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Agiloft Closes Out 2020 with 124% Increase in Sales, $45M in Funding, and Significant Advances in AI Development
Growing CLM software provider realizes strong performance with $45M funding, executive team expansion, AI product innovation, and new global partner program.
REDWOOD CITY, Calif., Feb. 2, 2021 /PRNewswire/ -- Agiloft, the global standard in contract and commerce lifecycle management, today announced strong growth in 2020 with a 124% increase in new sales over the previous year. Along with adding three new C-level leadership positions, Agiloft grew its headcount by 40% to serve its growing client base and accelerate product innovation in the contract management space.
"2020 was a remarkable year here at Agiloft, despite the challenges brought on by the COVID-19 pandemic," said Eric Laughlin, Agiloft CEO. "Our dedicated staff did not miss a beat as we managed to accelerate the innovation of our no-code CLM platform and drive sales to unprecedented levels. An implementation success rate of 99.6% and consistent positive feedback from our growing base of loyal customers contributed to our industry leadership recognition from top analyst firms. With a $45 million capital injection, the additions to our executive team, and the expansion of our partnerships, we are in a prime position to build on the momentum for further growth."
Growth Equity Investment
Agiloft secured a $45 million growth equity investment from FTV Capital in August of 2020. Bootstrapped and profitable since its establishment, Agiloft will dedicate this first round of external funding for the accelerated development of its AI-based CLM software as well as the expansion of its vertical and geographic market presence.
Expansion of Executive Team
Four new management roles have been established in tandem with the growth plans and equity investment. Accomplished legal tech executive Eric Laughlin was appointed chief executive officer, allowing founder and former CEO Colin Earl to take on the new role of chief technology officer. Following this, contract management industry veteran Kevin Niblock joined the leadership team as chief revenue officer to lead the sales expansion, while accomplished SaaS pre-sales leader Steven Coulange joined the sales organization as VP of solution engineering. More recently, product management and legal technology veteran Andy Wishart was appointed chief product officer to advance the development of the AI-enabled CLM platform.
Revamped Partner Program
After a 300% increase in channel revenue over 2019, Agiloft revamped its Partner Program, focusing on a strategic set of reseller, service, and technology partnerships geared towards greater joint customer value and expanded partner opportunities. Led by Elisabeth Bykoff, VP of global alliances and partnerships, as well as Danielle Haugland, global alliance director, the program aims at tripling channel revenue while extending its reach in international markets such as EMEA and APAC as well as deepening its thought-leadership and presence in specific industries such as Financial Services, Healthcare, and Public Sector with partners such as Periscope Holdings.
Product Releases & New Integrations
Featuring GUI enhancements, advanced usability, and expanded functionalities, two product releases in 2020 provided new AI capabilities to integrate complex contract processes with enterprise applications and ecosystems. Included in its latest update, the Agiloft Contract Assistant provides direct Agiloft CLM functionality within Microsoft Word, the Dell Boomi Connector enables integration with large application ecosystems such as ERP and CRM, Tableau integration provides one-step syncing with advanced data visualizations, and updated integration with Salesforce enables real-time, bi-directional synchronization with Salesforce.
Industry Awards and Recognitions
Agiloft's strong year was validated by several industry accolades by top analyst firms. Most recently, Agiloft won the Business Intelligence Group (BIG) Innovation award for its AI Core in its product category. It also won a Silver Stevie in the 2020 American Business Awards for its AI-powered software.
Additionally, Agiloft was ranked a leader in the 2020 Gartner Magic Quadrant for Contract Life Cycle Management and received the highest scores in every use case in the 2020 Gartner Critical Capabilities for Contract Life Cycle Management. Lastly, Agiloft achieved the highest rating among Contract Life Cycle Management vendors on Gartner Peer Insights, with customers rating Agiloft 4.9 out of 5 on average over the last 12 months.
Agiloft at Legalweek 2021
This week, Feb. 2-4, Agiloft will attend the Legalweek conference and host a virtual booth to talk to attendees about contract transformation and its impact on corporate legal teams. In addition, the company will host a panel on Feb. 2 titled "How to Maximize the Efficiency of Your Legal Operations with Contract Management." Learn more and sign up for Legalweek here.
As the global leader in contract and commerce lifecycle management (CCLM) software, Agiloft is trusted to provide significant savings in purchasing, enable more efficient legal operations, and accelerate sales cycles, all while drastically lowering compliance risk. Agiloft's adaptable no-code platform ensures rapid deployment and a fully extensible system. Using contracts as the core system of commercial record, Agiloft's CCLM software leverages AI to improve contract management for legal departments, procurement, and sales operations. Visit www.agiloft.com for more.
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