Sirion "GenAI based features like Ask Sirion and AE Turbo are working exceptionally well for the Company's needs. Additional GenAI features such as Issue Identification and Auto-Redlining look very promising. " [Read the full review here]– Legal and Compliance Associate; IT Services Company The tool is really intuitive and fast. For us, the ease of collaboration offered through Sirion's workflows is great. " [Read the full review here]– Manager, Legal and Compliance; Energy and Utilities Company "Sirion seamlessly integrated with our upstream and downstream systems to streamline our end-to-end contracting processes. " [Read the full review here]– Senior Architect; Telecommunication Company "We have been able to create complex workflows within the system, and created a repository for all of our contracts allowing us to create data about them for follow up and analytics." [Read the full review here]– S2P Data and Analytics Lead; Manufacturing Company The breadth of the product functionality ensures that the solution delivers value to all parts of our business across Sales, Delivery, Finance, Contracts, Legal and Operational teams." [Read the full review here]– Commercial Contracts Manager; Telecommunication Company This latest distinction for Sirion follows its recent recognition as a Leader in the 2024 Gartner® Magic Quadrant™ for CLM for the third year in a row, the highest ranked vendor for all CLM Use Cases in the 2024 Gartner® Critical Capabilities for CLM, second year in a row. In 2025, Sirion was recognized as the No. 1 CLM Vendor in Spend Matters® Spring 2025 SolutionMap for the fourth successive time, a Leader in the 2025 Forrester Wave for CLM; Sirion is also a leader in 2024 IDC Marketscape: CLM for Corporate Legal, as well as 2023 IDC Marketscape: Buy-side CLM reports. We believe such consistent recognition from end users and analysts demonstrates why Sirion is the leading CLM vendor in the market today. Gartner, Magic Quadrant for Contract Life Cycle Management, Kaitlynn Sommers, Kerrie McDonald, Lynne Phelan, 14 October 2024. Gartner, Critical Capabilities for Contract Life Cycle Management, Kaitlynn Sommers, Kerrie McDonald, Lynne Phelan, 21 October 2024. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, MAGIC QUADRANT and PEER INSIGHTS are registered trademarks of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose. About Sirion Sirion is the world's leading AI-native CLM platform, pioneering the application of Agentic AI to help enterprises transform the way they store, create, and manage contracts. The platform's extraction, conversational search, and AI-enhanced negotiation capabilities have revolutionized contracting across enterprise teams – from legal and procurement to sales and finance. The world's most valuable brands trust Sirion to manage 7M+ contracts worth nearly $800B and relationships with 1M+ suppliers and customers in 100+ languages. Leading analysts such as Gartner, IDC, and Spend Matters have consistently recognized Sirion as a leader in CLM for its focus on category-leading innovation. For more information, visit View source version on Contacts Devinderjeet Singh (DJ)Marketing@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
