IBM Watson-backed contract management system ContractPodAi has seen its annual recurring revenue increase by over 500% in the past 12 months, having completed its evolution from a legal support service provider to pure legal tech SaaS player.
An acceleration on its previous year’s growth, the London headquartered company took on 30 new clients during the past year, including household names such as Freeview, Wonga, Ikea, LendInvest and Total.
ContractPod was launched in 2014 by NewGalexy co-founder Sarvarth Misra to provide out of the box contract management and analytics. Rebranded as ContractPodAi, in October 2017 we revealed that it had launched AI contract analyst “E:V”: IBM Watson’s first foray into the contract management space.
More recently, in a move to extend its usability and scale among organisations that use Salesforce, ContractPodAi released its contract management application on the Salesforce platform.
ContractPodAi’s business plan is to upgrade all its global customer base onto the AI platform by the end of 2018.
Founder and Co- CEO Sarvarth Misra said: “The growth numbers are truly remarkable and a testament to the full team here at ContractPodAi. They have over-delivered on the metrics set to them for the past 12 months. More strategically significant is that our growth trajectory resonates with a fast-growing trend among the in-house counsel community; Embracing legal technology as an enabler of their own transformation journey. This tectonic shift towards technology becoming strategically more important to in-house counsel is clearly now evident, and it’s here to stay!”
“Apart from making headway in terms of new business growth, our user adoption record has remained consistently above all market averages and we have seen growth within our existing client base. We have also stuck to our plans to predominantly focus our offering to in-house legal departments, differentiating us from majority of the fast- growing legal AI players in the market that position themselves more towards a law firm solution offering.”
Attributing the success to an ongoing recognition of ContractPodAi’s founding principles, CMO Jon Squire added: “We are alone in being able to offer such a breadth of functionality out of the box. Crucially we’re able to make this affordable and accessible to all legal teams, thanks to our transparent pricing plan.
“It means our tech is available to organisations of all sizes in all sectors. Not only do they find our solution logical and easy to use, but understand up front exactly what they’re going to get in terms of functionality and at what cost.”