Today Agiloft announced 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. Agiloft also named accomplished legal tech executive Eric Laughlin as CEO to accelerate growth in the company’s no-code contract and commerce lifecycle management software.
Bootstrapped since its inception and profitable, Agiloft’s first round of external funding and will be used to build on its leadership position in the rapidly growing enterprise contract and commerce lifecycle management (CCLM) space as it accelerates its AI-based product development and expands its vertical and geographic market presence. Agiloft’s no-code platform drives industry-leading configurability and automates complex enterprise workflows through an iterative design process at a fraction of the time and cost of traditional software.
In conjunction with the transaction, Agiloft appointed Eric Laughlin to the role of CEO. Laughlin most recently served as global leader of legal managed services at Ernst & Young, LLP, 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. 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.” said Earl.
Eric Laughlin speaking on contract and commerce lifecycle management at Agiloft Summit 2019.
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 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.”
“With digital transformation moving at the speed it is today, contract management solutions that are well-scoped and executable are mission critical,” said Abhay Puskoor, principal at FTV Capital. “As businesses continue to find new efficiencies and ways to reduce costs, contract management will play a significant role in adoption of automation, and Agiloft’s highly configurable no-code platform will enable automation at a fraction of the time and cost of traditional software. We welcome the opportunity to connect Agiloft to the enterprises in our Global Partner Network who will value the measurable ROI that the platform delivers.”
As part of this transaction, FTV Capital’s Alex Mason and Abhay Puskoor will join Agiloft’s board of directors.
For more, read the full press release here.