Top 10: CLM Platforms

Procurement Magazine takes a look at top 10 Contract Lifecycle Management (CLM) programmes based on their annual revenue

Contract management is vital for maintaining smooth operations across business, avoiding risks and getting the best out of partnerships. To achieve this, companies rely on CLM programmes to help create contracts, manage compliance and risk management, all the way through to renewal or termination.

These programmes centralise contract data, automate processes and provide insights into contract performance.

CLM programmes help organisations improve efficiency, reduce risks and maximise the value of their contracts throughout their lifecycle.

With the Contract Management Software (CMS) market size expected to grow with the increasing demand for flexible contract administration and changes in legal requirements, plus the rise of AI and machine learning, the demand for a platform at the heart of businesses to organise, track and manage contractual agreements, which are vital to increasing market revenue growth.

We look at the top 10 leading contract management companies based on their annual revenue.

10. Agiloft

Founded: 1991
Location: California, USA
CEO: Eric Laughlin
Annual revenue: US$52.1m

Agiloft is a prominent player in the CMS market. With a highly configurable CLM platform, it enables users to streamline contract processes without extensive coding. Notable for its flexibility, Agiloft's solutions are recognised for adapting to diverse industry needs.

On January 19, 2021, the global standard in contract and commerce lifecycle management announced the availability of its AI-powered contract management software on the Salesforce AppExchange. This allows for improved data synchronisation between Agiloft and Salesforce, streamlining and accelerating contract-related commercial processes. Customers can now easily create new contracts and access company information via a totally flexible link, reducing data silos and inefficiencies that lead to lost money and missed opportunities.

9. Ironclad Contract Management

Ironclad logo (Credit: PRNewsfoto/Ironclad Inc)

Founded: 2014
Location: California, USA
CEO: Jason Boehmig
Annual revenue: US$111.2m

Ironclad Contract Management is like a digital assistant for handling contracts in a business. It helps with creating, sharing and keeping track of contracts. It also makes it easier for different people to work on contracts together. Plus, it can automate some tasks to save time and reduce mistakes, helping businesses manage contracts more smoothly and efficiently.

8. Zycus

Zycus Procure to Pay Suite

Founded: 1998
Location: New Jersey, USA
CEO: Aatish Dedhia
Annual revenue: US$285.7m

Zycus is a global procurement solutions provider offering an integrated suite, including Procure-to-Pay and Source-to-Pay modules. The CMS is there to oversee the entire lifecycle management of contracts, with focus on compliance, risk mitigation and supplier collaboration. The company is recognised for its ability in the procurement software space - providing a comprehensive suite for optimising the process and contract performance.

7. Conga

Founded: 2006
Location: Colorado, USA
CEO: Noel Goggin
Annual revenue: US$400m

In May 2020, Apttus bought contract lifecycle management (CLM) specialist Conga and adopted its name for trading. The business is a leading provider of business process automation solutions, with a focus on CLM and quote-to-cash. The platform offers comprehensive and streamlined contract processes, enhancing sales efficiency and ensuring accurate revenue recognition. Offering seamless integration with other systems and end-to-end solutions for businesses seeking efficient and tailored business process automation.

6. DocuSign

Docusign has agreed to acquire Lexion

Founded: 2003
Location: Deggendorf, Germany
CEO: Robert Hilmer
Annual revenue: US$700.4m

With the ability to supply e-signature and CLM, DocuSign has become well known for its ability to offer secure, legally binding digital agreements. It has added to its ability by offering AI advancement to contract analytics and strategic partnerships, reinforcing its position as a market leader. With its key focus on security, compliance and user-friendly design, DocuSign is poised to thrive in the growing Contract Management Software Market, meeting the escalating demand for efficient and scalable digital contract solutions.

5. Coupa

Coupa Software Logo (Credit: Coupa)

Founded: 2006
Location: California, USA
CEO: Leagh Turner
Annual revenue: US$1bn

Coupa is a world-renowned spend management solution that offers contract management services which cover its entire lifecycle. With items such as e-signatures and compliance tracking, it has given the company a lot of credit for its ability to do this while being efficient and saving money. It has also received praise for its easy to use interfaces and integration within the spend management processes through the use of AI which has enhanced its contract management effectiveness.

4. GEP

GEP

Founded: 1999
Location:New Jersey, US
CEO: Subhash Makhija
Annual revenue: US$1.1bn

GEP is known for giving enterprises the power to seize new opportunities through its use of AI and digital technology. Within this, GEP solutions increase efficiency, effectiveness and competitive advantage - leading to more profits and shareholder value. This has seen GEP offering its service to Fortune 500 and Global 2000 companies thanks to its ability to create and maintain a sustainable and resilient supply chain for its clients.

3. Icertis

Founded: 2009
Location: Washington, US
CEO: Samir Bodas
Annual revenue: US$2.8bn

Icertis is known well within the CLM landscape with its flagship Icertis Contract Management (ICM) platform. It boasts a user-friendly interface and addresses the complete contract lifecycle, earning it recognition as a leader in Gartner's Magic Quadrant. With a worldwide footprint and a dedication to innovation, Icertis distinguishes itself with its extensive and cutting-edge solutions in the Contract Management Software market.

2. SAP Ariba

SAP Ariba Buying and Invoicing

Founded: 1996
Location: California, US
CEO: Christian Klein
Annual revenue: US$33.3bn

SAP Ariba is a cloud-based procurement and supply chain management platform. It is well-known for the Ariba Network, which it uses to connect millions of suppliers with buyers across the globe. It offers Ariba Contract Management, which is well-known for its ability to integrate with the SAP ecosystem, cloud-based collaboration within a leading procurement suite. With this global focus, SAP Ariba has been able to show efficiency within the global market to enhance procurement efficiency and connections.

1. IBM

IBM

Founded: 1911
Location: New York, US
CEO: Arvind Krishna
Annual revenue: US$61.1bn

Within CMS, IBM uses AI and blockchain technology to streamline and secure contract processes. Well-known for its experience of innovation, IBM has always been at the cutting edge of technology integration. It has become known as a well-trusted partner for businesses looking for industry-leading contract management solutions. Sirion and IBM Watson announced a partnership in 2023 to rethink CLM. IBM has also harnessed the use of Sirion CLM as the first integrated solution to assist in speeding up its own Source-to-Pay (S2P) and Order-to-Cash (O2C) processes. Sirion's generative AI, which is connected with IBM Watson, allows all workers within a company to access contracts and extract insights from corporate data, contracts and other data sources.

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