The Forrester Wave recently launched its 32-criterion evaluation of contract lifecycle management (CLM) software providers, where it identified the 11 most significant ones — Agiloft, CobbleStone Software, Conga, ContractPodAi, DocuSign, Exigent, Icertis, Ironclad, Legal Suite, SirionLabs, and Wolters Kluwer ELM Solutions — and researched, analyzed, and scored them. This report shows how each provider measures up and helps CIOs, general counsels, chief sales officers (CSOs), chief procurement officers (CPOs), and CFOs select the right one for their needs.
Key Takeaways:
Icertis, SirionLabs, DocuSign, Ironclad, And CobbleStone Software Lead The CLM Market
Contract Management, Support For Executive Stakeholders, And AI Are Key Differentiators
SirionLabs
SirionLabs establishes leadership with its contract management capabilities. SirionLabs started in 2012 as a Singapore-based vendor of a solution to help companies track and manage the execution of their services contracts.
Effective management of contracts has been a relatively neglected aspect of most CLM systems — vendors have tended to assume that contract execution and management should occur in the transaction systems to which the CLM feeds contract data. In 2016, SirionLabs started adding contract creation capabilities to its contract management functions and has morphed into a full CLM vendor.
SirionLabs has raised $61 million in funding in the past couple of years. It has quickly grown to have more than 200 clients, with revenues that we estimate in excess of $25 million to $35 million in 2020, and has established new headquarters in Seattle, Washington. It’s been especially successful in industries where services contracts dominate, such as financial services.
In the evaluation, SirionLabs is strongest in contract management and execution, contract optimization, and its contract repository and analytics. Its contract creation capabilities are above average, with average scores for draft contract creation and updates to the terms and conditions library offsetting strengths in third-party contract support, contract approval, contract negotiation, and authoring of contract documents.
SirionLabs’ support for buy-side contracts is stronger than its support for sell-side contracts, and its client ratings were well above average, both in usability and in implementation support. Its strategy is mixed: good in terms of product strategy (including a focus on C-level executives) but weaker in corporate strategy in its market approach and implementation strategy.
Overall, SirionLabs will be an attractive choice for many companies, especially those with complex services contracts.
