MANCHESTER, England & BOSTON--(BUSINESS WIRE)--Summize today announced record performance figures for its latest fiscal year, ending June 30, 2024. For the fourth consecutive year, the company achieved more than 100% growth in net Annual Recurring Revenue (ARR) and doubled its customer base worldwide. The momentum reflects the simplicity of Summize’s modern approach to Contract Lifecycle Management (CLM) that everyone in the business can easily use.
Summize takes a “decentralized” approach to CLM by natively incorporating contract workflows into the most used software tools -- Microsoft Outlook, Gmail, Microsoft Teams, Slack, Salesforce and Jira -- so the user experience starts and ends within them. In-house legal teams set the clause rulebooks and automated workflows, with business stakeholders in sales, procurement, finance, marketing and HR, performing the contract-related requests and tasks themselves via a self-service approach without introducing risk into the business.
Companies across a range of industries, including Seat Geek, Matillion, Huel, Avaloq, Revolut, Miami Heat and more, trust Summize to help them work faster with contracts.
Kimberly Trull, head of legal at Matillion, said, “We evaluated over 10 different vendors and Summize won over everyone in terms of use and functionality. The Summize AI integration is so simple that no one pushed back on using it, as it’s clearly designed to help us all move faster. And, the onboarding and implementation support is incredible - we know we are valued customers. Summize helps make our legal approvals seamless, leading to faster revenue generation and growth.”
Key FY 2024 milestone achievements include:
101% net ARR growth with 45% YoY increase in new customers;
40% of Summize’s ARR comes from North America, with 60% from Rest of World;
Senior appointments in the last year include SaaS industry leader Rahul Saggar as its chief revenue officer and experienced financial leader Rachel Cunliffe, as its new chief financial officer; and
U.S. Headquarters expansion: Summize is expanding into a new 2,500 square foot office in Boston’s Seaport District to support its growing U.S. headcount.
Summize CEO, Tom Dunlop, said, “Our year-on-year growth is a testament to our incredible team, product and customers who support our vision for a new approach to CLM – one that prioritizes the user experience, and the way modern companies operate today. 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.”
Summize was first to market with its AI contract review functionality for Microsoft Word and its native Microsoft Teams and Slack integrations, followed by the first Gmail and Microsoft Outlook integrations of its kind – a markedly different approach over traditional platform CLMs and newer generative AI chatbots. For the legal team, Summize's AI-powered summaries reduce the average time spent reviewing contracts by 85%, freeing in-house lawyers to focus on more strategic priorities and eliminating bottlenecks. To learn more, visit https://www.summize.com/customer-stories.
