Contract lifecycle management provider Agiloft today (17 August) announces a $45 million growth equity investment from FTV Capital, a sector-focused investor in innovative companies in enterprise technology and services, financial services, and payments and transaction processing. In conjunction with the transaction, Agiloft has hired Eric Laughlin to the role of CEO: Laughlin most recently served as global leader of legal managed services at EY, where he managed the Pangea3 and Riverview Law teams and provided clients with technology and service solutions in the contracts, e-discovery, and compliance domains globally.
Bootstrapped since its inception and profitable, Agiloft’s investment from FTV is the company’s first round of external funding and will be used to accelerate its product development and expand its vertical and geographic market presence.
Agiloft’s no-code platform drives configurability and automates complex enterprise workflows through an iterative design process at what is claimed to be a fraction of the time and cost of traditional software.
Founder and former CEO of Agiloft, Colin Earl, will remain with the company as chief technology officer, overseeing product development, engineering, security and technology infrastructure and providing strategic guidance to the company.
“Colin and his team at Agiloft have built a unique company, emphasizing customer-focused execution and a culture of trust and transparency — all built on a foundation of technical excellence,” said Laughlin. “The result has been steadily accelerating growth and consistent profitability. I’m honored to have been chosen to lead Agiloft in the next chapter of its development. A big part of my role will be to grow the company while maintaining the elements that have made it so successful.”
“Eric not only has a track record of success, growing and leading large global organizations, he has the vision, domain expertise and integrity to lead Agiloft in its next phase of growth and product innovation. The search took over a year–and it was well worth it to find the right individual.” said Earl.
Named a leader by Gartner in its 2020 Magic Quadrant for Contract Lifecycle Management, Agiloft has reported 134% growth in new sales thus far this year, an implementation success rate of 99.6% and has a loyal customer base of more than 600 customers, including Honeywell, CDW and Roche. Its adaptable contracting software is built on a no-code platform, allowing organizations to customize complex contract and commerce workflows without writing a single line of code. A robust AI engine simplifies the intake and organization of existing contracts and also identifies the level of risk in documents and clauses. The result is cost discipline in procurement, quantifiable reductions in revenue leakage in sales, and visibility into contractual risk and regulatory compliance for legal departments. The platform is easily extensible to the commercial processes adjacent to contracts such as spend management and integrates with enterprise systems.
“Agiloft has established itself as a trailblazer in the fast-growing market for contract and commerce lifecycle management software,” said Alex Mason, partner at FTV Capital. “To develop a no-code product that customers love, while prioritizing profitable growth without external investment, is a remarkable achievement. We are proud to be a collaborative partner to the Agiloft team and look forward the exciting journey ahead.”
As part of this transaction, FTV Capital’s Alex Mason and Abhay Puskoor will join Agiloft’s board of directors.