Report recognizes SirionLabs for its end-to-end functionality across contracting lifecycle, AI-powered legal review and analytics capabilities, and differentiated user experience
SEATTLE, Dec. 8, 2021 /PRNewswire/ -- SirionLabs, the global leader in AI-powered Contract Lifecycle Management (CLM), announced today that it has been named a Leader in the IDC MarketScape: Worldwide CLM software for Corporate Legal 2021 Vendor Assessment. With this recognition, we believe, SirionLabs has further solidified its position as a CLM leader that consistently delivers category-defining enterprise contract management innovations.
This IDC MarketScape covers major vendors participating in the global CLM market with a focus on functionality for the corporate legal department. The framework evaluates CLM tools on their ability to support enterprise legal departments by enabling contract generation, risk analysis, contract negotiation, review, workflow routing, and more. Both quantitative and qualitative characteristics are assessed based on user interviews, buyer surveys, and the input of IDC experts.
SirionLabs' smarter contracting platform, SirionOne, emerged as a Leader in the evaluation excelling on the following critical CLM success factors for legal:
- Deep analytics and artificial intelligence (AI) functionality
- Customizable workflows and clause libraries
- Integration with enterprise systems
- Global footprint, deep industry knowledge and implementation capabilities
- Enabling legal service delivery and better knowledge/change management capabilities
"The legal function plays a pivotal role in the modern digital enterprise and is increasingly viewed as a critical driver of business acceleration, innovation, revenue improvement, operational resilience, and more. SirionOne, our AI-powered contract management platform, helps legal teams to be agile and equips them to proactively create value, improve profitability and meet stakeholder expectations across the contracting value chain. This enables organizations to effectively address the needs of customers, supply chain partners, employees, as well as meet their Environmental, Social, and Governance (ESG) commitments," said Ajay Agrawal, Co-founder and CEO at SirionLabs. "We are proud to be positioned as a Leader in this IDC MarketScape for CLM for Corporate Legal and view this recognition as a validation of SirionOne's specialized functionality purpose-built to help the modern legal function accomplish its goals and strengthen its position as a critical business partner to the executive leadership."
According to the report, "SirionLabs provides a deeply consumerized experience that promotes adoption from end users." The report also states, "SirionLabs has subject matter experts and AI capabilities that enable legal teams to enhance their contract review with technology."
"Legal buyers should ensure that the technology meets their needs and is not too heavily focused on the needs of the other departments. Many CLM providers often add functionality for legal as an afterthought. CLM needs to be a team effort, but legal buyers need to make sure that their needs are met. CLM is a key part of the overall operationalization of legal," said Ryan O'Leary, research manager, Privacy and Legal Technology at IDC.
This announcement adds to SirionLabs' impressive list of analyst recognitions. In 2021, SirionLabs has been named a Leader in the Forrester Wave for CLM, positioned as a Visionary in the Gartner Magic Quadrant for CLM for the second year in a row, named as a Value Leader in Spend Matters' CLM SolutionMap for the eight consecutive time, and named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Buy-Side Contract Life-Cycle Management Applications 2021 Vendor Assessment (doc #US45016019, February 2021). SirionLabs was also ranked as one of the fastest growing companies in North America on Deloitte's 2021 Technology Fast 500™ list, named on Fast Company's Most Innovative Companies list and certified as a Great Place to Work.
To learn more about what makes SirionOne a Leader in the IDC MarketScape for CLM for Corporate Legal, please visit www.SirionLabs.com.
Bringing together category-leading innovation, unrivaled Contract Lifecycle Management expertise, and a deep commitment to customer success, SirionLabs helps the world's leading businesses contract smarter. Powered by intelligence uniquely connected across the complete contract lifecycle, SirionLabs' easy-to-use, highly configurable Smarter Contracting platform brings legal, procurement, sales, and business teams together to author stronger contracts, improve risk management and strengthen counterparty relationships. SirionLabs is trusted by over 250 leading organizations to manage 5+ million contracts worth more than $450 billion across 70+ countries. For more information, visit www.sirionlabs.com.
About IDC Marketscape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
IDC MarketScape: Worldwide Contract Life-Cycle Management Software for Corporate Legal 2021 Vendor Assessment, Doc # US46965921, November 2021