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.
About SirionLabs
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
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SOURCE SirionLabs